Vendors Are Your Best Small Business Advisors

Small business advisors come in many forms including vendors. Six reasons they can be instrumental in growing your business.

Does your growing company recognize the “Board of Directors” it likely has in its professional vendors?

If not, you could be missing out on valuable advice and guidance.

One major challenge that many small companies face during the early stages of rapid growth is getting good advice. The good news is that even if you can’t afford to hire a true Board of Directors, you’re likely already working with many professionals who can serve the same function by offering counsel and guidance:

• • All companies need a Board, but a smart small business can get creative in where those small business advisors are found by making use of the wisdom of the professionals you’re already engaged.

• • Professionals such as attorneys, CPAs, insurance agents, and web developers can provide valuable advice in their areas of expertise based on years of experience with other companies like yours.

• Recognize the value these professionals can offer your company beyond the function you’ve hired them for, and reap the rewards.

Six reasons vendors can be instrumental in growing your business:

1.  Good advice doesn’’t come cheap

Good advice often doesn’’t come cheap. But the good news is that even if you don’t have the financial resources or growth to attract a true Board of Directors, you can often leverage the investment you’ve already made in your professional vendors to create your own quasi-“Board,” getting you the solid guidance that a growing small company desperately needs.

2.  Hiring the right professionals

By hiring the right professionals – people with experience and expertise who excel in their fields and are open with their counsel – you can give your company access not only to the vendors it needs to complete certain important functions, but also to a wealth of knowledge from which your business can benefit.

And the best part is that since you’re already paying these professionals for their services, their advice is often thrown in for free – you just have to know enough to ask.

3.  Start with your attorney

The attorney that incorporated the company is generally a good place to start.

On a typical Board, the legal advisor is a key role, providing guidance on legal advice, compliance, and contract structuring.

In a smaller business, the business owner should look to his/her attorney as a small business advisor because any solid attorney will have seen many business situations that the business owner may encounter, and the business can benefit from the attorney’s advice.

The next time you are meeting with your attorney, don’t hesitate to mention any legal or business/contract structure situations you dealing with.

Next page- Reasons #4 through #6  and summary.