Business Roadmap

Besides the people you’ll hire to run your day-to-day operations, consider these other important members of your business team:

Your Banker: An experienced business banker knows what to look for with regard to financials, planning, and timing, and knows the important questions to ask. They can help you with your financial plan and cash flow projections, review your financing options, and develop a plan to help you effectively manage your business. They can also help connect you to other professionals to round out your business team.

Your Accountant: There are numerous situations where an experienced business accountant can be of great help, including at business start-up; when deciding on your business legal structure; when/if you need a small-business loan; and (perhaps above all) to file your business taxes. Make sure to work with a certified professional. Qualifying as a CPA is the only form of licensed accounting qualification in the U.S. To become a CPA, accountants need to pass a specific exam. CPAs must also renew their certification periodically to ensure their knowledge is up to date.

Your Insurance Agent: Your insurance agent will need to have a basic understanding of your business in order to help you assess your coverage needs. From there, your agent should help you shop for coverage and select the best option for your business. They’ll also maintain (and update) your coverage as your business grows and assist you with any claims.

Your Lawyer: A good business lawyer will not only help protect you and your business from liability and legal consequences but can also assist you with choosing the appropriate legal structure for your business, drafting and reviewing contracts, protecting your intellectual property, and reviewing leases and other agreements.