Running a small business can be a thrilling but challenging endeavor. As an entrepreneur, you may find yourself wearing multiple hats: You’re the CEO, CFO, COO, head of HR, marketing director, and sales manager all rolled into one. While this hands-on approach can be rewarding, it can also create tunnel vision that may limit your business’s growth and potential.
Tunnel vision – the tendency to focus exclusively on a single or limited objective or viewpoint – is a common pitfall for many small business owners. Juggling multiple roles with limited resources often means concentrating on the immediate, day-to-day tasks to keep the business afloat, leaving little time to step back and consider the bigger picture.
One of the ways to break out of this tunnel vision and bring a fresh perspective to your business is by bringing in advisors who can provide expert guidance and insights.
The Necessity of Diverse Perspectives
Fortune 500 companies and other large enterprises benefit from having a board of directors and a C-suite full of executives each with their own areas of expertise. They offer a myriad of perspectives, challenge each other’s ideas, and provide checks and balances. Small businesses, on the other hand, don’t often have this luxury. This lack of diverse viewpoints can result in an insular decision-making process, one that can potentially miss opportunities, overestimate capabilities, or underestimate risks.
The unique value that an advisor brings to the table is the ability to fill this gap. Advisors can offer you the benefit of their experience, industry knowledge, and external perspectives, which can help to avoid potential blind spots that come from operating within the confines of a single point of view.
Broadening Your Vision
Advisors can help in a multitude of areas. Maybe you’re an expert in your product or service but struggle with the financial side of the business. Or perhaps you’re great at building relationships with customers but find it challenging to create a strategic marketing plan. An advisor can bring in their expertise in these areas and more to help guide your decisions, present new opportunities, or identify potential pitfalls.
Having an advisor means you have someone to challenge your thinking, help you consider alternative options, and ultimately assist you in making better-informed decisions. They can help broaden your vision, shifting your perspective from the often micro-focused, daily grind to the macro, strategic landscape.
The Power of Objective Advice
Besides expertise and a fresh perspective, advisors also provide a crucial element of objectivity. As a small business owner, it’s easy to become emotionally attached to your business. While passion and dedication are important, they can sometimes cloud judgement.
Advisors, not being emotionally invested in your business, can give you unbiased advice. They can take a step back, look at your situation from a different angle, and offer guidance based on what is objectively best for the business.
Finding the Right Advisor
In the quest to avoid tunnel vision, choosing the right advisor is critical. The ideal advisor should have experience in your industry or the specific area where you need guidance. They should be someone you trust, whose opinion you respect, and who is not afraid to challenge your views.
Don’t be afraid to reach out to potential advisors. You’d be surprised how many seasoned business veterans are willing to share their knowledge and experiences. Networking events, industry conferences, and even social media platforms can be great places to find advisors who can help expand your vision.
Conclusion
Running a small business is often a solitary journey, but it doesn’t have to be. Seeking advice from experts provides a broader, more balanced perspective, helping to avoid the pitfalls of tunnel vision. Advisors are a powerful resource that can provide diverse insights, objective counsel, and invaluable expertise, setting your business on the path to sustainable growth and success.
