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In 2022, small businesses (1-99 employees) were the backbone of the Canadian economy, representing close to 98% of the workforce. Beyond job creation, small businesses contribute significantly to innovation and economic growth, which is why we all love small businesses. Running a small business, however, comes with a host of challenges from managing finances, sales, staffing, and just sometimes trying to develop a product that people actually want to spend money on. As such, small business owners find themselves constantly performing a juggling act. As we are all aware, time is your most valuable resource and knowing where to spend it is a tough and hugely important part of growing a company.
This is where advisors come in. They are the individuals that are happy to ask the tough questions, mentor you, and help guide your focus. Because of the awesome, and sometimes forgotten work they do, we’re dedicating a little airtime to Vivacity’s amazing advisors: Lindsay Sill, Roy Hart, and Bradford Stimpson. In addition, this post provides some reasons why you too should seek out mentors and advisors as well.
Mentorship
One of the primary benefits of having a business advisor is mentorship. An advisor can share their experience, insights, and knowledge with small business owners. This can be particularly valuable for new entrepreneurs who are just starting out. A good advisor can act as a sounding board and provide guidance on how to overcome challenges, avoid mistakes, and make informed decisions.
Guidance
Running a small business can be overwhelming, especially for those who lack the time, experience, and capital of a seasoned pro. An advisor can help alleviate some of the stress by providing guidance on how best to juggle the constant maze of distractions. They can help business owners identify opportunities for growth, create realistic goals, and develop action plans to achieve those goals. Advisors can also provide guidance on issues such as legal and financial matters, marketing and sales strategies, and team management, all of which are important in helping build a successful and long lasting business.
Strategy Alignment
An advisor can also help small business owners align their strategies with their goals. They can help identify the gaps between the current state of the business and where the business owner wants to be. This is very similar to a standard gap assessment, but perhaps in a less formal way. Once the gaps are identified, the advisor can help develop strategies to close them. This can help ensure that the business owner is moving in the right direction and is making progress towards their personal and business goals.
Posing Challenging Questions (our personal favourite)
An advisor can also be a source of challenging questions. They can ask thought-provoking questions that can help the business owner think outside the box and see things from a different perspective. This can be particularly valuable when developing new products, entering new markets, or tackling complex issues. An advisor can help business owners consider different scenarios and potential outcomes, which can lead to better decision-making. In our humble opinion, this is probably the most valuable asset an advisor can provide, and the toughest questions are often the best questions to ask.
In conclusion, advisors are a hugely valuable resource for small private businesses. They provide mentorship, guidance, help align strategies with goals, pose challenging questions, and help synthesize ideas. Having an advisor can help small business owners navigate challenges and most importantly help grow their businesses while managing the work/life ecosystem.
Vivacity is proud of the advisors that we have today in Lindsay, Roy, and Brad. Each brings a specific area of strength, industry expertise, and most importantly, none of them are shy to ask the tough questions. This ensures the management team at Vivacity are always on their A-game and the company is going in the right direction.
If you are a small business owner looking for guidance, consider working with an advisor. The benefits can be significant and can help you take your business to the next level.