As small business owners, we’re quick to take on responsibilities. But when it comes to asking for help, we hesitate. We’re so busy in our lives, running our businesses that we forget to prioritise the tasks that are important to our personal and professional success. Having people by our side, not only keeps us on track, but helps us be successful faster and with ease.

No matter where you are on your business journey, there are people that can support you as your business grows. Perhaps you already have some great support from people in your corner. But do you have the right support for your business right now?

Why do small businesses benefit from having people in their corner?

A snapshot of small business in Australia

According to the Australian Bureau of Statistics, as at 30 June 2021 there were:

• 2.4 million actively trading businesses in Australia
• 58% sole entrepreneurs (non-employing) and 29% employing 1-4 employees.
• 41% of non-employing businesses in 2017 did not survive 4 years (until 2021).

If we transfer those statistics to the next 4 years, that means 570,720 businesses will fail. But why?

Why Do Small Businesses Fail?

A study by the University of Technology Sydney identified the following reasons that businesses fail:

• Financial Mismanagement (32%)
  • Lack of business experience
  • Cashflow issues
  • Lack of start-up capital
  • Lack of budget framework
  • Overuse of credit
• Inadequate, inaccurate or non-existent business records (12%)
• Sales and Marketing Problems (11%)
• General Economic Conditions (12%)
• Personal Situation (6%)

While some of these reasons might be beyond your control, the first 3 reasons are all areas of your business you can control. So how do you ensure your small business is in the survival statistics? By making sure you have support and the skills to combat the pitfalls.

But if you don’t have years (or a large study budget) to get these skills and experience, you’ll need the right people in your corner to help.

Who Do You Need in Your Corner?

Accountant Bank Manager Financial Advisor Finance Broker

Business Coach Mentor Marketing Consultant Family and friends

Family and Friends

Often, it’s our family and friends we turn to first. In my case, when I started out in business, my husband Rob was a huge supporter, especially in the early days when finances were stretched.

Recently, I read a great book called “No One Succeeds Alone” by Robert Reffkin. He was raised by an Israeli immigrant single mother, abandoned by his African American father and disowned by his maternal grandparents for being black. He defied the odds and is now CEO of Compass, a multibillion-dollar real estate company in America.

In the book Robert talks about family and how we can’t let the urgent get in the way of the important – family. This is what he wrote.

None of us became who we are on our own.

None of us got to where we are on our own.

We owe so much gratitude to the people who’ve supported us, cared for us, listened to us, believed in us, inspired us, and picked us up when we’ve fallen. We’ve counted on them and relied on them. And when it really mattered, they were there for us.

That’s what family means to me. The people in your corner. The people who’ve got your back. The people who love you no matter what. 

But relying on friends and family isn’t ideal for everyone. There’s such a thing as family bias.

Their love for you is so strong they unintentionally hold you back. They want to keep you safe and don’t push you far enough out of your comfort zone.

Your growth or development may force them to see their deficiencies, leading them to try to slow you down. It is not intentional, it’s just human nature.

Some families are like a big bucket of crabs– whenever one of the crabs tries to climb out and escape, the other crabs will grab hold of them and pull them back down. If I can’t get out of the crab bucket, then no-one gets out of the crab bucket. It can also happen in peer groups, when friends hold back one of the group’s efforts to transform by losing weight or stopping drinking.

Coach or Mentor

Perhaps you’ve been weighing up whether to hire a coach or a mentor. Both are great depending on what you need, and I’ve outlined some benefits of each below.

Coach	Mentor
Short-term focus Assisting, challenging and encouraging Formal / Structured Think differently, create a different future for you and your business Goal setting (measurable and outcomes) Uncover obstacles to achievement Challenge existing thinking to promote new options	Long-term process Advice, teaching and support with direction and decision-making Act as a sounding board for ideas or problems Less Formal Imparts wisdom, ideas and options through experience They’ve travelled the path as you and share their experience to guide you to success.

