Keep Your Business Growing With the Right Partners and Advisors

As the owner of a startup or small business, you’ve probably already accomplished quite a bit. You may have had to become an expert at raising capital, marketing, building customer loyalty and more. The skills and energy you bring to your company are invaluable. Just don’t sacrifice your personal life and spread yourself too thin.

Knowing when to bring in experts allows you to focus your attention where it’s needed most. 

Critical Business Partnerships

Business partners can provide invaluable experience to contribute toward your success. Here are a few key business relationships you may want to nurture as a business owner:

1. Accountant. An accountant can advise you on the accounting method your business uses, plus help maintain tax records and develop budgets.
2. Insurance Agent. If someone is injured on your property or by your product, insurance is crucial. Insurance also offers protection in case your location is hit by fire, theft or a natural disaster. 
3. Attorney. Attorneys can advise on many issues, including contracts, incorporation, trademark and copyright protection.
4. Suppliers. Solid supplier connections may help you reduce risk by ensuring a reliable inventory pipeline, maintaining quality and providing timely delivery. Good business relationships may allow you to negotiate flexible or longer payment terms, which can help if your business is cyclical or faces a temporary downturn.
5. Mentors and Networks. Create connections, seek referrals and expand your business development with other small business owners through networking events. You’ll find these when you get involved in industry associations, chambers and small business organizations like SCORE®.¹ Don’t be afraid to connect through social media sites like LinkedIn. Through your digital marketing efforts and participation in SCORE and other organizations, you can establish mentor/mentee relationships with your new contacts.
6. Financial Institution. One of the most important relationships you can build is with your financial institution. 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, credit card or other loan options, as well as credit card and payroll processing. Navy Federal Credit Union’s Business Solutions team offers help from small-business and veteran-owned business professionals. Members have access to payment and payroll processing solutions, business accounts and loans.