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Safeguarding your business

Using professional advisors

Being in business does not mean you have to do everything yourself. No one can be an expert in every field. Choose wisely those people who will become your main advisors - your accountant, solicitor, banker and insurance broker.

These advisors will add knowledge, skill and wisdom to your financial decisions and your business will benefit with outside sources of inspiration, motivation, networks and resources.

It is important that your relationship with these advisors is ongoing and growing. Do your research, build a strong team, and invest in people who will help you build your future.

For more information see the Getting Help business guide

Mentors

Most successful people have at one time enjoyed the benefit of a relationship with an individual who has served them as a mentor.

Business mentors are successful, veteran business people who volunteer to assist small business people in their community. Sometimes their wealth of experience and confidence is just the injection of enthusiasm your business managements skills need.

As an experienced entrepreneur a mentor can bring:

  • A proven track record of business success
  • An "open mind", and impartial opinion and information
  • Fresh eyes to see problems you can't
  • New ideas, ways of thinking, and practices you hadn't thought of
  • Focus to areas that need attention
  • Direction to professional assistance, organisations and networks.

Areas of guidance where a mentor may be of assistance include:

  • Goal setting
  • Budgeting and accounts and record keeping
  • Time, people, and change management
  • Conflict resolution
  • Business planning
  • Expansion to new markets
  • Design and manufacturing
  • Move to importing and exporting.

The services of a good mentor can improve your business practices, keep your direction and focus on the things that matter, and give you confidence you are not alone in your journey towards business success.