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Don't Grow It Alone
by Mary Bruce - Focal Point

T he owner said "I need you to come over next Tuesday for a meeting with our attorney and our CPA. We need to make a big decision and are really stuck. I'm afraid that I might be missing something. There's no preparation, just come prepared to give honest feedback."

This particular business was getting intense pressure from its largest customer to modify services, policies and pricing structure. The internal team differed on how to respond, but all agreed that the stakes were very high. What might look like an expensive meeting of advisors seemed downright economical when compared to the potential consequences of making the wrong decision.

Managing a small business is a challenging undertaking ­ even when it's growing rapidly. You just can't afford enough internal specialists to cover all the bases. Employees, including key managers, frequently hesitate to express opinions dramatically different from the owner's. And knowing the business too well can sometimes cloud thinking rather than improve judgment. In this environment, the difference between success and failure easily hinges on an owner's skill at finding and using strong outside experts.

Accountants, attorneys, bankers, insurance agents and the myriad of consultants who serve small businesses can be a valuable asset to managing your business. They bring specialty expertise and provide objective perspective because they are not as emotionally or financially invested in your business as you are. However, you can only get the benefit of that perspective by using it.

How well are you using outside advisors? Take the quiz below to find out. Do you...

• Ask new advisors to provide references from other satisfied customers?
• Choose advisors who provide critical expertise lacking in your internal group?
• Proactively keep advisors up to date on business growth and change?
• Listen to advisors when their objective opinions are not what you had hoped to hear?
• Bring advisors in early enough to impact key decisions, not just second-guess them?
• Make outside advisors part of the team by including them in selected employee events?
• Require advisors to provide clear expectations of inputs and results?
• Demand that advisors translate technical jargon into language you can understand?
• Insist on advisors who demonstrate business values compatible with your own?
• Expect advisors to bring positive energy and treat your internal team with respect?

Give yourself one point for every "yes" answer and rate your skill in using outside advisors:

9 to10: Excellent
6 to 8: Good start
0 to 5: Sorry

Mary Bruce is president of Kaleidoscope Business Options in Charlotte