No person is an island, as the saying goes. The network we build, the people we work with; they all affect and influence us, and this is doubly true of our business. Being a business owner requires that you be able to wear many hats, as some are fond of saying. However, that doesn’t mean you should be able to wear every hat with the same level of expertise from the get-go. Your business could benefit from a few advisors on your side, and here are some of the areas you should look for advice in.
Staying within the legal lines
First of all, you need to make sure that you’re running your business within the letter of the law. For some small businesses, this is easier than others. If you are in a heavily regulated field or your business is quickly growing, however, then you need to work to manage your liability. Hiring a good business lawyer as soon as you can is usually a sound step. This can help you ensure that you’re more aware of your regulatory obligations and putting in place the policies that you need to stay compliant and safe. You can’t prevent things like litigation in all cases, but the right legal advice on your side can help you navigate potentially tricky situations a lot more easily.
Managing your money
As a business owner, it is essential that you have some understanding of the key principles behind your own finances. You need to know where your money comes from, where you’re spending it, and how you are driving profit. You need to understand your cash flow as it exists and be able to work with projections for how it may go in the future. However, as well as helping your keep your books as organized as possible, a trusted CPA firm can also advise you on how best to manage your money. This includes helping you get ready for tax season with a prepared strategy on how to both reduce your tax payments and prevent any red flags that might trigger an audit.
Know your market
You might know perfectly well how to deliver the products and services that keep your customers satisfied, but do you know enough about what drives them to your business in order to get them through the door? Business owners should know what their customers and clients want from them and what pain points they are addressing, but that isn’t the same as understanding all of the platforms that you use to reach them and which strategies are best suited to creating new conversions. Instead, you should consider working with a marketing team that can show you the kind of strategy that your business needs. You can pick up a few tips from them on the way to later bring it in-house, too.
Your mentor
Unlike the other kinds of advisors named above, you can’t really pay someone to be your mentor. Rather, it’s a relationship that you need to look for and build organically. You may already have mentor figures in your life, be it someone you used to work for or with, someone in your network who offers you advice, or otherwise. You can quite easily find mentorship in the online work today, as well. Mentors can offer experience and insight that you might not have developed yet, allowing you to better prioritize aspects of running your business and may even open up some doors in your network as the relationship grows.
Getting specific to your industry
If you’re finding your feet in a new industry, then you should be willing to look for specialists who can help you with the advice that is going to be more specific to your needs. Finding an industry-specific consultant can help you quickly learn, avoid, and clear the hurdles and missteps that others who are new in the business might have. Consultants are good for working to the specifics of your business as well, taking a look at how things are currently working, as well as where you want to be, and helping you input the steps that will help you get from one to the other. However, advisors work best when they have the experience that can speak to your journey.
As your business grows, you may find that many of the advisors named above come to have a permanent place working by your side. Learn what you can, but don’t be afraid to rely on those whose professional obligation it is to help you steer your ship well.