“If you want to go fast, go alone; if you want to go far, go together.
Running a successful business is like any other endeavor; it takes a village. You have a deep understanding of your products and services and are certainly good at some things, you’re not likely an expert in everything your business needs to reach the next level of success. Having trusted advisors can help you see resources, get candid feedback, and help you grow leaps and bounds ahead of doing it all alone.
While you may not have a board of advisors at the moment, I find that entrepreneurs have a more powerful network than they realize. If you consider your personal, professional, and community networks, there are likely several individuals whose expertise and advice you value.
Get Help Where You Need It Most
There are at least four critical disciplines needed to run a successful business. While the makeup and level of support required for each may vary based on your business and abilities, they are still necessary.
The four key disciplines a growing business needs to manage are:
- Sales and marketing
- Finance management
- Human Resource and Administration
No one is an expert in all of these areas, and while growing your business, you shouldn’t try to wear all these hats either. The key to running a successful business is learning to lean into your strengths and find others who can support the rest.
By clearly defining the vision for your business and clarifying your strengths and weaknesses, it will become easier for your board of advisors to help you. Some advice may be strategic, while others may be tactical such as hiring a virtual assistant or a bookkeeper. By outsourcing your weaknesses you’ll be able to focus on working in your unique talent zones; saving you time, money and avoid headaches in the future.
Expand Your Support Network
Your business will need different skills and support as you grow. The beauty of our marketplace is that you can hire support for exactly what you need when you need it. Meaning you may not need to hire someone full-time to fill a role until your business is ready. Hiring on a contract basis can help you reduce the risk and the overhead. But first, you must know what you need and your board of directors can help you figure it out.
You’re never truly alone when you’re starting a business. Take it from me, an immigrant who had zero networks, who grew into a high-producing financial advisor, international speaker, and mentor to many entrepreneurs. You can do this. You can grow your business and have a fulfilling life. You simply need to surround yourself with experts that can support you and see around the corners you don’t yet see, and it all starts with your primary three networks.
Tel: (503) 654-7676 | Fax: (503) 653-7575 | www.bpgnetwork.com | 12901 SE 97th Avenue, Suite 240 Clackamas, OR 97015.
Securities and advisory services are offered through Royal Alliance Associates, Inc. (RAA), member FINRA/SIPC. RAA is separately owned and other entities and/ or marketing names, products or services referenced here are independent of RAA.