Why small-business owners should surround themselves with experts

An “expertise gap” is proven to be one of the top reasons for business failure. Yet many small-business owners are still opting to tackle tasks they are not qualified for in the vein of “how hard could it be?”

Easy access to “quick fix” video tutorials is giving false hope to enthusiastic small-business owners with a convincing narrative that promises them skills that generally take experts years to hone. Ask anyone working in a professional services field and they will tell you at least one first-hand experience of a disaster story resulting from a business owner who tried to cut corners by doing things themselves or sending tasks to cheap skills abroad.

Experts are often engaged in the aftermath to fix such situations, and this will almost always leave the business in a more disadvantaged position from when they started.

However, expert fees can seem completely out of reach to a small business on a tight budget. Most experts do not entertain the prospect of cutting costs because their fee structure reflects their market value – the higher the fee, the higher quality of the practitioner. You will never see a high-calibre expert listed on sites like Freelancer or Upwork because it will compromise the perception of their work.

The irony is that in the early phase of business, access to quality expert skills can be critical.

If you’re still tossing up on whether to surround yourself with experts, here are a few more considerations.

Your small business deserves the best

If your business was a child, you would not risk its well-being on a dodgy babysitter. If you don’t believe in your business enough to invest in it, it’s unlikely to grow the way you hoped.

Nurturing a small business is a very important part of its growth, and involves everything from having a clear roadmap, targeted content, visual messaging, engaging strategies, digital tools, good legals, and the right structures. Many small businesses throw funds away on an assumption or a hunch, whereas an expert will introduce you to proven tactics that can deliver you cost-effectiveness and results.

You don’t know what you don’t know

When something in the marketplace looks effortless and straightforward, it’s probably because an expert is behind it.

There are nuances associated with every expert skillset that won’t be written in a manual. They can only be acquired through time and experience. While you may successfully pick up some mechanics for a job, you might find the work falls flat on execution. Is it worth the risk?

Where is your time best spent?

Undeniably, your time is best served working on the business rather than spending countless hours navigating new skills.

There is a real consequence and “opportunity cost” associated with being distracted from the main event.

If your expertise is working on growing the business, it’s worth bringing the experts in to do the rest.

Negotiating a payment arrangement

While most experts protect their fee structure with their life, some are willing to bend and negotiate if the proposition is right.

To find these experts you can either knock on doors and see who might come to the party, or you can pitch to thousands of experts who have already put their hands up to be flexible with remuneration.

As new business registrations in Australia continue to increase at an alarming rate, many new businesses will be confronted with an expertise gap. How will you tackle the requirement for expert skills?