Outside Expertise or DIY What is your business ?

What is your Business

I am asking this question because as entrepreneurs, we take pride in doing everything ourselves. However,

I have found that if this is our only mantra, it can ultimately cause stress in the business, leading to a loss of production, sales, and profits.

I say this because I have personally experienced it.

It became apparent that being an expert in everything was not doable, especially since today’s business environment is too complex, and I did not have the expertise to deal with all the complexities.”

Here are some  areas  that  you may want to  look  at getting outside help earlier than later

REAL WORLD

I’ve spent most of my professional life working with companies to help them ship their products worldwide.

Many of these businesses started at home and grew from one-person enterprises to medium-sized and even large companies.

Andrew, we’re starting a new business and we need to manufacture our product.

Where can we get the supplies we need and how do we obtain them?

Shipping is  a  Maze

The international freight and shipping industry can be an overwhelming process due to the many required steps.

One area that demands attention is customs regulations.

Commercial trade is massive worldwide, and customs and trade agreements can be complicated and vary from country to country.

Expertise is hard to find

As a result, business owners and staff often turn to busy customs brokers for help and information.

However, they may face a new language of regulations, legal documentation requirements, duty and tax rates, and other challenges.

Most companies are too busy to help small businesses with importation.

As an experienced STRATEGIS  and guide in the shipping industry,

I provide small businesses with access to big business discounts and expertise worldwide, saving them time and money

 Do it myself vs  Buying Expertise

When deciding whether to buy a service or do it yourself, there are a few things to consider.

1, Look at the complexity of the issue at hand.

2. Evaluate if it will save you time and money or prevent loss.  Is the task taking away from you the prime reason for your business

3. Consider if the service will create income  by allowing you to focus on Revenue producing tasks

4. Keep  Growth in mind. You may be ok now but what  happens when you grow

Accounting  =Government  and Banks

Let’s take a look at accounting as an example of  Required Expertise

This is an area that most businesses tend to neglect, particularly during the start-up phase.

Businesses can use Excel sheets or inexpensive Quick software programs to get started.

However, setting up a proper accounting system is crucial for the long-term viability of the business, especially if there are employees or if the business earns income subject to taxes.

 

The accounting system needs to be set up in compliance with the Canada Revenue Agency (CRA) guidelines.

It is important for the owner and the business to collect sales tax, and banks may also require specific reports in a particular format.

Failure to comply with these regulations can lead to trouble with government authorities that could  cost you a lot of money  or even  destroy your business

While the owner can perform data entry, billing, and payables, this may become increasingly difficult as the business grows busier.

Long working hours may cause this side of the business to be put off, leading to slow billing and payments to vendors. This means no $ coming  in

To avoid these issues, it is recommended to enlist the services of a qualified bookkeeping or accounting service, especially at the start of your business or when you find that your business is growing.

There are virtual accounting services available now, where all transactions and conferences are conducted online.

It is important to think about future growth and to ensure that you are not wearing too many hats as the driver of your business’s success.

Painful Memories

I used DIY to save money, but it ended up costing me a lot. The government, banks, and vendors don’t forget.

 Marketing  and Online Presence

This is a large area that needs to be scrutinized.

I have built my websites, updated blog posts, and arranged online purchasing. I

It would help if you enlisted expertise in this area that is specific to your business,

This should be a budget item in your business plan 

This is a time-consuming place and can sap creative business time quickly.

If  you  decide on a large online presence, it will take time to develop, and then  after it is  up, you need to maintain it

If you choose to do this on your own, there are many online sites you choose from.

I would recommend Wealthy Affiliates as they specialize in helping e commerce businesses

develop websites and have a built-in technical support team that you can get training in any area.

One suggestion here is to create what you need in a  marketing plan to

Develop a vision for the business and tell the  Marketing companies what you see.

This will give them direction and  content to  work on

You may have to pay for the expertise to develop your plans quickly and efficiently.

Just building a website will not develop your vision.

Legal Expertise

This area is often overlooked, but it’s important to note that the average cost for a lawyer’s services is around $200 to $400 per hour.

The problem arises when setting up a business, as government regulations can be complex and difficult to understand, similar to accounting.

This can significantly impact a business. It’s important to note that lawyers usually specialize in a specific area of law.

Business owners often receive referrals to lawyers who may or may not have the needed expertise.

For instance, lawyers specializing in mortgages may not have the expertise to deal with employee-related issues. Lawyers specializing in mortgages may not have the expertise to deal with employee-related issues.

As a business expands, additional problems may arise and become potential losses.

While most owners try to handle these issues internally, they may lack the necessary expertise to make the right decisions.

Failure to reach an agreement can escalate the situation into a legal issue.

Legal Expertise can be required in a business

Common areas where disputes start

• Contracts are required
• Employee relations and standards are affected
• Reciviebales  issues
• Federal-Provincial and Municipal  Government agencies
• The liability of the business is in question.
• Threatened law suite

All you have to do is check the small claims court dockets to see that most of the disputes are related to these issues.

To protect your business, employees, family and customers, legal protection is essential.

If it’s necessary to involve lawyers in some capacity, it can cost $300 to $400 per hour for consultation alone, which is hard to swallow.

Fortunately, there are alternative services available now specifically designed to  help protect your business at affordable monthly rates.

Check out  this site , I  provide a suite of services for business 

Small business relates to small business.

Everyone is in business to make a profit.

Following in someone else’s footsteps can provide some of the best advice.

Large, established companies have the resources to buy the services they need, but small businesses are not usually in that position.

That’s why I am dedicated to helping owners with cost-effective strategies as they grow their businesses.

Networking with companies experienced in working with small to medium-sized businesses can be a real benefit. I hope this helps you on your business journey.

There  are  many topics here   if  you would like to  you can book a Free  strategy session  to discuss how  to help your business

                                                                                                or

email  nav-biz@outlook.com

or call /text 604 807 1667