How business advisors can help

As a small business owner, sole trader, or contractor, you have to juggle many roles. However, that doesn’t mean you have to be proficient in every aspect of running a business. Involving business advisors to assist in areas where you’re unsure will ultimately save you time, resources, and energy. It’s also more likely that your business will thrive and succeed.

A business advisor is someone who can assist you in solving business problems or filling gaps in your knowledge and skills.

There are various types of advisors available across all areas of business. Some advisors have general knowledge and expertise, while others specialise in specific areas, such as marketing or leadership coaching.

You can have informal arrangements with people like your entrepreneurial neighbour or tech-savvy best friend, or you can establish formal arrangements by hiring an accountant or IT consultant.

During times of change or when facing challenges, many sole traders, contractors, and business owners seek guidance from a business advisor.

Consider consulting an advisor if you:

• Have specific goals that you’re struggling to achieve
• Encounter issues for which you lack a solution
• Require specialised support.

Connect with a representative from your local Regional Business Partner Network, who can assist you in selecting the most suitable advisor for your needs. They can provide recommendations for experts in your area.

While friends and family can offer valuable moral support, it’s essential to seek expert advice for making well-informed business decisions.

Before you seek the help of a professional business advisor, make sure you have a clear idea of what you want to achieve from the relationship.

Create a brief that outlines:

• Your business and what it does
• The specific issues you need help with
• Your goals and objectives

Send your brief to several advisors to gauge their responses. When meeting a potential advisor for the first time, bring your financial and business planning documents. Come prepared with plenty of questions about how you will work together to achieve your goals.

Also, bring along any relevant information related to the area you need advice on. For example, if you are seeking advice from an IP lawyer about patenting your invention, make sure to bring along descriptions and drawings of it.

Don’t hesitate to ask for referrals or read testimonials.

The ideal business advisors are those who challenge you, actively engage with you, and proactively work to enhance your skills. They are not mere cheerleaders on the sidelines or authoritative figures barking orders.

When seeking a business advisor, it’s important to find someone whose working style aligns with yours and who possesses the enthusiasm and experience to make a tangible impact.

Don’t hesitate to schedule an initial consultation before committing to any long-term arrangements.

During the meeting with a potential advisor, consider asking the following questions:

• Do they seem excited about my business?
• Am I confident that they can assist me in achieving my objectives or solving my problems?
• Do they have a track record of expertise in working with businesses similar to mine?

Keep in mind that different advisors may have varying fees for their services. Choose someone who fits within your budget, but also remember that the cost is usually indicative of the value provided. Top-notch advisors often come with a higher price tag.

If you select the appropriate advisor, the investment in their expertise will yield significant returns.

Whether you have a formal or informal arrangement with your advisor, it is important to establish clear objectives and a plan from the beginning.

Consider signing a written agreement that outlines expectations, roles, and pricing, ensuring that you carefully review and agree to all terms.

Maintain regular meetings with your advisor to maintain momentum and make progress towards your goals.

Keep your appointments.

Do not hesitate to ask questions – that is what your advisor is there for.

Stay focused on your objectives, but also remember that your business advisor brings unique skills and expertise. They may offer suggestions or insights you had not initially considered. Be open and flexible to their input.

If any concerns or issues arise during the advisory relationship, address them promptly. By doing so, you increase the chances of resolving problems or, if necessary, parting ways amicably.

• Failing to seek assistance from a business advisor when needed – you cannot and should not try to do everything on your own.
• Solely relying on advice from friends and family – there are situations where the expertise of a professional is required.
• Making price the sole deciding factor in selecting an advisor – while staying within your budget is important, also consider the advisor’s proven track record of success.
• Failing to establish clear expectations from the start.