Large companies often amass resources within their businesses to solve problems or pursue opportunities. Small business owners, however, need to find a way to access resources that their business needs, how and when the business needs them, without incurring an on-going cost for this talent or skillset every month. Here are my tried-and-true methods as a private equity professional supporting several lower-market businesses to access information and build my knowledge base when facing an unknown business problem or opportunity.
Leverage your personal network: We often overlook (or aren’t even aware of) the knowledge base within one’s own extended family or friend group. Take time to learn about the professional pursuits of your friends and your children’s friends’ parents. It may seem like long-shot, but I can think of countless times where I’ve taken advantage of a “phone-a-friend” to help me assess a situation before making an action plan to solve a problem. LinkedIn is a terrific tool to catalog these relationships.
Become a student of business: While many of us waste more time scrolling than we likely will admit, the internet is a treasure trove of information to help educate you on an opportunity or problem you are facing. White-papers, podcasts and even YouTube videos can serve as a great foundation for knowledge. Be prepared to fact-check what you learn, but these resources can help you to ask better questions when meeting a paid professional adviser.
Understand local government and quasi-government resources: In the past, our businesses have accessed grants for training needs and capital expansion projects. Need help with Microsoft Excel or social media for your business? Your local chamber of commerce might be able to help. These groups often have funds available and want to see your company thrive.
Get to know the gig economy: The gig economy isn’t limited to UberEats and Door Dash. An increasing number of working adults prefer to work on a consulting or project basis to provide services to companies to solve short-term needs. While this may sound like millennial or tech-speak to some, project-based arrangements are actually a great way to re-engage retired individuals only looking to work on a part-time or temporary basis. We’ve used these talented individuals to help our businesses with website content, photography, recipe creation, app development, etc. Don’t overlook this talent pool in your local geography.
Be prepared to admit what you don’t know: Every industry and every business has its own jargon and buzz words. Don’t be afraid to ask a question when learning from the experts. They are all proud of their craft and happy to help bring you up the learning curve.
Remember to pay it forward: An ecosystem can be created around resourceful business professionals but only if you actively contribute to it as well. Be prepared to take that phone call when a friend in your network has a question that touches your expertise. Pay forward the kindness and assistance you receive from others. ●
Corrie Menary is a Partner at Kirtland Capital Partners
