A common mistake that inevitably turns out to be costly to the new business owner is the idea that legal fees can be saved by setting up the business organization without the help of an attorney. This is a fatal assumption. Paying legal fees at the beginning can prevent much greater fees down the road to unravel tangles that only an experienced attorney can foresee. Therefore, anticipate and budget for legal expenses.
A competent and professional outside accountant is as necessary to the success of your business as a trusted attorney. You should plan to work closely with your accountant right from the start. An accountant can help you get your business off to a solid financial start and can help put your business on a sound financial path. Among the services that your accountant should be providing are setting up record-keeping procedures, cost accounting, inventory and budget analysis, tax planning, assistance in raising capital, review of your financial records, and financial advice.
A sound business protection plan is just as important to the success of your business as good financing, marketing, personnel management, or any other business function. Like the other functions, good risk and insurance management are not achieved by accident, but by organization and planning. Make sure to select a qualified and well-trained insurance agent. Look for someone who is a specialist in their respected field. Fire, Liability, Automobile, Unemployment Compensation, and Workman's Compensation are the five basic types of insurance that are essential for all businesses.For more information about managing a business, visit here.