You don’t know what you don’t know until you get called on it, and by then, it might be too late to make a change. So it helps to have people on your team who are obsessing about subjects that you only deal with when you have to. In fact, with the right set of advisors — a mentor, an accountant and a marketing specialist — you can focus on the areas where you excel, and get help with the rest.
Small business advisors typically are not employees. With the exception of the mentor (who is probably your most valuable unpaid relationship), your advisors are usually independent contractors with specific skills. Instead of putting them on full-time payroll, you call on them when you need them.
1- A Mentor
Every small business owner needs mentors who have already been where you’re trying to go. You at least need a mentor in your industry — someone who has navigated the same waters and seen things change over the years. A person in that position can tell you things that you wouldn’t think to ask.
Don’t stop with an industry expert, however. Consider seeking a mentor outside your field as well. Observing how they do business can suggest ideas that are common to their field but also applicable to yours.
2- Accountant
Having a reliable independent contractor who will take your call at all times of the year — not just tax season — and add to your strategy planning can be priceless. If you’re doing an addition to your building, taking on a business partner, or launching a major marketing campaign that should move your business toward a much larger profit margin, then you want an accountant who will help you understand those different tax implications. You want sound advice before you make those moves.
In an article for Entrepreneur magazine, Keith Lowe says your accountant can help you decide what type of entity to create (S-Corp or LLC) and which accounting system to set up, as well as advise you on deductions, to name a few examples.
3- Marketing Advisor
Instead of someone who’s trying to sell you a particular product, look for a marketing advisor who can help you develop and promote your brand. This person will be able to brainstorm with you when you need it and help you or your team execute the strategy.
On his site Duct Tape Marketing, consultant John Jantsch that you look for a marketer who has “the right kind of experience” but is also a strategic thinker. He says a strategy-minded marketer should be “asking tons about why” you want to do something, before taking a single action.
Finding the Right Advisors
Build relationships with other small business owners and leaders in your community by networking. You can start at your local chamber of commerce, but go further than just attending a few meetings now and then.
Choose a committee that interests you and get involved. You’ll get a chance to know people by working with them. This access will not only make your business top of mind — which is great for marketing — but will also help you get to know people firsthand. You can now ask for referrals and get the real story from other small business owners.
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By Jamillah Warner from Infusionsoft.
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