Being a small business owner means having to wear many a hat in your time. It’s expected that you become an expert, or at least somewhat competent, in different areas of the business, from salesperson to manager to strategic planner. However, trying to wear all the hats, all the time, isn’t the right way to go.
Not only is it exhausting, but you’re simply not going to be able to embody all the expertise you need. There disciplines too complex and too important to be mastered in one lifetime. As such, here we’re going to look at why you need the advice of other specialists, and when you should turn to them.
You need help with your legal structure
The legal structure of the business is a decision that has to be made very early and has far-reaching consequences as soon as you make it. It has implications that reach as far as your accounting, your taxes, questions of who actually owns the company, and much more.
From LLC to LLP to sole proprietorship, there are many different legal structures and choosing the wrong one can be disastrous. For instance, if you want as much asset protection as possible, then starting out as a sole proprietorship can be a significant obstacle. As such, it’s always a good decision to find a mentor or to work with a consultant who can help you find the right structure for your business.
To help with the accounting
Every business owner needs to be, in some part, the bookkeeper. You need to have a decent understanding of your finances, your cash flow, your accounts payable and receivable. Otherwise, it’s simply too easy to lose track of the money, to spend too much, invest too little, and end up getting the business in some serious hot water.
It’s a mistake to think that accountants are just bookkeepers that handle all of this for you. They are highly educated, highly trained individuals who can offer legal advice on how to protect your monetary assets. For instance, when it comes to tax season, they play a vital role in helping you plan your approach, whether you want to be conservative with your tax exemptions to avoid the risk of an audit or you want to save as much as possible.
To gain some marketing expertise
Just as you need to be, in some part, a bookkeeper, you must also be, in somepart, a salesperson. You have to understand the needs of your audience and how your products or services speak directly to their pain points. However, when it comes to communicating to them as effectively as possible with the aim of converting them into customers and clients, that can be more difficult.
Marketing teams bring an understanding of the core tenets of marketing. They also bring the training in content writing, graphic design, and video that you don’t have. Furthermore, they understand the different marketing channels, both traditional and digital, and how they’re most effectively used to meet different goals within the business. Simply put, there’s a lot that they can teach you about your own market, as well as how to reach them.
To complete your IT setup
When it comes to the tools that you and your team rely on get your work done, it’s crucial to have an understanding of how they work, how they are used, and what benefits they bring. However, you’re not likely to have the knowledge of networks, the software/hardware market, and other technical aspects that ensure the safe and efficient running of your IT systems.
Modern business becomes increasingly reliant on the technology that we use, for better or worse. As such, choosing the right tech to install from the start, or ensuring that you’re making the upgrades that will help you meet your specific goals, is key. IT specialists are the only ones with the real experience and insight into the market that you need to do just that, however. Otherwise, it’s easy to end up spending a lot of money on tools that don’t do what you want them to.
To comply with your HR responsibilities
If your team is growing, then there comes a point to recognise that your skills as a manager isn't enough anymore. Having an HR specialist in the team will, first of all, help you take care of the administrative overload of payroll, holiday allocation, and all the other busywork that comes with a team of employees.
However, the professional advice of an HR specialist is much more important. It ensures that you don’t run afoul of employment law and that you have a policy in place to deal with a wide range of issues, from harassment in the workplace to compliance in your hiring policies. The legal trouble is far more costly than working with HR professionals who can make sure your company is the bastion of professionalism that it needs to be.
To create the perfect customer support
Though it might not be as dangerous as failing your employment obligations, failing your customers can be just as damaging for the company. All the effort you make to qualify and convert leads can disappear in a puff of smoke in minutes if you fail to provide the customer support that they need.
Working with virtual receptionists and assistants can help you ensure that you get the professional quality support and service that can keep your customers coming back, fostering loyalty and a much better public perception of the business. Unless you have experience in a high-level customer support role, don’t underestimate how much work and forward planning it takes to ensure that the needs of your customer base is met. Rely on the professionals and learn from them the best practices you need.
We all need the professional advice of a trusted expert at some point of another. Hopefully we’ve illuminated a few of those cases so you don’t end up making any mistakes that could haunt your business for years to come.
