Who’s In Your Corner to Help Your Business?
Who you need for expert guidance will vary depending on your business stage, specific projects, as well as your business growth plans. And in some situations, you may seek input from multiple experts before making major decisions or commitments.
Here are the key partners we recommend every business owner should have in their corner.
Opening a business account at a local financial institution isn’t necessarily the same as having a working relationship with a banker.
Look for a banker who specializes in your industry and who is familiar with all aspects of a business from cash flow management to risk management. Be transparent about your business’s inflows and outflows so your banker can better guide you through challenges and growth opportunities. A good banker will not only have a good relationship with you but with key members of your team, too. They will understand your company and share your vision.
Remember, the goal of a banker is to be there every step of the way, from that first company vehicle or equipment purchase to working capital lines and real estate purchases. Having a partnership with your financial institution is key to continued growth.
No matter what kind of business you own, you’re likely to need help from an attorney at some point. Their expertise is imperative when you first start a business especially for things like setting up the appropriate organizational structure.
Having an attorney will also help you manage legal risks as they come up. You’ll want their trusted guidance on contracts with vendors or other businesses you partner with. If you’re a business that deals with legal agreements on a regular basis, such as with contractors and subcontractors, hiring an attorney is essential.
Hire an attorney sooner rather than later so they can get to know your business. Ideally, having an attorney in your corner before a potential legal crisis is much easier than demanding immediate services from an attorney you don’t know well.
Certified Public Accountant (CPA)
Besides tax planning, a CPA can help your business from a strategic and growth perspective. They are experts at putting your financials and projections in their best form when obtaining a business loan or line of credit. A CPA can help with weekly and monthly cash flow forecasting to help your decision making and protect your long-term financial stability.
Further, a CPA will help you keep an eye on your bottom line by monitoring your gross and net profit margins. They can assist with ideas for accessing capital and can help with how much debt service your business can cash flow. They can also help you identify areas of margin compression and point to areas where profitability is the greatest.
Real Estate Agents, Insurance Professionals and Brokers
A real estate broker can help look for and purchase a property and provide guidance on commercial leases. You will want an insurance professional you can trust to help identify the best coverage for your business and assets. Insurance professionals can provide you with a list of possible liability issues and fraud risks your business should consider as it grows.
Whatever your needs, our business advisors are invested in your success. Learn more about the benefits of choosing CommunityAmerica Credit Union to be a trusted financial partner with your business.