A business owner benefits from a strong ability to network. Not only can partners help you get access to services that can help them grow. But there are others who can affect your bottom line much more directly. When your business is in peril, you need to make sure you have the right help on hand. So, who do you need to know and when do you need to know them?
When you’re finding funding
Most businesses need to apply for funding at least once. Many will do it right at the start of the business, but others do it when they want to scale, launching new products, locations, and more. Applying for applications is the most standard way of getting more funding, but the help you need could actually out in the community. Crowdfunding campaigns have become much more popular in the past decade, allowing you to raise funds from an invested audience simply by marketing and explaining the idea directly to them. It can be much easier to convince the market of an interesting idea than a bank manager.
When tax season comes around
Chartered accountants are much more than your average bookkeeper, as Entrepreneur states clearly. Amongst their most vital roles is providing legal tax advice. This can help you find deductions you’re not taking advantage of, as well as ensuring that your returns have as few flags for the IRS as possible. Too many business owners pay more in tax than they should be, so don’t ignore the need to hire an accountant when tax season is approaching.
When you’re being sued
It happens to the best of us. Sometimes, lawsuits come from consumers, but most often they come members of your own company. Injuries and accidents are by far the most common cause. Teams like Gersowitz, Libo & Korek find holes in the policies and safety practices of an employer with very little difficulty. For that reason, ensure you hire a safety risk assessor to help you better understand and prevent the chances of injury in the workplace. Have your own legal team on retainer, too. You don’t want to be caught without any defences.
When you’re facing market mutiny
It might not sound as serious as a lawsuit, but when you’re facing an angry market of once happy customers after a marketing or customer service failure, the panic is palpable. If you don’t have experienced social media managers or customer relations experts, then it might be worth outsourcing those functions to teams like 2060digital, instead. It’s all too easy to insult or offend inadvertently, especially online. Having an experienced team at the wheel might not prevent that from happening, but they can handle it in a way that is less likely to have the rest of your market revolting behind the offending (or offended) party.
By recognizing the risks to your business early and finding the contacts to use in the right event, you can put a plan of action into effect much quicker when the time comes. Don’t let your business be blindsided by the many sudden turns you can take.