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Sharing the Load - Jun 14, 2010

Posted by: David Kirkup in Articles

The role of business owner can be a lonely one. It's easy to surround yourself with good people, but you can still feel that there is no one with whom to share your fears and concerns, or brainstorm new ideas and strategies.

Outside input can help. Simple questions that illuminate an issue or prompt change. Initiatives from other industries that help spark ideas and generate new business models. For any new and growing company, securing the right external advice and support is fundamental to success.

Too often, senior personnel keep problems close to their chest so as to avoid worrying staff unduly. However, this approach can cause additional stress and make a small problem seem larger than it really is. It is also easy to become so entrenched in a situation where it is not possible to see the wood for the trees and it then becomes difficult to think of solutions or innovative ideas.

So...how can you get the right advice? There are five simple steps that can influence the quality of the advice you receive:

Find the right accountant – The mere fact that someone is completing your tax returns does not mean you are getting the best out of your accountant. A fast-growing enterprise needs a financial advisor who can plan ahead and proactively suggest ways to make strategies financially possible.
Select the most appropriate professional for individual tasks – A common mistake is to appoint a lawyer or accountant to handle all legal or financial matters. It is wiser to pick and choose specialists for different functions. For example, payroll differs from corporate finance, while drawing up employee contracts does not require the same skills as protecting intellectual property.
Assess your banking needs – A conventional retail bank can provide an excellent business service but if your growth plans are more aggressive, then it would be beneficial to enlist the skills of a corporate banking advisor. The key to success is in finding a service that supports the company you want to become, rather than the one you are now.
Work with people you like – In business, it is often necessary to cooperate with individuals whom you may not like or respect. However, when seeking advice on the future of your firm it needs to come from someone you trust. It is worth spending time to find professionals you ‘click’ with and who complement your company.
Don’t be too proud to ask for help – Never see it as a failure to ask for guidance. No one is infallible, and having people to support you can make the journey to success so much smoother. Nowadays, there is a proliferation of mentoring schemes, where experienced specialists are on hand to offer guidance and information on a range of topics. It is important to remember though that a mentor is not the same as an advisor; their role is to question and motivate rather than to offer instant solutions. Even if suggestions are never acted upon, their value is in helping to shape an alternative strategy.

B2B CFO® partners are real-world experts in managing working capital for business at the highest levels of America's fastest growing companies. "Cash. We Help You Get It" is not only our slogan; it is what we do with hundreds of clients every day.

Contact David Kirkup, B2B CFO Partner on 404 348 0326 or dkirkup@b2bcfo.com and let's talk.