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When to call in an expert to help start or manage your business
| Guest post by: Rene Truter |
Article Overview: Many entrepreneurs get professional advice to help start their business and with various aspects of their day-to-day operations. These services often come at a high price, so how does one know if it's really necessary?
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Free Download - Some pointers when choosing a business partner By Rene Truter |
When to call in an expert to help start or manage your business
When starting your business, there are certain occasions when it's advisable to get professional advice. A lawyer, for example, can explain the conditions of your loan agreements, contracts and leases.
On the other hand, entrepreneurs are at times so intimidated by certain processes that they hire professionals when they can actually do it themselves. So how do you know when it's best to call in an expert and when it's okay to do it yourself?
Call in an expert or DIY?
Entrepreneurs are often expected to be a 'jack-of-all-trades', but none of us are experts at absolutely everything. To make an informed decision about where you need an outside opinion, it's good to understandwhat the various professionals do:
- An accountant: sets up your books and financial processes, prepares your tax returns and gives tax-related advice. Use someone with SME experience or insight into your specific industry
- A lawyer:can help you choose the right business format, file theassociated documents, advise you on labour laws or issues, look at contracts and represent you in any legal actions you may face
- A business banker: helps you get financing, establish your company's banking accounts and (at banks with small business divisions), they can even provide operational advice
- Insurance consultants: evaluates your insurance needs and advises youonwhatcoverage you need. It's important that this person works with small businesses, so all your bases are covered
- Management and marketing gurus: provide basic business operational advice, pricing and inventory guidelines, sales and advertising strategy. Franchisors often make this a proviso for their franchisees
- A mentor: having a mentor who is an expert in a certain area or an all-round small business fundi can be one way of getting that professional opinion, while learning to do it yourself in the future. Their services can be a lot cheaper, as many business people do this to empower entrepreneurs rather than make a profit
- IT experts: outsourcing your IT can help you implement the best electronic systems for your business. Whether it's setting up your networks, designing a website or managing your IT security, there are many consultants to choose from at competitive prices
Look at your business plan and what your short and long-term goals are. This will also give you an idea of which suggestions you'll take and what's not relevant to your company.
Finding the right person
The next step is set about finding the best advisors. Ask colleagues for referrals, do an Internet search or call your local business chamber to find out if they endorse any professionals in your area. These associations sometimes offer certain services for free or at a discounted rate to their members.
It's worth mentioning that small business owners often make the mistake of hiring family or friends, either to save money or to help them out. This can backfire for a number of reasons, so stick with outside professionals who can be objective and provide certain guarantees.
Yes, there are times when getting experts to do certain jobs is best. But make sure you've done your research to make sure it's not something you can do yourself and then make an effort to find an experienced and trustworthy individual. A little background knowledge will also help you to make the best use of the time you're paying for.
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About the Author: Rene Truter RSS for Rene's articles - Visit Rene's website The SME Toolkit is a project of the Small and Medium Enterprise Department of the World Bank Group and is available in multiple languages through local partners, such as South Africa, around the world. Business Partners Ltd, leading risk financing company for small and medium enterprises (SMEs), has made the online Toolkit available for all entrepreneurs in South Africa. The Toolkit is a joint initiative between Business Partners, the International Finance Corporation (IFC) and IBM, offers easy access to information, resources and online training relevant to SMEs in a large number of industries and business sectors. The SA SME toolkit provides how-to articles, business forms, financial tools, online training and information resources developed by leading experts, and free software tailor-made for SMEs. All aspects of business set-up and management are covered, from business planning to accounting, financial management, human resources, import /export, legal and insurance matters, marketing, sales, operations and information technology. The site also offers a range of self-assessment exercises and tools, aimed at enabling entrepreneurs to take control of problem-solving in their companies, and even to proactively implement strategies to avoid potential problems. Users have lauded the SME Toolkit as a one-stop shop for almost any piece of information needed to run their business. Register on the Toolkit today to start receiving the monthly newsletter and grow your business knowledge and skills. Click here to visit Rene's website   Setting up a home office Buying a property for your business Using social medial to market your business Who is your customer Finding a female mentor |
Related Forum Posts
Why So Much Time?
- Hi Evan.
I'd challenge you about how long a webinar takes to prepare.
There are some simple models out there that would suggest that the time you need is a lot less than you might think. Remember, you are not writing it all down and just reading it out.
2 minutes settling everyone in
5 minutes outlining the call and the ground rules of listeners (if it's interactive)
10 key points of 3 minutes
10 minutes of Q&A
5 minutes of a sales pitch
5 minutes of a review of the call
3 minutes of goodbye
If you are able to manage it so that the call is even more ointeractive (Q&A with others on the call chipping in with their ideas and you act as a facilitator), you workload is even less.
The only time you need to prepare is the 10 key points and the marketing/e-mails.
Pretty straight-forward!
Regards
Re: 4 Ways to Go From Employee to Entrepreneur
- To manage your own business and be an employee at another company is not an easy task. Every minute counts and you should manage your time wisely.Most people do this because they do not trust their business, but the fact is you can still do them both. thanks for the wise advise.
When can you call yourself an "expert" in your industry?
- At what point does an entrepreneur have the right to call himself/herself an expert in his/her respective field/industry?
And are most small business owners dishonest for "over-selling" themselves as being "experts"?
Re: Funding Question
- Well everything is on the verge of commencement for me for instance the necessary fundings and the bank loans but I am skeptic to start my business owing to the recession and the economic turmoil which is being witnessed throughout the world. I am in a dilemma whether it would be a good idea to launch my business at all. What do the expert members have to say on this.
Re: Network Marketing Business
- Hi Salvador,
I am William from Germany.About network marketing business,My friends are also interested in this type of business and A lot of people interested in a network marketing business who call me ask what are the advantages of network marketing and opening up their own store. There are many advantages but the two largest is cost to start and portability.so I prefer you learn as fast as properly networking business then you start your own business.Thank you.
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