As an entrepreneur, there are four main areas of professional services that you may wish to consult: accountant, lawyer, banker and insurance broker.
When seeking out professional help, choose carefully. Find someone with whom you feel you can establish a good working relationship. When searching for names, ask family members, friends, and businesses associates as well as consulting the business pages in your telephone directory.
For first time meetings, be prepared to explain your situation and what you are looking for. Ask what services the firm provides and how it can assist you. Do not forget to ask how much the firm charges for its services.
Accountants are highly trained professionals who deal with business records, financial matters, and other aspects of planning and running a business. Accountants can:
Hourly fees may vary depending on the kind of work, complexity of the work and the accountant's professional experience.
If you need someone to simply keep your financial books updated, you may want to consider hiring a bookkeeper. This may be a less expensive alternative.
Listed below are types of professional accountants:
Lawyers are highly trained professionals who deal with a full range of personal and business legal matters. Lawyers tend to specialize in one or more areas of practice.
If your legal concerns are restricted to one specific area, it may be best for you to deal with a lawyer who specializes in that area. Many business transactions have legal implications, so you should try to find a lawyer who you can treat as a trusted business advisor.
If you need assistance in finding a lawyer, please call the number that applies to your province or territory.
Alberta | 1-800-661-1095 |
British Columbia | 1-800-663-1919 |
Manitoba | 1-800-262-8800 |
New Brunswick | 1 (506) 458-8540 |
Newfoundland and Labrador | 1 (709) 722-2643 |
Northwest Territories | 1 (867) 873-3828 |
Nova Scotia | 1-800-665-9779 |
Nunavut | 1 (867) 979-2330 |
Ontario | 1-800-268-8326 |
Prince Edward Island | 1 (902) 566-1666 |
Quebec | Montreal 1 (514) 866-2490 Quebec 1 (418) 529-0301 Gatineau 1 (819) 777-5225 Longueuil 1 (450) 468-2609 Laval 1(450) 686-2958 Laurentides Lanaudière 1 (450) 752-6774 |
Saskatchewan | 1-800-667-9886 |
Yukon | 1 (867) 668-4231 |
In some provinces and territories, the number may be found in the local business pages under the heading Lawyer Referral Services.
Some advice that lawyers can provide involve:
Hourly fees or charges, vary widely from lawyer to lawyer, depending on the complexity of the issues, the services required, and the degree of experience of the lawyer.
Your commercial banking relationship is a matter that requires careful selection and the foundation for a long term commitment. Changing banks is far more difficult and expensive with a business account than with a personal account because commercial services are more customized and time consuming to negotiate.
Many of the reasons why individuals select a bank for personal needs are just as valid for business needs. You must consider price, quality, attitude, reputation, service, convenience, safety, and reliability.
These are a few critical factors that a business manager should bear in mind when selecting a banker.
A preliminary meeting with potential lenders is a good idea. You can outline your general plans and learn the needs of the lending institution and its services. To establish a good rapport with the lender, it is important to create confidence in your ability. Plan your project in advance and give the lender time to consider your business plan.
Banks generally will not lend you 100% of your start up financing. Your bank is a lender, not an owner or shareholder of your business. The bank will request that you invest some of your own money as a symbol of your commitment.
For additional information on selecting a banker visit http://www.cba.ca.
Insurance is an essential part of financial planning. Unless you are willing to pay personally for business catastrophes and lawsuits, you will need to consult an insurance agent and purchase insurance.
You may not be aware of the types of business catastrophes that could conceivably occur in your business. It is the job of your insurance agent to tailor a policy that best fits your needs. Here are some examples of insurance coverage that would protect you against a claim.
For additional information on selecting an insurance agent visit http://www.ibac.ca/.
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Prepared by: Saskatchewan Regional Economic and Co-operative Development