Six Instances Where Small Business Owners Might Benefit from a Second Opinion

By Saturday, March 14, 2015 0 No tags Permalink

When starting a small business, it is fairly common for owners to want to conserve on operational expenses. Aside from the potential of hiring a few key personnel, owners will often take on a lot of the responsibilities of day to day operations. Whether it’s forgoing the need for an accountant and completing their own finances or skimping on a marketing department and developing their own campaign strategy, these choices provide only a temporary fix.

To be quite honest, the success of your business will only go as far as your individual expertise. Simply put, if you want your business to remain successful, there comes a point when you need to reach out to others for services or advice.

1.  Your Business Has Become Stagnant

With the success of any business will certainly come peaks and valleys. There will be instances in which things are running rather smoothly, and instances in which things are a bit haywire. However, if you’ve reviewed the progression of your business over a given period of time and have determined that you’re not going anywhere; chances are you’ve become stagnant. Maybe you lack the motivation you once had to keep pushing for success, or maybe you’re just unaware of how to push forward towards your goals. In either instance, this is a surefire sign that you need the advice of someone outside of your organization.

2.  Business Goals Aren’t Being Met

When you started your business, you had a vision as to where you wanted to go. Newness often provokes creativity and determination. However, over time those things can die down and the goals or vision are lost in the midst of it all. If you find that a lot of the goals you had set for your business are not being completed as you projected, there could be an underlying cause that needs to be evaluated. Sometimes, when you’re so close to something it can be challenging to determine where the weaknesses lie. As such, having a mentor or the advice of an outside party is beneficial. They can provide insights on where you’re falling behind and also give tips on how to effectively set and meet your goals in the future.

3.  Not Sure What Direction to Take

As your business continues to evolve, so do the opportunities for success. However, in order to take advantage of those opportunities, business owners must be fully aware of what direction they’re going to take to get there. Often times you know exactly what you want to do, but are not necessarily sure of whether it’s a good idea or even how to begin the process. Consulting with an outside yet experienced professional can give you insight on which avenues might be best for your company to approach as you work to reach your goals.

4.  Deciding to Take a New Direction

Just the opposite of not knowing what direction to take, is taking a new direction. For example, are you contemplating the idea of expanding your business to different service areas? While expanding is certainly something to consider and be proud of, timing is everything. Making a rushed decision that is based on emotion and not fact could leave your business under water. Getting an outside opinion allows you to see how this new direction might affect your company now and in the future which essentially allows you to make a more informed decision.

5.  Not Experienced in Certain Areas of Concern (Or Don’t Have the Funds to Hire Full Time Experts)

Let’s assume you’re looking to delve into a new market or launch a new product or service…yet you have little to no experience in marketing and market research. Ineffective marketing strategies could lead to a significant financial loss and the demise of your company’s reputation. However, according to Cane Bay Partners salary ranges, a full time marketing manager can cost an excess of $60,000 per year.

6.  You Simply Need an Unbiased Decision

Your business is your “baby” of sorts. You’ve birthed it and watched it grow over the years. You want what is best for your baby so that it can continue to grow and mature effectively. However, as a “parent” to your company, making sound decisions can sometimes present challenges. You’re biased to your business and your ideas and as such will likely not view all decisions accurately. For example, you may think it’s a great idea to launch a new product, but in reality launching right now might cost you money. Having the unbiased opinion of an expert outside of your organization can help you to make more informed decisions that will solely be for the success of your business as a whole.

Look for the Right Advice

If the above signs sound like the current state of your business then it is ideal to seek out professional advice. There are various ways in which this can be done including the potential of outsourcing certain services, finding a mentor to help you through the peaks and valleys, or investing in the services of a business consultant. However, when searching for the right type of advice, be sure that you’ve done enough research to ensure you’re entrusting your business to the right service provider. You can start by checking out social media pages. Social media pages such as the one for Cane Bay Partners allows you to get a more “personal” idea of what an organization is like. You get to learn more about the company, what services they have to offer, and more importantly, what the customers have to say about their services. By checking out these areas you’re sure to select a service provider fit for the job.

Outsourcing, getting advice, or even obtaining a mentor does not make your position as a business owner any less valued. It simply means that you care about your business enough to get the expert opinion of others. It shows that you’re willing to do what it takes to take your business to the next level of success. If any of the above signs sound familiar within your organization, it may be worthwhile to consider consulting with an expert to get advice on how to move forward.


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