My coaching experiences

I’ve had a business coach for two years. I set goals and tasks I’m accountable for. And it’s not just about business. My coach helps me take steps to achieve work life balance, like taking a pilates class once a week. Recently, my business coach encouraged me to step out of my comfort zone, by presenting on a subject that was outside of my subject matter expertise of finance.

Subject Matter Expert

While having a coach or mentor is super valuable, there are times you’re going to need a skilled professional to help your business grow. This might include an accountant, a lawyer or a finance broker, either on a one-off basis or as a regular advisor.

Finding the right networking group

There are many types of networking groups you can join to help you on your business journey. Some of these are professionally facilitated, and you’ll need to pay a fee to join. Others are more ad hoc where someone volunteers to take the lead.

And while networking has its benefits, you need to stay focused on your end goal. Networking should be based on collaboration over competition.

For me, I’ve been part of the Swarm network for 5 years.

The Swarm is an organic association of independent consultants, advisors and professional service providers with expertise in business, government, personal and community support. 

The Swarm comes together and meets regularly, to;

• Learn from one another’s expertise and experience
• Collaborate to improve the value provided to their clients
• Create innovative service and support partnerships and deliverables
• Provide up-to-date, experience and research-based information to VIP clients and colleagues
• Support the independence and vitality of each other’s business

Let go of negative relationships

There’s no point in spending time with people that get you down when there are so many opportunities to surround yourself with great people.

Think about the people you’ve surrounded yourself with. How do you feel after spending time with them? Do you feel good about yourself and ready to take on new challenges?

Are they judgemental, criticising anyone and anything, and coming to a conclusion without the facts?

What about the envious person? They won’t ever be happy for you. Being a business owner is a bumpy journey of highs and lows. You want people to support you during high and low times.

Then there’s the negative Nancy who drains your energy, shrinks you and takes from you. If you feel unsure, drained or agitated after spending time with someone, it’s a sign they aren’t good for you.

It’s uncomfortable to step away from these relationships, especially if it’s someone you’ve known for a while, but in the long run, you’ll be much happier.

The 6 People You Need in Your Corner

At different times, you’ll need different things from the people in your corner. And while you might find a unicorn who can be all these things, you might need a few different people to help you with different challenges or at different stages of your business.

How to attract the right people to your corner

Unfortunately, it’s not as easy as just asking. “Will you be my mentor?” or “Will you be my in my corner?” can be a total mood killer (especially if they don’t know you).

Here are a few tips to help you find the right people for your corner:

• Draw up an action plan and invite feedback.
• Be respectful of other people’s time. Make sure you always do what you say you’ll do.
• If you help people, they’ll want to help you.
• Take their advice so they know they’ve used their time wisely.
• Ask for personal and professional advice.
• Be sincere. Speak from the heart and be honest about your needs and wants.
• Follow up consistently and appreciatively to help them see the impact they’ve had on you.
• Tell them how you used the advice and how it helped. Your success is the best thank you.

No person is an island

Regardless of what business stage you are at, you should never feel you need to figure out your professional challenges on your own. Most men and women love helping others. So, ask for help, invest in yourself and your business and the results will quickly become clear.

Nothing incredible is accomplished alone.

Who is in Your Corner?

Do you think Rocky would have been a success without Mickey in his corner?

After every round, the boxers go back to their corner until the next round. The coach gives the boxer advice or a pep talk or both. While the boxer’s skill is important, the person in their corner talking in their ear is very important too. The corner work is a specific skill boxing coaches learn. If the fight is in the balance, it can be crucial and the difference between winning and losing.

Who’s in your corner?

Do you have someone to turn to?

Or do you know everything you need to know?

Can you identify gaps in your current network? What difference would this person make to you?

In life, there are things you know you know, there are things you know you don’t know, and there are things you don’t know you don’t know.

What information, knowledge, skills are in the category that “you don’t know”?

Before you suggest that you’ve got it all worked out, drop the ego. I know from experience that what you don’t know, you don’t know, outweighs what you know all day, every day.

It’s a big world out there. Don’t be limited to your little bubble.

When you have supporters and mentors to help you get back on your feet, the falls aren’t so scary. And when you’re not afraid to fail, you have the confidence to take risks and ultimately grow.

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