Why Is Seeking External Advice so Crucial for Small Business Owners

Running a small business is a journey filled with excitement, challenges, and countless daily decisions, some small and some big.

Whether you’re a first-time entrepreneur or an experienced small business owner, relying solely on your own expertise, or that of your team, can inhibit growth. Seeking external advice, on the other hand, can be the game-changer that propels your business forward.

Here’s why turning to external guidance can be a positive, transformative step for your business:

Objective Perspective

When you’re deeply involved in your business, it’s easy to develop blind spots. You’re emotionally invested in your company, and sometimes that emotional connection can cloud judgement. We all have our own unconscious bias that affects every decision we make.

External advisors, such as finance professionals, consultants, mentors, or industry experts, can provide a more objective viewpoint. Seldom do they apply the same emotion as you would, when it comes to a decision on your business. Consequently, they can often identify areas of improvement that you just might overlook.

At MAP we promote decisions based on data and insight, rather than gut feeling or attachment to a certain way of doing things.

Access to Specialised Expertise

As a small business owner, you wear many hats: You may be the primary sales person for your business alongside being the HR manager, Office Manager and yes I have been the cleaner, all at the same time.

Versatility is a key component for many entrepreneurs, but you may not have sufficient expertise in all areas. By seeking external advice, you gain access to specialists who have in-depth knowledge in their respective fields. Whether it’s our area of accounting, legal advice, tax planning, sales and marketing, or operations, outside experts can offer tailored guidance that saves time, money, and headaches.

Specialised knowledge can help you navigate challenges faster and more effectively than if you were to go at it alone.

Enhanced Strategic Thinking

At MAP, we know that long-term planning and growth strategy is crucial to building the business that you want, but it can sometimes take a backseat to the daily pressures of running a business. External advisors can help you step back and look at the bigger picture. 

By doing so, you can assess long-term goals and refine your strategy. Experts can offer insights on market trends, technological innovations, and industry best practices that help you future-proof your business.

Proactive advisors will also help you set, measure and manage realistic, achievable goals, guiding you to create a roadmap for sustainable growth.

Networking Opportunities

External advisors often come with a wealth of connections, in their specialist field, and can introduce you to potential partners, clients, or investors. They can also recommend trusted vendors or service providers that can benefit your business.

These new connections can lead to partnerships, collaborations, or even funding opportunities that may have been out of reach if you stayed within your internal circle.

Saving Time and Money

While hiring an external advisor might seem like an added expense, it often saves you more money in the long run. Expert guidance can help you avoid costly mistakes, whether it’s poor budgeting, mismanaging cash flow, not managing your expenses, or making poor hiring decisions.

Confidence in Decision-Making

One of the most challenging aspects of running a business is decision-making. With so much at stake, it’s easy to second-guess yourself. External advisors serve as a sounding board, providing informed opinions and helping you weigh the pros and cons of each option. This support builds your confidence in making key decisions, from expanding your business to launching a new product, or making that key new hire.

By having someone with industry knowledge backing you up, you can take calculated risks with more assurance, knowing that you’ve received guidance based on experience and expertise.

Adaptability to Change

The business landscape is constantly evolving, no more so than within Digital Agencies, with new technologies, buyer behaviours, and market conditions often changing all the time.

External advisors can help you stay on top of these changes, ensuring that your business remains competitive. They can offer insight into how your competitors are adapting or advise on the latest digital tools that can streamline your operations.

Adapting to change quickly and effectively is often the difference between thriving and just surviving. Advisors who understand industry trends help you make proactive decisions, ensuring that you don’t fall behind.

Personal Growth as a Leader

Beyond helping your business, external advice often leads to personal growth. Interacting with experienced professionals provides you with new ideas, different ways of thinking, and alternative approaches to problem-solving. This exposure helps you grow as a leader, making you more versatile, innovative, and resilient.

Over time, these interactions can accelerate your own learning and deepen your experience, improving not just your company’s prospects, but your own capabilities as an entrepreneur.

When I was a younger entrepreneur, I made the error of thinking it was all my responsibility and I had to make the decisions and seeking external advice may be seen as a sign of weakness. It most certainly isn’t. It’s a smart, strategic move that I wish I took earlier in my time as a business owner.

It opens doors to new perspectives, specialised knowledge, and valuable connections, while helping you make more informed decisions. Whether you need advice on financial management, or business growth, external advisors can help you overcome challenges and seize opportunities. The right guidance can be the catalyst that moves your business from surviving to thriving.

Stuart Brown

Chairman