5 EXAMPLES OF INCREDIBLY HELPFUL SMALL BUSINESS ADVISORS
Ask nearly any successful business owner about whether they achieved their growth alone, and you’re likely to hear the same answer: they had some help and guidance along the way. As a small business owner, it doesn’t take long to realize that you can’t be an expert in every single facet of business: sales, HR, marketing, partnerships, finance, etc. Realizing this sooner than later can have a significant impact on your business. Seeking out the right advisors to fill your knowledge gaps can accelerate growth, reduce your stress, and help you solve problems you may be struggling with.
Strengthening the areas of your small business that you may not have experience with can be done through helpful consultation from an advisor. This can be done informally through friends and family or formally by paying a professional firm in a specific area. It’s a matter of finding the right people that can offer you expertise in your area of need, along with determining what is crucial to your business’ success. When thinking about who to collaborate with, consider these five types of advisors.
- Financial Advisor – Managing your company funds is not as simple as balancing your personal checkbook, but it is imperative to a successful business. In order to get the most out of your day-to-day cash flow while building for the future, it’s important to have a trusted financial advisor or accountant familiar with small businesses. Keeping thorough records, maintaining a regular budget, and planning accordingly for future opportunities or investments are all areas that a financial advisor will focus on in order to steer you towards success.
- Industry Expert – While you may know a lot about your specific industry, if you are the only one within your business you consider an “industry expert,” and you are not consistently engrossed in the latest topics, this could be a problem. Seeking out additional perspectives on important matters can be imperative for business development. Arming yourself with information from an industry expert, whether it’s a direct contact, knowledge from books or websites where they share information, or a peer group focused on your industry, you can gain additional insight you may not have originally considered. Knowledge equals power, so why not consult with those that have the most knowledge?
- Marketing/Branding Expert – Many small business owners achieve their early success from hard work and hustle, but to continue that growth, marketing and branding are crucial. Spreading the word about your company and clearly defining messaging that communicates what your company does is paramount for building a customer base. This is where a marketing/branding expert is especially helpful because there are many channels to consider, and nuances associated with each that could determine the difference between a positive or negative ROI on your business efforts.
- Another Entrepreneur – If you network with other entrepreneurs (if you don’t get started now!) you can get invaluable tips. In this case, it doesn’t matter if this person is in your industry or not. Another entrepreneur in a different industry can offer impartial insight and offer advice about struggles and opportunities that they have been through as a fellow small business owner. You never know what you can learn from listening to another business owner’s challenges and how they are overcoming them.
- Human Resources Professional – You might not think you’re ready for an HR expert yet, but as your business grows, it’s important to understand the ins and outs of human resources. When you are hiring, firing, handling payroll taxes and more, it’s imperative that you know the legalities for each area and the best ways to address specific circumstances. Just a few hours with an HR professional can give you the information you need to take care of these various areas in the best way possible, and most importantly, to avoid any legal situations that could negatively impact you and your business.
Running a business can sometimes feel lonely, but you should never feel like you need to stand alone. The key is to find the right people that can offer you exceptional advice to help bring your company to the next level.
Keep tabs on the IOU Financial blog for more advice for small business owners.