Although not many people use speed dial as it once was, the principal is still the same. There are some numbers that you should have well labeled for those moments that you really need them. As a small business when it comes to certain things, you don’t have time to waste, nor do you have as many disposable resources as the more prominent companies do.
There is a lot that goes into starting a business of any size, and as you go along, you want to make sure that you tackle everything in the best way possible. Cultivating healthy relationships with the following people will help in the long run, even if you never need to call them in to help.
You won’t believe how many people seem to charge ahead without getting any legal advice from anywhere. For a new startup, it might seem a bit like an expense you don’t want to pay out, and in some cases that might be true. But, the reality of it is that there is a lot of legal documents that you will be signing in the first few months of business (and even more in the following years), and it’s nice to have someone to go through it all with you. It could be legal questions about injury accidents, it could be consulting a business lawyer on some contracts. It might even be talking through the different legal setups to keep you protected. Whatever it is, it pays to have someone you trust to go through it with you. Most lawyers offer great flexible fee options that won’t hurt your pocket too much, and if they keep you out of trouble, then it was money well spent.
It used to be something that no one really spoke about. These mythical creatures that prominent businessmen sought the knowledge of. But now, the lid has blown off this amazing pot of people. It doesn’t matter if you are starting your business or you have been running it for some time now, a business mentor can help you work through anything. Not only that but they are amazing at making your visions become more clearer and even how you; get there. They are great for advice, information and second opinions. One in five small business owners in 2015 said that a business mentor had helped them with it had come to running their business. You can find one that has experience in the field you are looking to venture into, or perhaps you’d prefer one that matches your personality. Great mentors will challenge you, your opinions and how you are running things. Not because they want to see you falter or fail, but because they want you to take a more in-depth look at your business.
Of course, everyone knows that great accountants can make sure you that you up to date with everything in terms of taxes, and they can maximize your deductions in ways you will likely never even think of. But, they can also help you review your business structure and cash flow. They are trained to analyze how money travels, where it comes from and how you can make more of it. If you are looking into loans for growth, or you are in need of some relief from business debt, then these are the people you need to speak to. Even if you are a one-person business, and you think you have this handled entirely, the chances are you could be doing better. It is always wise to have someone who can talk you through financial decisions and the long-term impact they will have on you personally and your business.
Most banks will offer a business manager of some sort when it comes to small business or big business you get the same treatment. It is really important that you build a relationship with your business manager or the banker that manages your account. Ideally, they will be able to build a picture of the day-to-day running of your business, and the goals you have set your business. While, yes, your banker will be the one that stands between you and the cash you might be trying to access, they do this to protect you from making unwise financial decisions. The more they know, the more they can help. They are also highly connected to people in your field, and in others too. So if you are looking to be recommended a great accountant, then these will be a great person to ask. And, you can seek advice and information about personal banking matters too. They aren’t all about the numbers on the screen.
It doesn’t matter if you are a one-person business, a multiple people business or even if you never leave your home office. Almost all business will need insurance. In order to get the right insurance for your needs, you’re going to need to seek advice and information on their products. If you have employees, you might need to consider medical, disability, or even unemployment insurance – there is a lot to think about. Then if something does happen, you are going to need to be able to call someone who is familiar with your business and can talk you through the next bit. Think of this the same as car insurance. You pay for it monthly, because on the off chance you do have some sort of accident you want to know for sure that you are covered, and if you are unable to work for whatever reason, your bills will be taken care of too. But, only with the right care from the right provider.
Having the right number easily accessible in your phone can be invaluable when you are in need of some help and fast. It might just be you running your business, but you can have a whole team of supporting people to get you through the sticky situations.