Help Navigating the Maze: Where Small Business Owners Can Seek Essential Advice
Being a small business owner presents its own unique set of challenges and responsibilities. Luckily, there are people and places to turn to for help in making your business a big success.
Small businesses are the backbone of the modern economy. According to recent data from the U.S. Small Business Administration (SBA), the U.S. is home to more than 33 million small businesses – accounting for 99.9% of all companies in operation. While every business model comes with challenges, smaller entrepreneurs often face the prospect of handling multiple roles within their organization. From managing operations to marketing products and services, these responsibilities can, at times, feel overwhelming.
The good news? You're never really alone.
In this article, we'll delve deeper into the resources that small business owners can utilize to help gain valuable insights and guidance, as they continue to adapt in the ever-evolving business landscape.
4 key areas of support for your small business
"Small business owners can feel like they're on an island at times," says Jim Sperduto, President of ADP's Small Business Services, Retirement Services and Insurance Services. "Some try to do everything by themselves and that just leaves them feeling drained – both physically and mentally. That's why it's best to reach out to others."
ADP's Small Business Services (SBS) line of business sampled its client advisory board to find out where they sought business advice. The results, while informal, suggest that small business owners can find great results in partnering with other professionals and individuals who care about their company and employees.
With that in mind, here are a few avenues to which you might consider reaching out when developing your small business strategy:
1. Accountants
Financial assets are an important aspect of managing smaller companies. According to recent industry data, just over half of all small businesses report inflation as their biggest concern – as prices and other business-associated costs continue to rise.
If you invest in an accountant, they can be assets as financial advisors – providing invaluable advice on budgeting, tax planning, and financial reporting and forecasting. Small business owners need this expertise to make informed decisions, optimize cash flow, and ensure compliance with local, state, and federal regulations.
2. Lawyers
Legal issues can be complex and are another major concern for small businesses. For instance, roughly one out of four small business owners say they are only a single disaster away from shutting down.
Having a trusted lawyer is smart because they can provide guidance on various legal matters, such as contracts, intellectual property rights, employment laws, and business structure before any errors or mishaps occur.
Lawyers can also help you handle workers' compensation issues, which are a growing liability for smaller employers. Seeking appropriate legal advice early can prevent costly litigation later.
3. Professional networks and organizations
Leveraging your personal network of former colleagues, mentors, or industry peers can be a huge boost. Reaching out to these individuals with diverse backgrounds and experiences can offer fresh perspectives and solutions to your business challenges.
Similarly, attending networking events, online forums, and industry-related workshops will help you find the right support network. Joining relevant associations can also provide access to a wealth of knowledge and expertise specific to your business.
4. Close family and friends
While family and friends may not always have professional expertise, they can offer unwavering support, encouragement, and sometimes valuable insights based on their own experiences. Moreover, discussing business matters with loved ones or close friends can provide clarity and help you as a small business owner to articulate your thoughts and ideas more effectively.
"The truth is no one can do it all by themselves in business, especially as a smaller employer," concludes Sperduto. "If you invest in finding the right support team, everyone will benefit from knowing that you care about each other's success."
To learn more about helping your employees and your small business, check out ADP® for the latest in small business services.
In the spirit of seeking and sharing business knowledge and to help commemorate ADP's 75th anniversary, the company is sponsoring a contest, Grit & Wisdom, where small businesses are invited to participate by sharing their best advice for success*. Contest submissions are due by June 17, 2024.
*NO PURCHASE OR PAYMENT NECESSARY TO ENTER OR WIN. A PURCHASE OR PAYMENT WILL NOT INCREASE CHANCES OF WINNING. Open to legal residents of the 50 US/DC of the age of majority or older as of the date of entry, who are business owners, partners, founders, or employees of an eligible small business. (1) Grand Prize: Business prize pack and year of payroll service, ARV up to $7,500. (2) 1st Prizes: Business prize pack and year of payroll service, ARV up to $5,000. (5) 2nd Prizes: Business prize pack and year of payroll service, ARV up to $3,500. (100) Semi-Finalist Prizes: $500 prepaid debit card. Subject to Official Rules including all details at www.adp.com/contest. Begins 5/1/24 at 9:00am ET; ends 6/17/24 at 5:00pm ET. Void where prohibited. ©2024 ADP, Inc. All rights reserved.
