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You Need to Know Just Enough

As A Business Owner!...

[Entrepreneurial Blog]

If you don't have basic knowledge on things like your Accounts,

how do you know your advisors are not ripping the piss out of you?!

· Business,Startup,Business Expert,Business Advice,Entrepreneur
You Need to Know Just Enough As A Business Owner - Advice for New Business Owners - Business Experts - New Business - Startup - Entrepreneur Kallum with a K - Brain Fart Blog

Today’s Brain Fart: What’s your biggest weakness when it comes to your work?

Do you hate selling? Are you “no good” with numbers? Do you find public speaking terrifying?

We all have something that is a weakness. Something we hate doing and feel hopeless at!

And that’s normal.

There are definitely ways around this as you can:

  •  Focus on building your strengths to compensate for your weaknesses 
  • Find a business partner(s) with opposite skills 
  • Engage with business advisors and/or professional services 

I wanna focus on the last point in today’s Brain Fart because something came up about it earlier in one of the Business Incubators that Acorn Enterprise runs.

Hiring professional business advisors can be a great way to overcome your own weaknesses, and in turn, make your business stronger. However, you must be wary of seeking advice and how you to react to the counsel you are given - I explored this in a previous Brain Fart, “Speak to Different Dentists…”, which you can read here.

The thing I want to emphasis is simple yet profound: you can’t completely outsource something!

You can’t just brain dump a task to an employee or external advisor

and walk away from it forever, without any input from you!

Get an accountant to help you with your numbers and accounts. Consult a lawyer to help you with legal issues. Hire a website developer to build your website.

However, you also need to have some knowledge on the topic yourself! For example, how do you know you’re getting good advice? Or value for money?

In short, how do you know if these “experts” are ripping the piss out of you or not?!

We’ve heard so many horror stories about this in the past: e.g. web developers claiming that a basic-page website normally takes around 6 months to do, even after you’ve already given them all the copy and other content!

And if you’re naive and don’t know any better, of course you’re going to trust them! “They’re the expert”.

The same is true with your numbers. You may be crap at doing them and detest them, however, they are essential. Even if this is a weakness for you, you need to have a basic understanding here so that you can explain or defend your decisions when speaking to your accountant, and challenge their advice where appropriate.

This is also the case if you’re speaking to investors or people looking to buy your company: you need to have a level of understanding so that you know what’s going on and can speak on the same terms as them and answer their questions.

You don’t need to know everything, and you should seek advice from business advisors, however, you need to know just enough as the business owner!

Kallum with K

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