You can’t do it alone – why every business owner needs expert help

When I started my first “proper” business in 2014, I thought I knew almost everything and could do everything needed to build a successful business.

Even though I had never networked, I won my first contract from the first person I spoke to at my first networking event! My confidence was sky-high…for about a week.

I quickly realised that I didn’t know everything. The more I learned about what it takes to be successful in business, the more I realised that I wasn’t good at everything (and that there were some things I didn’t enjoy doing!).

To avoid my ego being crushed further, I did two things:

First, I created an Advisory Board – 6 fellow business owners with great experience, and all have my back, ready to give advice and support when needed. It’s been a massive help, and I’ll share some key benefits with you later.

Second, I listed every job I had to do (I found some more I hadn’t thought of from the people advising me!), highlighted the ones I was no good at or didn’t enjoy doing and then automated or outsourced them. Again, I’ll share some key benefits of outsourcing at the end of this blog!

Then I did a third thing – realising there are millions of small business owners who, like me, don’t know about or excel at everything and who can’t afford a business adviser or create an Advisory Board, I came up with the idea to create software that acted like a business adviser – asking questions to work out what advice is needed and then delivering it. So that’s what BuBul does – you can check it out at www.bubulexpert.com!

My business wouldn’t have survived or thrived without all the advice I have been given, and here are some of the key benefits that small businesses who get advice have over those that don’t*:

1. Growth Rates: SMEs that have received advice tend to experience higher growth rates than those that have not. This could include higher revenue growth, increased market share, and expansion into new markets or product lines.
2. Financial Performance: Advised SMEs often demonstrate better financial performance metrics, such as higher profitability, improved cash flow management, and stronger balance sheets. They may also have better access to finance and investment opportunities.
3. Innovation and Adaptability: Advised SMEs are more likely to innovate and adapt to changing market conditions. They may introduce new products or services, adopt new technologies, and implement more efficient business processes.
4. Productivity and Efficiency: SMEs that have received advice typically operate more efficiently and productively than their non-advised counterparts. They may have better resource allocation, streamlined operations, and improved employee productivity.
5. Risk Management: Advised SMEs tend to have more robust risk management practices in place. They are better equipped to identify and mitigate risks, anticipate challenges, and navigate uncertainties, which enhances their resilience and sustainability.
6. Market Competitiveness: Advised SMEs often exhibit greater competitiveness in the market. They may have stronger branding and marketing strategies, higher customer satisfaction rates, and better positioning against competitors.
7. Access to Opportunities: Advised SMEs are more likely to seize opportunities for growth and expansion. They may benefit from networking opportunities, strategic partnerships, and access to new markets or distribution channels.
8. Long-Term Viability: Advised SMEs are generally better positioned for long-term viability and success. They have a clearer strategic direction, stronger leadership, and a more robust business model, which enables them to weather economic downturns and thrive in the long run.

Long list, isn’t it? And one of the best bits of advice I got was to outsource tasks I couldn’t do (or didn’t want to!). This has saved me so much time! Here are the main benefits of outsourcing*:

1. Cost Savings: Cost savings are one of the most significant benefits of outsourcing. Outsourcing allows businesses to access lower labour costs in different regions or countries where wages may be lower. Additionally, outsourcing eliminates the need for investments in infrastructure, equipment, and overhead costs associated with in-house operations.
2. Focus on Core Activities: Outsourcing non-core activities allows businesses to focus their time, resources, and expertise on core business functions. Businesses can concentrate on strategic priorities, innovation, and growth initiatives by delegating routine or specialised tasks to external service providers.
3. Access to Specialised Expertise: Outsourcing provides access to specialised skills and expertise that may not be available in-house. External service providers often have a depth of knowledge, experience, and resources in specific areas, such as IT, marketing, accounting, or legal services, allowing businesses to benefit from best practices and industry insights.
4. Flexibility and Scalability: Outsourcing offers flexibility and scalability, allowing businesses to adjust their operations according to changing needs and demands. External service providers can quickly scale up or down their services, accommodate fluctuations in workload, and adapt to evolving business requirements without the need for long-term commitments or investments.
5. Improved Efficiency and Productivity: Outsourcing can improve efficiency and productivity by streamlining processes, reducing turnaround times, and enhancing service quality. External service providers often have specialized tools, technologies, and methodologies to optimise workflows and deliver results more efficiently than in-house teams.
6. Risk Mitigation: Outsourcing can help businesses mitigate risks associated with certain functions or projects. External service providers assume responsibility for meeting agreed-upon service levels, deadlines, and quality standards, reducing the risk of delays, errors, or operational disruptions that could impact business performance.
7. Global Expansion and Market Reach: Outsourcing enables businesses to expand their global footprint and reach new markets more effectively. By leveraging the capabilities of offshore service providers, businesses can overcome geographical barriers, access international talent pools, and establish a presence in diverse regions without the need for physical offices or local infrastructure.
8. Time Savings: Outsourcing saves time by offloading time-consuming tasks and administrative burdens from internal teams. This allows employees to focus on higher-value activities, strategic initiatives, and customer-facing responsibilities, ultimately improving overall productivity and effectiveness.

In summary, recognising the limitations of individual expertise and leveraging external support through advisory boards, outsourcing, or innovative solutions like BuBul can be transformative for business success. Embracing expert help not only enhances productivity and efficiency but also fosters long-term growth and resilience in today’s competitive landscape.