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Best Bets for Business Allies

As an entrepreneur, it’s important to build a network of knowledgeable partners and advisors who can help you navigate the world of small business ownership. These people bring skills and expertise that can elevate the work you do, allowing you to focus on the parts of your business you do best. Check out our list of who you should consider having in your corner below.

Accountant

An accountant can advise you on the accounting method your business uses, whether cash or accrual. They can also help maintain tax records, create financial forecasts and balance sheets, develop budgets and determine profitability.

Insurance Agent

Without adequate insurance, your entire enterprise—or even your personal finances—could be in jeopardy if someone is injured on your property or by your product, or if your location is hit by fire, theft or a natural disaster. Insurance agents offer a variety of policies and can help you select those that are best for your business, including:

  • general liability insurance
  • product liability insurance
  • commercial property or home-based business insurance
  • errors and omissions insurance

Attorney

Having an attorney isn’t just critical in the event of a lawsuit. Attorneys can also advise on zoning compliance, real estate contracts, incorporation of a business, trademark and copyright protection and developing agreements with employees, customers and suppliers.

Banker

Your financial partner should understand the needs of small- to medium-sized businesses. You’ll want access to basic business banking services such as checking  and a line of credit or other loan options, as well as credit card and payroll processing. At Navy Federal Credit Union Business Solutions, we understand the needs of our member businesses as well as offer programs and resources available to military veteran entrepreneurs.

Suppliers

Building strong relationships with suppliers is crucial to your business. Solid supplier connections may help you reduce risk by ensuring a reliable inventory pipeline, maintaining quality and providing timely delivery. Good relationships may allow you to negotiate flexible or longer payment terms, which can help if your business is cyclical or faces a temporary downturn.

Mentors and Networks

Create connections with other small business owners and seek out a trusted mentor who can offer one-on-one guidance and coaching as it applies to running a business. Networking and industry groups are great resources to start forming these types of relationships. Consider checking out VetFran, Vistage, SCORE or Entrepreneurs’ Organization to get started.

Business Membership

A business membership with Navy Federal Business Solutions is exclusively for Navy Federal Credit Union members. As a business member, you have access to small business professionals, competitive business credit offerings and more.

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Disclosures

This article is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a legal, tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.