As an entrepreneur, you must surround yourself with organizations that will guide you in protecting and sustaining your business. One such group is BAIL, which stands for banker, accountant, insurance, and lawyer.
Read on to see how each member of this circle can help you protect your business.
Banker: More Than A Place To Stash Your Money
Whether you want to manage your business’s finances correctly or expand your business in the future, establishing a relationship with your banker is essential. Business bankers offer financial counseling to their commercial customers. Support from a business banker can include:
- Setting and achieving financial goals
- Managing finances effectively
- Business expansion planning
- Fraud prevention
- Financing
- Succession planning
Takeaway: Establishing a relationship with business banking before you need financing will help your business qualify for a loan.
Accountant: Understanding the Power of Your Profit and Loss
The thought of number crunching might make you feel a bit anxious, but consider this: knowing your business’s financial outlook will not only help you stay afloat but also prepare you for longevity.
An accountant will establish your revenue and expenses in software systems such as Quickbooks. They can also help you:
- Minimize your taxes
- Navigate financing opportunities
- By providing insight on how to financially manage upcoming projects so that you don’t find yourself in the red.
Mitigate Risks With Commercial Insurance
In addition to managing your business’s finances, you need to consider the risks of running a business. One of the best ways to protect yourself is through commercial insurance. Here are some ways that insurance is essential for your business:
- To secure financing for a storefront or leased equipment
- Protect yourself from legal action
- Cover expenses if your business cannot operate
Read This: Why Do I Need Business Insurance?
There are many different types of business insurance for entrepreneurs. The key is to consult with insurance providers and your lawyer to understand how to protect your specific business.
Protect Yourself Every Step of the Way With A Lawyer
Now I know what you’re thinking: I don’t need a lawyer. I’m not in any trouble. In business, attorneys can offer support and guidance so that you protect yourself from legal troubles. For instance, when you are ready to establish your business, a lawyer will help you:
- Establish your business legal structure
- Create a contract that protects your intellectual property and your financial stability
- Review contracts to protect your business
Having a lawyer available grants you the ability to make decisions that will consistently protect your business and prevent you from being vulnerable to legal action.
Final Thoughts For Black Mompreneurs
In business, the adage, “Be ready so you don’t have to get ready” is an excellent argument for why having your BAIL ready is so important. As an entrepreneur, there are plenty of moments when you will become vulnerable to financial hiccups or legal action. With your BAIL ready, you’re empowered to meet challenges and forge ahead.
Leave a Reply