Many new businesses lack significant business experience and are likely to have only a superficial understanding of the many fields involved. Government run incubators and business support services can point entrepreneurs in the right direction, however they can’t provide specific business advice for a new businesses.
This isn’t surprising since new businesses require knowledge spanning human resources, engineering, systems design, finance, accounting, branding, marketing, law, web design and sales – among other things. Any one organization purporting to assist in all these areas is doomed to fail.
For entrepreneurs we have built a buyer’s guide specifically geared to accounting, tax compliance and corporate finance professionals. The guide will help part-time staff to facilitate the work of these outsourced professionals.
Early-stage companies by contrast are really conducting a “make or buy analysis” – in management accounting terms. Often, much like new students deciding on a career path, they’re really flying blind. For freelancers, small teams and the youthful CEOs of technology startups, this isn’t really very surprising.
Not only do most new businesses lack training and experience, money and human resources are also very scarce.
How do you effectively evaluate the qualifications that you need from an employee or a contractor when you don’t really understand the function itself?