3 Times Your Business Should Consult an Expert Instead of Doing it Yourself

It makes sense why so many new business owners want to avoid outsourcing work and take a DIY approach.  It’s certainly an entrepreneurial mindset and that is to be commended.  The problem, however, is that sometimes new business owners underestimate the importance of a task, and the necessity of getting it done right the first time.  This is especially true in the areas of marketing, accounting and legal advice.

Marketing Advice

Marketing is what makes business thrive and without investing in marketing, a business crumbles fast.  This is unfortunately a trend in all new businesses, which at this point in time have an eight in one chance of failing within the first 18 months.  Those are intimidating odds and the problem is almost always linked to a lack of marketing, or a lack of understanding the market.

A spokesperson for CSC Digital Marketing says that asking for help in marketing is the best move, if you don’t have a highly specific and heavily researched marketing plan.  “Think about it in terms of, can I afford to spend money on quality marketing campaigns?  And if not, can you justify the time you’re going to spend doing it yourself?  A company that doesn’t invest in marketing, nor has the time to market, is sure to fail.”

Accounting

Accounting is one avenue you really cannot afford to make mistakes in, given that mistakes can easily put you out of business because of penalties.  Many new business owners find that outsourcing their accounting needs is the best insurance policy against numerous tax headaches.  It’s also important to note that just because you hire an expert accountant certainly doesn’t mean you stop learning.  You can even learn more about the accounting process by talking to the person you hire, and slowly educate yourself on how to take over the accounts if and when you reach that point.

Legal Advice

Handling legal advice on your own could be the most dangerous gamble of all, since not only will accidentally breaking the law lead to fines or bankruptcy, but if you are negligent in business you could be sued for your assets.  A lawyer can teach you how to protect yourself, how to avoid situations that lead to liability, and how to handle any legal crisis that could come up.

A spokesperson for Inc for Free states that the most pertinent needs for small business owners are at the establishment of the business.  “Proper filing is essential.  Even if the filing operation seems easy at first, you also have to worry about changing tax laws, financial strategies and other business details that continuously change, which you might not know of as the primary office manager.”
This emphasizes the need to budget for attorney fees, accounting fees and marketing fees.  Budget your finances or budget your time.  One way or another, however, these are crucial areas of focus that cannot be ignored.