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The risk of not getting a second opinion

Have you ever seen an advertisement or sign that contains a spelling mistake?

Or have you ever received a job application that claims to have good attention to detail yet they spell your name and the business name wrong?

What a bad first impression this gives!

These people are learning the hard way the great importance of getting a second opinion.

As small business owners we do not have as many people to bounce ideas off or to double-check things for us, but this only means that we need to find other ways to receive a helpful second opinion.

One of the greatest lessons I have learned in the 20 years of running my own business is to never hesitate to get a second opinion. Just because we may be experts in our chosen field of business, it does not mean that we are competent or have expertise across all aspects of our business.

For instance, some small businesses choose to do their own bookkeeping. If you are good at administration and calculations and keep good records, then that is not a problem. However, when it comes to a specialist area like taxation and accounting you run many risks by doing that yourself.

You may well save money doing it yourself but it could end up costing much, much more in the long run if you do not invest in having a professional take care of it for you.

Similarly, when it comes to marketing and advertising you may have some confidence and even some good ideas. However, it is prudent to spend some money and get a second opinion from an industry expert. Many are even able to save you money in the long term and at the very least ensure you maximise your results.

Another area that benefits from having an expert second opinion is personal insurance. As a broker, I have found that most people who think they have their insurance in order are actually underinsured. I have also found that many of those who have arranged their insurance themselves are actually being ripped off.

While small business owners have the tendency to do as much as they can themselves, it is important to what areas are not your specialities or strong points of expertise, and to receive a second opinion from experienced professionals.

What areas of your business do you get a second opinion on?

What do you think?

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Rick Mapperson

Rick Mapperson

Rick Mapperson is the founder and managing director of Rick Mapperson and Associates ( http://sydneyinsurancebroker.com.au/), a personal insurance brokerage. Rick has been insuring people, particularly small business owners, for twenty years. Rick combines his skills as a licensed Financial Planner and his understanding as the co-founder of an Australian charity focused on families, to understand the best interests of his clients. You can follow Rick on twitter @RickMapperson

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