You've put blood, sweat and tears into realising your small business vision. Whether you're just getting off the ground or you're doing well, you know that you can achieve so much more. It's a frustrating truth every new business must face.
You want to keep growing, but there's only so far you can go alone. Every time you have to hit pause to develop new skills and learn things outside your area of expertise, you're delaying growth. And if you doing it on the fly, you increase the risk of costly mistakes.
What's the solution?
A business advisor should be just what you need. A business advisor can be anyone who helps connect the dots - whether that's through business problem solving, or by filling skill or knowledge gaps. They might be a generalist with broad expertise, or a specialist in their area (such as a leadership coach).
Different types of advisors suit different businesses at different times. You might get informal help from your tech-savvy neighbour. You might have formal advisors, too, such as a hired accountant or IT consultant.
Here we look at the three key benefits you should keep in mind when selecting a business advisor.
Getting the right guidance
A business advisor helps you navigate from where you are to where you want to be - and then helps you figure out the next steps from there. They challenge you and support you.
Their insights are valuable because they have experience and an outside perspective. Follow their advice to direct your business towards success.
You won’t make the same mistakes other new business owners make
According to the SBA, 30% of new businesses fail during the crucial first two years, and 50% fail within the first five years. By the ten year mark, only a third of the original number remain. It's tough to start a business, and even tougher to survive.
New business owners make costly mistakes. Without the experience to anticipate and avoid these traps, they're almost inevitable. A business advisor has the experience to see these common pitfalls so that you're not the next business statistic.
Get ahead of your competitors faster
It's not enough to start a small business and do well. You want more. You want to lead the pack.
Unfortunately, you can't do it alone. The leaders of any industry are tough to challenge. If you want to grow from 'doing well' to 'competing', you need a business advisor. Their experience, advice and access to the latest research will accelerate the development of your business.
It also helps to make plans with someone other than yourself. Having a business advisor keeps you accountable.
You need the right guidance at the right moment. A business advisor gives you this, because they have experience and skills you lack. You don't need to know everything, because you have the right support.
This helps you dodge the costly mistakes that cause other new business owners to strike out. But it's not enough to do well. You want to get to the front of the pack. Your business advisor can help you become a real challenge to your competitors, much faster than you could alone.
You're kept accountable, because you're sharing and shaping your plans with someone who can help you achieve them. And that's what your new business needs: an advisor with enough experience to support you, challenge you, and help you navigate your way to success.