Seek out trusted experts
As a small business owner, sole trader or contractor, you have to wear a lot of hats. But that doesn’t mean you need to be an expert in every aspect of running a business.
Getting business advice in the areas where you have less experience will save you time, resources and energy in the long run.
Business advisors, coaches, consultants, mentors and industry experts can help answer just about any question you might have. They can help you solve problems, bounce around ideas, and improve your skills and knowledge.
You don’t have to go it alone, or figure everything out yourself. Learn from other people’s experience. Expert advice can give you the confidence to make good decisions for your business.
What is a business advisor?
A business advisor is anyone who can help you solve business problems or bridge a gap in your knowledge and skills.
There are many different types of advisors in all areas of business. Some advisors are generalists with a wide range of knowledge and expertise. Others are specialists in a specific area, for example marketing gurus or leadership coaches.
You can have informal arrangements, for example with your entrepreneurial neighbour or tech-savvy best friend, or formal ones, for example hiring an accountant or IT consultant.
Get the most from your advisor
Whether you have a formal or informal arrangement, you and your advisor should define a clear set of objectives upfront, as well as a plan to get you there.
It’s a good idea to sign a written agreement that defines expectations, roles and pricing. Make sure you read — and agree to — everything outlined.
Meet as often as you need to build momentum and make progress.
Don’t be afraid to ask questions — that’s what they are there for.
Stay focused on your objectives but remember your business advisor has skills and expertise you don’t. They could make suggestions you hadn’t originally considered. Be flexible and open.
If you have concerns with how things are progressing, bring them up as soon as they arise. You’ll have a better chance of resolving any problems or leaving the relationship under amicable terms.
You should look for a business advisor who suits your particular working style – and has the gusto and experience to make a real difference.
Why financial advice matters
Staying on top of your business finances is key to success. But with all the rules and systems involved, finances can be a lot to get your head around.
That’s where an accountant comes in. An accountant means you can be in business without needing too much financial expertise.
A good accountant will free you up to concentrate on your work, while giving you confidence that your numbers are working for you.
Your accountant will help keep your business on track by:
- making sure it complies with financial rules
- suggesting ways to reduce your tax
- telling you how to improve your finances.
What's next
Business planning
Choosing the right business structure
Governance
Marketing strategy
Business strategy
Strategic finance
Innovate and collaborate
Building a brand
Doing business online
Regional Business Partner Network