Get the right small business advice or risk running completely off track…

June 25, 2020

Without the right small business advice, you risk running completely off track!

There is absolutely no point being more efficient and getting to your destination quicker if you are going the wrong way.

This applies equally when following small business advice as it does in sporting events.

Recently, a bunch of runners competing in a marathon in Venice were following the scooter that led the pack. They were setting a great pace, using the scooter for guidance. Unfortunately for them, the scooter turned off the track and by the time they realised, they were completely off course.

A slower runner nipped in and won the race simply because he went the right way all along…

Sporting guidance and small business advice: not so different

There are literally thousands of anecdotes, sporting and other, that illustrate the importance of following the right indicators.

Many athletes have celebrated victory one lap before the finish or not followed race or competition instructions. They are disadvantaged because they don’t fully understand what is going on or they break the rules and end up disqualified.

And so, it is in business…

Many small business owners follow the wrong indicators from the start of the race, allowing competitors to nip in and steal ground.

They rely on their own knowledge, ‘a mate’, or self-help guides when making critical business decisions.

Wrong information or a misunderstanding with a business decision can have serious consequences – and at the very least will hamper chances of achieving the intended outcome.

“A little bit of knowledge can be a dangerous thing”

We have access to so much information on how to be successful business operators, marketers, influencers, salespersons, leaders, employers, and just about any other business role you can imagine.

The cloud revolution has enabled us to set up our financial and other business systems quickly, on the cheap, and often without the aid of professional help.

Artificial intelligence enables our data to be automatically processed without our intervention, based on machine-learning of our habits and history.

These innovations can certainly be great for a small business.

But! In some cases, it can mean that you get the wrong answer faster! So, you end up making faster decisions based on information that is incorrect.

And guess where you end up and when? Yep–in the wrong place… faster!

Get the right small business advice and follow the right race scooter!

I can read about how to build a house but, unless I have acquired the skills to physically build one, any attempt I make will be a disaster.

Many small businesses refuse to get advice on building their own strong foundations: their accounting and financial systems.

Instead, they see it as a way to save on costs. This is a false economy. It takes longer to fix or correct a problem, and is usually costlier, than avoiding it in the first place.

Many small business owners don’t obtain the advice of an accountant until they are required to submit taxation obligations. Or they self-prepare.

If you’re running your business without getting input on how to set up your financial systems, you are running a race without knowing what the course is and following a misinformed scooter.

You need to know where the start and finish is, as well as other key markers. This means recording the correct financial information and fully understanding the information you need to report on to highlight what your business must concentrate on,

Get the small business financial advice before you start and the problems can be avoided. It can help you answer basic but critical questions like:

  • Should I be starting this business?
  • What structure should I use?
  • How should the accounting and financial systems be set up?
  • What are the main goals for the business (both financial and non-financial)?
  • What indicators should I be looking for to tell me if the strategy is on course?
  • How do I know what levels these indicators need to be?

Getting the right advice on all of the above creates the strong foundation you need. It is not a place to cut corners or save costs.

The best performers have great coaches…

You should seek regular feedback from an experienced small business adviser on how to make this process as efficient and successful as possible.

It is no accident that the best performers in sport have a great coach and a training plan to follow. They use indicators such as times, benchmarks, and results to tell them whether they are on track, constantly receiving feedback.

Your business is no different. To achieve the results you want, you must work with your business adviser to develop a plan.

Achieve success and enjoy the freedom of having a business that works without you. Contact us and we’ll help you plan from the start.

We also offer a Client Advisory Board service – a great resource for every business. You get industry experts in your very own board of advisers, ready to help make your business a success. To learn more about this exciting service, contact us.