Risk management is an important element in managing your business. You have a wonderful plan for your business, so you want to protect it against risks.
Protect Your Business
It is essential that you find qualified advisors to help you with the legal aspects of protecting your business. Interview your potential advisors to find a fit in personality, objectives, and business philosophy. Trust your gut feeling; you haven't become successful in your business by ignoring your intuition!
Here are the four types of qualified advisors who can help you with business management and risk management concerns:
This is probably the most important advisor you can have. An accountant will help you get your business off on the right footing. Not only will he/she set up your books, but you'll also receive help with management, tax reporting, and strategic planning.
Insurance is a complicated issue. Lawsuits abound in our society and virtually all businesses are at risk. You may also be liable for acts of employees or people under contract to you. “Better safe than sorry" is an old adage that applies to insurance coverage with your business. Your liability may extend to your personal finances, also, depending on the type of business you chose.
There may be a time when you need outside capital for your business. You might need new equipment, a new computer/cash register, money for expansion, or cash flow management. If you have a relationship with a banker when you start your business, he/she will know about your business when you need that extra cash or extra help.
You need an attorney who specializes in business issues. The best way to find an attorney is to ask your accountant or banker for a referral. Business law is a complex world, so it's important to start out right.
The cost of finding advisors may seem high at first, but should be included in the start-up costs of your business. Your advisors will save you money in the long run. You may find that your accountant can give you the advice you need to get started. Remember, “Better safe than sorry. "
Writer and certified “tea professional” Sally Jones has been recognized by the Specialty Tea Institute after attending a series of classes and exams and has been awarded its highest level of certification obtainable at this time. She publishes tea business information on her main website Tea Business Guide.