Importance of Outside Advisors for Small Businesses

This week, Anita Campbell wrote about the importance of outside advisors to small business success on the Small Business Trends blog ("Top Five Secrets of Small Business Success"). She quoted research by the Six Disciplines Corporation that the CEOs of the top 25% of small businesses polled attributed their success to the advice and guidance of trusted outsiders.

I also believe that it is important to have outsiders as advisors to your small business. Not only do they offer insight and knowledge you may not have, but they also are able to look at your company more objectively than someone on the inside. Advisors can be CPAs, attorneys, or someone with a diversified business background.

I was once the CFO of a construction company whose owner regarded the company’s commercial insurance agent as a trusted outside advisor. The agent was a small business owner himself (he owned the agency) and he had a wide variety of clients from different industries so he was able to bring a perspective from many different industries.

If you don’t currently have trusted outside advisors helping you with your business, I strongly recommend that you do.