The springboard to success: Why asking for help is good for small businesses and how to go about it
- Business Rescue Business Growth
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Running a small business can be lonely. There will be times when you don’t know who to turn to when you need an answer to your questions. If you’re a business owner trying to navigate the COVID-19 pandemic, asking for help is more important than ever before. The survival of your business could depend on it. But how many of us ask for help when we need it most? Some even see asking for help as a sign of weakness when quite the opposite is true, reaching out can help increase your chances of business survival and success, needless to say you can make meaningful long-lasting connections. Asking for help is good for small businesses. At Be Rescued, we’re huge advocates of seeking advice and help as early as possible, and believe now more than ever, small business owners should be doing so.
Why small business owners should ask for help
Running a business is always challenging but this year has been especially tough. The smallbusiness.co.uk website in partnership with UK Domain, explored ‘mental health in small business owners – and how it’s been affected by COVID-19’ with some interesting findings.
When they asked small business owners, ‘48 per cent said that COVID-19 has had a ‘severe impact’ on their small business while 35 per cent said it has had a ‘major impact’, only two per cent said it had only a ‘minimal impact’. Quite worryingly, when it came to business and mental health, the research showed that ‘71 per cent of entrepreneurs have experienced workplace stress in the past 12 months but only 25 per cent have sought professional help in that period’.
The fact that so few asked for help to manage stress shows how reluctant people are to reach out when they need support most. Key factors causing this stress include ‘juggling business and personal commitments (26 per cent), time pressures (24 per cent) and staying on top of business administration (21 per cent)’.
See full research results - Small business owners reveal how they’ve handled mental health and COVID-19, 21 Sept 2020 https://smallbusiness.co.uk/small-business-owners-reveal-how-theyve-handled-mental-health-and-covid-19-2549883/.
By seeking professional help as early as possible, business owners can alleviate stress with benefits for their business and, crucially, their mental health.
Professional help for small businesses: 10 pointers on asking for help and the benefits
1. Recognise you have a problem
Seems kind of obvious but recognising when you need professional advice early enough is crucial.
Running a business can be stressful but you need to identify when something is a problem as opposed to a daily challenge you can overcome. Not burying your head in the sand and isolating any business issues is the first step to solving them.
For example, are you a solopreneur who is trying to juggle everything and not coping? You need to recognise that you should get outside support or your business will grind to a halt and you will burn out. Or perhaps you are struggling to balance the books and need to admit that you should get professional accountancy help.
Step back and look at your business. You might be surprised by what you uncover and how by admitting there is a problem gets you the help you desperately need.
2. Don’t be afraid to ask for advice
As the saying goes, no man (or woman) is an island. When you’re a small business owner, things can get tough. Don’t go it alone. Whether you’re a start-up or a well-established business, seeking advice from peers and professionals can make all the difference and help you achieve a positive outcome.
Join online networking groups to get support from other business owners. It’s a great space to share ideas and knowledge and it’s vital that you reach out at the moment. Everyone is in the same boat, we’re in for a rocky ride over the next few months and seeking advice from your peers will help.
Seeking advice from professionals as early as possible it is also crucial. If something isn’t working for you and you need help, ask for it. Being aware of any weaknesses, for example gaps in knowledge, is a strength. At Be Rescued we help businesses to plan for growth and achieve their goals. By involving someone outside your business you will benefit from a fresh pair of eyes.
3. Timing is everything
It may sound repetitive and it might also be a cliché but it’s true, timing really is everything, especially when it comes to business. It is essential that you seek professional help as early as possible to help reshape your business model and any plans that are crucial to operations, such as marketing and customer care strategies or cashflow forecasting.
It is vital that as a small business owner you keep a look out for any early warning signs that help is needed and seek advice as soon as possible (you owe it not only to your business but the yourself and your hard work). This can be especially challenging for start-ups, who may not be too familiar with the running of a business. But by nipping any problems in the bud, a longer lifecycle of any business can be achieved, which in the long term is better for the community, environment, economy, employment and stakeholders alike.
By working alongside professional advisors, you can explore new markets, diversification, innovation, environmental contribution and/or change and will benefit from any action plans you can put into practice.
Seeking professional advice early will pay dividends for your business.
4. You can’t know everything
As small business owners, we have to wear many hats. Whether you’re trying to balance the books for your end of year tax return or develop a social media strategy, it can be challenging.
Ask others for help whether they are in your business network or professional advisors. Smart hire specialists that can help with marketing, accountancy and other disciplines you need a hand with. This will save you time, money and a lot of stress, it will also free you to focus on the purpose of your business!
5. See asking for help as the key to success
As a small business owner, you need to concentrate on so many different things – cashflow, marketing, sales, operations and more. It’s easy to get so involved in the day-to-day operations of running your business, that you may fall short and neglect your overall strategy.
