This ad will close in

On The Money

Our experts solve your start-up problems.

Problem: You're looking for help solving business problems, and then it hits you: "My banker or accountant should have the answer to that!"

In their areas of expertise, bankers and accountants know a lot. It's to their advantage to share what they know with you, but you need to ask. Your banker can give you one financial perspective; your accountant can give you another.

Solution: When you need help in the following areas, don't hesitate to ask your banker about:

  • Determining whether your business plan makes sense.
  • Deciding whether your cash-flow projections are realistic.
  • Advice on the development outlook in your community-and the business climate in general.
  • Suggesting what you can do to make your business attractive when you need a loan.

Some banks actively recruit small-business accounts. Some sponsor small-business workshops or seminars. To get the most value from your relationship with a banker:

  • Have your banker review your business plan and visit your business occasionally to see what you do and how you do it.
  • Stay in touch with your banker and let him or her know what's going on in your business.

Consult an accountant when you need:

  • Help putting together a record-keeping system.
  • Help keeping track of your income, payroll, accounts receivable and payable, and other types of expenses.
  • Help developing your business plan.
  • Help finding financing.
  • Assistance preparing financial statements when applying for a loan.
  • Advice on selecting or training a bookkeeper.

Excerpted with permission from Roger Fritz's The Small Business Troubleshooter (Career Press, $15.99, 630-420-7673).

Next: Q & A »
Page 1 2 Next »

Like this article? Get this issue right now on iPad, Nook or Kindle Fire.

This article was originally published in the January 1998 print edition of Entrepreneur with the headline: On The Money.

Loading the player ...

How to Spot Opportunities for Growth at Your Startup

Ads by Google

0 Comments. Post Yours.