Getting Organized – 3 Must Haves for Your Business

There are 3 essential relationships that will help your business thrive and grow. What are they?

Your Accountant, Your Attorney, and Your Bank

These 3 ‘legs of the stool’ together will help support your business.

  • Your Accountant – Before you even get started, an accountant can assist you with your business registration and organization to help put you on the right path. Would a sole proprietor, LLC, or corporate registration be best for you? What will your tax liabilities be under each of these scenarios? What is the right software for you to manage every day finances, expenses and invoicing? e.g. Quickbooks, EXCEL? These questions and many more items can be answered by the right professional.
  • Your Attorney – This is one of the most important people in your business life. They can help you craft the necessary contracts and documents to protect you, your business and your customers. In addition, they will be there to review these contracts, any proposals and other legal agreements that are part of your every day business life.

I have reviewed too many proposals and contracts from other business  owners that look like they were written on the back of  a napkin! Please don’t be one of them. You are a professional – act like one.

  • Your Bank – Make sure you have a separate checking and savings account for your business. Your personal accounts should be just that, personal, and not mixed with your business funds. This is a common mistake among new businesses.
  • Know your bankers – not just the tellers but the managers and officers at the desks. They can help you with all kinds of services to make your business run more smoothly. e.g. If you wind up with unanticipated fees on your accounts, they are the people who can waive them for you.

So, how do you find the right person for your business? Ask other business people you know for referrals to these professionals. You might say: Do you have a lawyer, accountant or bank that supports small businesses and gives good service?

Jill Youngerman teaches CEO 008: Marketing Techniques for Promoting Your Business.