They don’t have a large marketing department staffed with experts in branding, SEO and campaign analytics.
They can’t duck down the corridor to run an idea past the finance or legal department. And they don’t have a board of directors setting directions and goals for them.
That situation often suits the SME owner – many, I know, are highly independent by nature! But going it alone has its limitations: a lack of diverse expertise at hand, limited people you can run ideas past, and limited input when it comes to solving challenges in the business.
For SME owners feeling a bit isolated in that regard, developing ties and interacting with other business owners regularly could be the answer.
All businesses face challenges and while those might differ from industry to industry, and across business types, there’s often a common denominator.
The SEO company won’t have exactly the same challenges as a commercial law firm or a recruitment agency, but they might all experience a challenge of reducing overheads or managing cash flow, and between them they’ll implement a range of different strategies.
Regardless of your business type, you may benefit from knowing how these businesses have solved their problems.
But that’s only the first advantage of building those relationships. Let’s say you’re in the business of accounting.
You’re keen to expand your business significantly and your challenges include coming to grips with online marketing and finding personnel that are a fit for the progressive company culture you hope to develop.
The SEO and recruiting business companions we introduced you to above are likely to have some excellent insights you can tap into, while the commercial lawyer might weigh into the discussion with some suggestions on employment contracts.
And all three of your new friends might benefit from your knowledge of the latest cloud accounting options.
So let’s move on a few months. You’ve all been meeting up regularly and now that you know each other quite well something else is happening in the group.
While you’ve referred a couple of your business clients to the recruitment agency and SEO company, the lawyer has referred a new client to you.
And the SEO member has been so helpful with insights on digital marketing that you’re all now spending some time implementing new strategies and monitoring your increasing website traffic! Everyone’s business is benefitting.
Unrealistic or possible?
Does that sound like some type of unrealistic SME utopia? Welcome to the Sydney Hills Business Chamber’s MyBoard Program.
It’s one of the most popular free benefits of our Chamber membership. Several groups of up to 15 business people meet fortnightly throughout the year for about 90 minutes to share insights and information and discuss challenges.
In the years it’s been running numerous referrals have been made, strategic alliances between businesses have been formed, and many, many ideas have been bandied around tables in response to the challenges of member businesses. Best of all, it’s all very relaxed and casual – most unlike your average board room meeting!
If you think you’d benefit from being part of a diverse group where ideas and insights are shared and business relationships developed naturally and easily over time, it’s time to visit www.sydneyhillsbusiness.com.au to find out more about joining your local Chamber.
To find out more about the benefits of membership, visit www.sydneyhillsbusiness.com.au and book to come along to one of our free information sessions.
