17 Sep TAKE YOUR BUSINESS SERIOUSLY
The research shows businesses that have strong relationships with qualified professional advisers are much more likely to succeed.
In a recent study by Xero, a cloud accounting software provider, 2000 current and former owners of businesses with 20 or few employees in the US and UK were questioned. The Xero make or break report examined the experience and attitudes of those that have either made it or had to shut their doors.
The research showed for those owners who collaborate with an adviser 42% of survivors describe their relationship as excellent, compared to 27% of those whose company failed.
Any survivor knows that finding a great adviser is not easy, but that once you find one,life becomes more rewarding, a problem shared is a problem halved!
Why is this?
In my view it comes down to accountability, by outlining your vision and goals to a third-party and ideally writing them down you become accountable, you will strive to succeed and achieve the targets that you have set. If you have an advisor you will also gain from the third-party viewpoint of your ideas. You need to trust the advisor and they need to care about your business.
I personally have had over 25 years in the entrepreneurial world, I don’t profess to know everything, but there are not many common problems I haven’t seen. You need someone with similar experience on your team, either as a full-time resource or as a part-time resource that you can call on as required. Whilst it will cost money, it should be looked at as an investment and provide a great return.
A different Viewpoint
Another reason is to give a sense of perspective, it’s easy to become so heavily involved in the day to day workings of your business, that often you can be sucked into doing the wrong things, rather than keeping on track with your ultimate goals. To ensure your external adviser is effective you should meet very regularly at the beginning of the relationship, with an agenda to ensure you create and stick to an appropriate plan for your success.
In 99% of businesses this is not done, usually because its perceived a luxury or too expensive. You should consider the following quote from Red Adair “If you think its expensive to hire a professional to do the job, wait until you hire an amateur”
It needs to be built in as a key part of your business plan, and develop your sales pricing to include this, rather than see it as an extra cost.