The Case For Using Proven Resources, Tools and Expertise as a Small Business Owner

by: Dominic Basulto, contributing writer

One way to get a competitive advantage on your rivals is by utilizing proven resources, tools and expertise that can then be adapted for your own business. In other words, why reinvent the wheel? Within your industry or sector, there are almost certainly other entrepreneurs who have already experienced what you are about to experience, so it makes sense to leverage this existing expertise.

 

Speed to market

Perhaps most importantly, you will significantly improve your speed to market with any new product or service offering. While your rivals are engaged in a long, protracted period of trial-and-error, you will already be well on your way to success. For example, there are quite likely financial projection models that can be adapted to your industry or niche. There are already business plan templates that you can optimize for your own company. And there are already marketing campaign models that you can leverage. Thus, while your rivals are spending a lot of time trying to decide what to do next, you will already have a roadmap for future success. And that means your products and services will be hitting the marketplace much faster.

 

Access to “best in class” practices

Another good reason to leverage proven resources and tools is to gain access to “best in class” practices. If you hire an expensive consulting firm, this is exactly what they will offer you: a peek behind the curtain at how top companies are running their business. My Business Coach gives you access to this same type of expertise, but at a much more affordable price.

For example, it might be commonly known within a certain industry that business model A is superior to business model B. You won’t need to waste your time figuring that out for yourself. Working with an experienced business coach who knows a lot about other companies in your industry or geographic region, you can immediately make sense of the many competing ideas and concepts in the marketplace.

 

Reduction of business risk

As a small business owner, your goal should be to reduce as much risk as possible from the day-to-day operation of your business. And the best way to do that is by going with proven resources, tools and expertise. The “proven” part is what matters. What good is a theoretical model found in business school textbooks if that is not what professionals within your industry are using?

Just keep in mind that business risk exists in every aspect of your company. Think, for example, about your supply chain. How can you minimize the risk of supply interruption? How can you minimize the risk of an inventory stock out? How can you reduce the chances that price increases from suppliers won’t be passed along to your business? When looking for resources and tools related to inventory management and supply chain management, these are all important ideas to keep in mind.

**

 

When it comes to business, we really do stand on the shoulders of those who came before us. Launching a company already comes with its fair share of uncertainty and unpredictability. By utilizing proven resources, tools and expertise, you can really mitigate that uncertainty and unpredictability and improve the chances of success for your new business.