When you’re caught up in the daily operations of your business, it can be challenging to have a new perspective on things. Seeking advice from an advisor can offer an experienced and unbiased point of view, assisting you in understanding and planning your business’s direction towards success.
How advisors can help
Advisors can be of great assistance in various aspects of your business, including:
- Creating, evaluating, and tracking your business plan
- Recognising business obstacles and opportunities
- Determining the most effective ways to use your resources
- Overcoming challenges that arise
- Obtaining funding to help your business grow
- Introducing you to their network of contacts
When to consider getting advice
Getting business planning advice can be helpful at any stage, but it’s especially important to consider seeking guidance for your business planning when you’re:
- Starting a business
- Seeking funding or investment
- Not achieving your current business plan
- Facing unexpected changes in your industry that may impact your business, such as new technology
- Planning to expand your business
- Considering exporting your product
- Planning to commercialise an idea that requires research and development (R&D)
Case study
Getting out of a pickle
Susan produces high-end relishes which she sells at local markets, supermarkets, and through her online store. However, after reviewing her monthly sales, Susan realises that she’s not meeting the profit targets outlined in her business plan.
One option would be to increase her marketing budget, but being new to the business, Susan seeks the help of a business advisor to get her back on track.
Together, they discover that slow sales aren’t the issue – the problem is that the profit margins on her products are too low. Simply increasing the marketing spend would only lead to more losses.
With the help of the advisor, they work out a pricing strategy that won’t discourage customers but still allows Susan to make the necessary profit.
Where to get advice
Depending on the advice you require, you can seek assistance from:
- your accountant
- business mentors
- investment advisors
- business incubators.
- Regional Business Partner Network
- Callaghan Innovation
Tip
If you’re uncertain whether the above options can provide you with the advice you require, it is recommended to give them a call beforehand and discuss your expectations.
Tips on when business planning is right for your business.
Good questions to ask before getting advice
To ensure a productive meeting with your advisor, consider the following:
- What are your business goals? Do you aim for financial gain, expansion, or achieving work-life balance?
- What are the priorities and core values of your business?
- What are the decisions you are trying to make?
- What areas do you need assistance with?
- What specific questions do you have?
- What type of advice do you need?
Before your first meeting
Make sure you can explain clearly:
- What your business does, or what you’re planning to do
- Who your customers are and why they would choose your product
- Who your competitors are and what alternatives your customers have
- The challenges or opportunities your business is facing
- Your short and long-term goals
- Your financial situation – bring along relevant documents
- Your existing business plan – if you have one, bring it along
- What kind of help you need, such as a specific project or ongoing support and advice
Tip
If you don’t have all the necessary information, you can use the gaps as conversation starters with your advisor.
Common mistakes
To ensure success, be aware of these common pitfalls:
- Not seeking advice when you need it
- Only seeking help when looking for funding
- Becoming too emotionally attached to your business to accept feedback and constructive criticism from an advisor
- Neglecting to regularly review and revise your business plan
Are you struggling with accounting and business management for your business? We are here to help! Get in touch with us to discuss how our expert services can support your business’s success. Contact us today to schedule a free consultation and see how we can add value to your operations. Please find us on Facebook | Linkedin | Instagram – Follow us and give us a like to see more updates and news.