Small Business Owner's B-R-A-I-L-IT-S Support Team
Each of these resources plays a vital role in a small business owner’s success. Their importance may vary depending on the industry, business model, and stage of the business. Here's how each one contributes: 1. Banker: Critical in securing loans, managing business accounts, and offering financial guidance. A good banking relationship can lead to better loan terms and financial flexibility. 2. Real Estate (Commercial) Agent is essential if leasing or purchasing a business location (brick-and-mortar). They help negotiate leases, find suitable properties, and understand zoning laws, which is especially crucial for businesses with physical locations like dog boarding and grooming. 3. Accountant/ Certified Public Accountant (CPA): Highly important for managing finances, tax planning, bookkeeping, and compliance with tax laws. They help maximize deductions and keep financial records in order. 4. Insurance Agent: Essential for risk management. They help protect the business from liabilities, property damage, employee-related claims, and other risks through tailored insurance policies. 5. Legal Support: This is necessary for structuring the business (LLC, S-Corp, etc.), contracts, compliance, intellectual property, and potential disputes. Having a lawyer on call can prevent costly legal issues. 6. IT Support: This is important for businesses relying on technology for operations, security, customer management, or online marketing. Even small businesses need cybersecurity, website maintenance, and payment system support. 7. Spouse or Significant Other: This is extremely important. They provide emotional support and financial stability (if applicable) and may even contribute directly to business operations. Their buy-in can affect the business owner's ability to take risks and manage stress effectively. Prioritization (Depending on Business Type): Critical for all businesses: Banker - Accountant - Insurance Agent - Legal Support (BAIL)