Small business management is not an easy endeavor. Amidst a dozen daily challenges, entrepreneurs and small business owners can feel isolated, often tackling every task alone – from bookkeeping and sales to daily, clerical operations.
However, you do not have to be alone! In fact, a network of professional partners and contacts are essential to long-term success, especially as challenges arise beyond your expertise. Who is most important to have on speed dial? As a small business owner, we recommend saving five business contacts into your phone for easy access: banker, lawyer, bookkeeper, CPA, & insurance agent.
Forming a relationship with a reliable banker is beneficial for several reasons. Primarily, you will create an easier way to find the right banking plan for your business needs. This helps reduce unnecessary costs and gain immediate access to your plan, allowing for insight into your liquid assets whenever needed.
Additionally, keeping your banker on speed-dial provides instant access to financing services critical to future growth, such as loans and lines of credit.
Just as important as adding your banker to speed dial is forming a partnership with a great banker to begin with. Good bankers are skilled listeners, poised to understand your business goals and help creatively approach issues.
Your banker should recognize the number of responsibilities on your plate and make the banking process seamless. Good bankers “make processes efficient and help move things along quickly… great bankers are always accessible and responsive; their customers can reach them in a business crisis.”
Do you need insight into employment law? Do you have a question about legal documents? Has a worst-case scenario surfaced, and a lawsuit is being threatened against you? In these cases, upholding the long-term good of your business is priority.
Though most small businesses do not have the working capital to hire an in-house attorney, or even keep a lawyer on retainer, operating without a contact on speed-dial is simply too risky. One witty resource for entrepreneurs writes, “Many small business owners think, ‘I can’t afford a lawyer!’ But the truth is that you can’t afford to not have a lawyer.” Even if you cannot afford to hire a full-time business attorney or pay for retainer hours, developing a first-name relationship with a business attorney is invaluable when an issue arises.
Like your partnership with a banker, finding an excellent small business lawyer is just as important as adding one to your contacts. Ask a few insightful questions before selecting a lawyer to add to your speed dial.
Evaluate if the lawyer communicates well. Does he or she answer your questions with available options and experience-based recommendations? When you need to call them, can you rely on their accuracy, intelligence, and dedication to you?
Consider also if the lawyer is a likeable person! Do you get along with this particular individual? Do you share similar opinions and perspectives? Before adding a lawyer to your essential contacts list, make sure you trust his or her ability to work hard for your business.
Once again, entrepreneurs and small to mid-sized business owners often cannot afford to hire a full-time bookkeeper. Should I just do my own bookkeeping? The question is common among businessowners intent on maximizing profitability and using every dollar frugally.
Bookkeeping tasks are essential, but business owners should consider finding external assistance. In fact, maximizing profitability is often the result of delegation. Outsourced bookkeeping is a reliable, cost-effective solution.
If you find that you waste time attempting to act as CEO and business bookkeeper or need professional assistance making informed financial business decisions, it is time to add an outsourced bookkeeper to your list of contacts.
The story is much the same as DIY bookkeeping. If you are creating month-to-month financial taxes, financial planning, and tax preparation, you are likely not spending optimal time on other critical business tasks. Once again, without the working capital to hire a full-time CPA onto your team, adding an outsourced accounting firm to speed dial is an excellent option.
Catalyst for Business wrote:
A good accountant will help you manage your taxes, give you advice on reducing your tax burdens, help you to make deductions across your business, and analyze your income and expenditure. If you find yourself with a financial emergency, they will also give you immediate advice on the best course of action, and help you put a plan in place to minimize further financial damage to your company.
Contact your CPA at any time with critical financial questions, and spend your time focusing on tasks in your area of expertise.
An Insurance Agent
Business insurance is one of the most critical components of business growth, development, and legal protection. Although the various kinds of business insurance can be complicated, aligning with a professional insurance agent significantly simplifies the process of purchasing the best business insurance available.
MyRQB: Your Trusted Speed-Dial Bookkeeper
At MyRQB, we are determined to serve as your trustworthy speed-dial bookkeeper, a cost-effective and efficient outsourced solution. We want to save you time and headaches, so you can focus on your areas of expertise.
To learn more about our outsourced financial solutions, we would love to get on the phone with you at 866.567.4258! Alternatively, complete our online contact form and a team member will be in touch shortly.