Many business owners start their business when they see an opportunity to do what they love and make some money doing it. However, it doesn’t take long for them to realize that there are a lot of other things that need to be done to make the business successful that have nothing to do with their passion or talents.
As a small business owner, you wear many different hats. Money is always tight, and it’s hard to know if and when to hire help. As time goes on, it may be time to let a professional take over so you can focus on the aspects of your business that you know and enjoy. There are many areas you might look to hire a professional, including:
Social Media Specialist
Branding Specialist
Website Designer/Developer
Financial Advisor/Coach
Accountant/Bookkeeper
Tax Professional
Real Estate Broker
HR Specialist
So, how do you know when it might be time to hire a professional? Here are some questions to ask yourself.
What is it costing to not hire a professional?
Are the things outside of your wheelhouse costing you more money in the long run? For example, not doing your bookkeeping correctly could cost you in taxes, missed opportunities, and loan approvals. It can also cost a lot when you have to hire someone to clean up what’s not been done properly.
A website that doesn’t meet current marketing or search engine optimization standards means you might miss out on website traffic that could lead to sales for your business.
Could you bring in more money or save time/money elsewhere during the time it takes you to do what a professional could do? (And it will likely take them much less time than it took you.)
For example, a Facebook Ads specialist might be able to generate sales in a much shorter time than you could and would allow you to focus on other revenues or expense reduction.
Hiring a bookkeeper might allow you to spend time with your family in the evenings instead of sitting and entering expenses or matching transactions.
Are you missing out on opportunities and/or knowledge that are costing you?
Not contacting a commercial real estate agent could mean you miss out on the perfect property that isn’t on the market. You also might pay more than you should or end up with a location that’s not a good fit for you.
A good tax professional may know of ways to reduce your taxes that aren’t as well-known but perfectly legal.
Are you creating problems that you’re unaware of?
Failure to hire a lawyer to properly draft your operating agreement could cost you future tax or legal problems, especially when there are multiple owners. Not knowing you need to complete certain registrations can cost you in both time and money when you have to catch up on the back registrations and related fines.
HR professionals can minimize the impact of employee terminations and potential litigation by providing guidance on best practices and the legal ins and outs of this difficult challenge.
Are your customers unhappy?
Are your customers complaining or simply not buying? Maybe hiring an expert in your field as a coach to help you figure out what’s going on could bring back your customers – along with many new ones. As a business grows, there are always new challenges, and tapping into credible experts may make a difference in your long-term success. They may have solutions you haven’t even thought of…or thought you couldn’t afford.
Entrepreneurs are notorious for figuring things out and for successfully doing things themselves. Just make sure that when you do something yourself you’re really saving money and not costing it in the long run. If you need help with your accounting, reach out…helping small business owners is our specialty!
