Who do you need on your team to maximize your success in the corporate world? Here are a few members you will want to consider adding right away. They are a banker, insurance agent and accountant.
Establishing a relationship with a local bank can help you network in your business community. And having a previously established relationship with a banker will help when you are ready for a business loan or line of credit. Bankers can keep you up to date with other financial products that might work for your business, from merchant banking services to having the bank put together your payroll system.
At the start, shop your insurance needs around. Insurance rates can vary greatly and you don’t want to overpay. Once you are comfortable with your agent, you can save yourself time and effort if you use one insurance agent for all your insurance needs. As well, discounts are available if you go through one company.
Your accountant works with your books, with the finances of your business and your livelihood, so you definitely want to hire someone whose skills and judgment you trust. While you’re still starting up, your accountant can help you:
• set up your books and bookkeeping system.
• prepare the balance sheet and projected profit and loss statements needed for a business plan.
• advise you on quarterly tax requirements.
• help you set up financial timelines to assist with startup costs.
After startup, your accountant may continue to assist you with bookkeeping, payroll and financial management. At all times you want your accountant (and all your professional team members) to maintain matters in confidence.
There may be other members you will want to add to your team, depending upon your business. For example, if you are investing in real estate, a good real estate broker is essential. But starting with an attorney, accountant, insurance agent and banker is a great jumping off point for all new businesses.