Even during this difficult time, it’s important that you don’t just focus on getting through the next few weeks but on where you will be in a year, even five years’ time. Sometimes it’s hard to see the wood for the trees. Getting outside help from a consultant can provide a way forward for your business.
A lack of support and advice can result in business failure but with the right help your business can survive and even thrive. At Be Rescued, we help small businesses plan both for the now and for the future to help achieve sustainable operations and sustainable growth. Call Maria on 01366 387672 for a friendly chat to find out how we can support your business.
6. Anticipate problems - Set up a help network
In the survey we discussed earlier in the blog (‘mental health in small business owners – and how it’s been affected by COVID-19’), ‘17% expressed confusion over the help available.’
Find out what support is available. Don’t wait for the proverbial to hit the fan! Create a network of professional advisors you can draw on should any problems arise. This could include your Accountant or contact details for a PR advisor who can help in times of crisis.
Anticipate where you might need help in the future. Bear in mind that professionals have seen it all before and will most likely be familiar with the area of help you need. You don’t need to muddle through on your own. A professional business advisor can help resolve any problems.
Join a networking group where you can benefit from the advice and experience of other business owners.
At Be Rescued we see business owners going through similar issues to each other. You are not alone. We work with businesses in times of trouble and provide turnaround services including sustainable business and strategic planning to help businesses recover.
7. Identifying the need for help can lead to sustainable business growth
If you are experiencing difficulties or a business problem, recognising that you need help might unlock benefits for your business. Your ‘problem’ could be an opportunity to diversify and grow your business. Identifying that others need help is also key.
For example, businesses struggling during lockdown, recognised that they needed help or their businesses wouldn’t surive. Many business owners reached out to their communities or sought advice from others to find what they could do in the face of such difficulties. They discovered that others needed help and they could provide it.
Pubs and restaurants started delivering meals to help the vulnerable in society. Vegetable wholesale companies that couldn’t sell to restaurants while they were shut, started doing home deliveries to help those who couldn’t get to the shops. Spirits companies produced much-needed hand sanitiser for health workers.
Recognising you need help and that help is needed elsewhere will create benefits for your business and the wider community.
8. Help a young person kickstart their career
COVID-19 has affected every aspect of our lives from our leisure time to our jobs. However, young people have been particularly badly hit by the economic fallout, with many struggling to get jobs and get onto the career ladder.
The government’s Kickstart Scheme provides government funding for employers to create six-month jobs to help young people aged 16-24 at risk of long-term unemployment get into the job market. Your business could really benefit from taking on a young person who will bring new skills while you will be helping them gain valuable experience. It’s a win-win situation for both parties.
The placements start in December 2021 with the scheme ending in Summer 2022.
Funding will cover each job:
- Salary for 25 hours a week paid at relevant National Minimum Wage rate
- Associated employer National Insurance contributions
- Employer minimum automatic enrolment pension contributions
- £1500 for job training and support for work preparation
Find out more www.gov.uk/kickstart.
9. Seek advice on issues that affect your business
That’s it – we’ve said the B word! Joking aside, it’s easy to forget about Brexit at the moment. However, there is still the issue of a lack of understanding of what businesses need to do to prepare for Brexit.
There is help out there. See government advice https://www.gov.uk/transition. However, if you are still struggling, ask an industry expert.
10. Seek mental health help
The research at the beginning highlights the prevalence of stress among small business owners. Regular readers of our blog will notice that at Be Rescued we often focus on mental health. We are huge advocates of taking care of yourself as a small business owner and taking care of those around you.
World Mental Health Day was on 10th October is a reminder to all of us that we should look after our own wellbeing. If you are struggling with your mental health, seek advice. The mental health charity Mind has lots of helpful advice and useful resources on their website in taking the first steps and seeking help for a mental health problem https://www.mind.org.uk/information-support/guides-to-support-and-services/seeking-help-for-a-mental-health-problem/where-to-start/.
Key takeaway…
So, the key takeaway is – recognise you need help and ask for it. Asking for professional advice early will pay dividends for your business and your mental health by lightening the load. As a small business owner, you simply can’t do everything.
Be Rescued work with business owners on our doorstep and beyond. So, if you’re looking for small business advice in Downham Market or King’s Lynn we’re local but whether you are in Norfolk or Northumberland, we can help. If you need advice on financial and business planning or have a business challenge, call Maria Pombo on 01366 387672 or book an appointment without delay via this link https://calendly.com/pombo_betterbusinessathand. You can also learn more on what other help you can get from other professionals Maria works with by visiting https://www.betterbusinessathand.app/. We’re here to help, just ask!