Small businesses rely on relationships, one of the most important being the one with their financial adviser. Karen Stern, Partner in Charge of the Entrepreneurial Services Group, discusses how to get the most out of that relationship, in this month’s “Financial Fitness,” as featured in Small Business Monthly.
A solid relationship with a reliable financial adviser will give your small business a competitive advantage. Here are some tips for finding that valuable resource and getting the most out of your connection!
- Know your banker. Get to know an individual in your financial institution who can help you identify your financial setup, identify and determine funding decisions, and make the best choice for your business. Find an institution that understands your type of business and is used to dealing with businesses of your size.
- Keep an eye out for investors. Depending on your growth strategy, you never know where opportunities may present themselves. Finding appropriate, desired investors to help you further your business will be one of the keys to your success.
- Learn from others and build a network. Reach out to organizations similar to yours and look for entrepreneurial social events and organizations that can help you connect with businesses similar to your size.
- Look for a mentor. Find a trusted individual to help you through strategic, financial and operational tasks at hand so you become more comfortable with decision making.
- Know your company. Have appropriate support for your bookkeeping and taxes. A significant first step in obtaining funding is to identify the right accounting firm that allows you to provide an easy-to-derive financial scenario to present to financial institutions and investors.
This is your business and livelihood. Surround yourself with educated, knowledgeable individuals who are highly regarded and financially savvy to help you with your adventure!