No Business is an Island – Why finding small business support is important.
Ok, so that’s not quite the right quote, but I’m sure you’ve all heard the saying ‘No man is an island’ and the same applies to business1.
So, what does networking mean to you and your business?
Well it means that you are not on your own and to learn to ask for help. It also means that we work better when part of a group and not isolated from others. But it’s very easy when you run your own business, as a sole trader or sole owner/director of a limited company to feel that you are isolated. You feel that you have to know it all (well other businesses manage on their own don’t they?) Even worse, you feel that you should do it all yourself and so it starts to get a bit overwhelming.
Well I’m here to remind you that you are not on your alone. There is more support than you realise, you just need to know how and where to find it.
Where can I ask for business advice and support?
Even as a small business there is a pretty good chance, that if there is one thing you are going to outsource, it’s your accounts and tax return. So, start with your accountant. If you haven’t yet got one, look around and find one that is right for you. One that you can develop a working relationship with, who understands your business and one you can trust. This is potentially a long term associate, so you want to feel comfortable with them. Currently 48% of small businesses feel that their accountant is their most trusted advisor in their business2, and this figure is bound to rise.
What business advice can I get from my accountant?
Your accountant should be able to offer you much more than just doing your year end compliance work. They can help you create a cashflow forecast for your new business or a new revenue stream or area of growth. They can also offer advice and support in areas of your industry. Your accountant can also help you with a business plan, or strategic planning for your business. Remember, there is a fair chance they already have a client in your industry or have worked for someone in that area. They can tell you where that client may have gone wrong or even better, things they have got right.
Where can I find more information about networking?
Networking events are a great place to create connections, however most people feel that the networking is meant to showcase their own business. That’s not strictly true, networking is more about building up a relationship with other like-minded professionals. Most are usually in the same situation as yourself and working on their own. They are there to offer support, advice and contacts to each other. I would highly recommend looking up your local networking group, or Chamber of Commerce and see what you can find.
Look to outsource tasks that you don’t like/ haven’t got time for or don’t want to do. As an Accountant and Bookkeeper, the obvious one that I can think of is your bookkeeping paperwork, but there are other things that you might be able to outsource. Ok, so at this point, I can hear you all saying in your head – “I’ve got a limited amount of money and I just can’t afford to pay someone, I’ll have to do it myself”. There are alternatives; if you really can’t afford it, then keep reading, because I’ll come back to it as I have another suggestion for you instead.
Doesn’t all this business support cost a lot of money?
Firstly, you need to find out the cost of what you are trying to outsource, then work out how much your product/service/time is. Then work out how much to cover that cost. Think about how much time and anxiety and usually family time it will take you to do the same task – is it worth it then?
I’ll give you an example. I have a client who was struggling to do their paperwork as they thought they couldn’t afford to pay someone. When I worked out that it would take me at least two thirds less time and the cost them, we discovered it would cost them one and a half days out of a months charges to pay me for a months work. They got 4.5 days back and could go and concentrate on their business, using this time more effectively.
Next steps – workshops and tuition
Back to my other scenario, you’ve done the budget, worked it out and you really can’t afford to pay someone else. Perhaps its something you’d really like to do yourself, but your skillset just isn’t quite there yet. Why don’t you look at attending a workshop and learn for yourself? It’s not all about going back to the classroom or eLearning, most services will offer informal half day or day workshops where they will share their expertise and knowledge with you. It will often cost you less than having one to one tuition and you get to network too, in a relaxed and informal way.
What else? – Don’t forget trade associations.
Don’t forget to join any other trade bodies or organisations that help and support small businesses. As previously mentioned, your local Chamber of Commerce is usually a good place to start, as is the Federation of Small Businesses. You may also have industry specific organisations too, so don’t be afraid to look to them. The cost of the membership may be well worth it and better value than you think.
Small business services
If any of this has inspired you to have another look at how you do things, please get in touch and arrange a consultation. If I can’t help, I’m certain with all my networking, I know someone who can!
I’m also going to be hosting a workshop soon. I’m going to be giving advice and strategies into the different areas your business might need support in. There will be lots of hand outs and information to take away with you. Its working title is ‘Flying by the seat of your pants’ – know how that feels? – we do! – that’s why at Organise My Business we want to help you!
For more information follow me on social media on Facebook and Instagram.
- ‘No man is an island’ is a quotation from the English metaphysical poet John Donne (1572-1631) and it appears in Devotions Upon Emergent Occasions and Seuerall Steps in my Sicknes – Meditation XVII, 1624 – The Phrase finder
- co/smallbusinessmatters