Whether you have been running your business for a decade or a new business owner, using the services of a professional business advisor can help you identify your goals and work towards the best possible solutions for your problems. If you are unsure about what a business advisor can provide and whether your business requires one, the team at Stones Sharp explains what a business advisor does, the benefits of using one and how to tell if your business requires their services.
What is a business advisor?
Before you decide whether your business requires an advisor, it’s best to understand what a business advisor is and how they can help. A business advisor offers skills and expertise, which they have acquired through education and experience, on a specific aspect of your business, such as strategy, finance or legal. Ideally, a business advisor will be brought on to help you solve problems, improve performance and create a strategy to work towards your business’ goals.
There are multiple advantages to engaging with a business advisor. Aside from your advisor having specialist skills which your team may lack, the main benefit is that they can provide an objective point of view to your business. This external eye can give fresh insights and new perspectives to your business and the problems you are facing. They can also give you expert knowledge on a particular business market, identify business opportunities and offer forward-thinking solutions.
Common signs that you need a business advisor
Often businesses will think they do not require the assistance from a business advisor. If you’re thinking that you’re doing just fine without any help, then make sure your business isn’t exhibiting any of the below signs. You might find out that your business could benefit greatly after all.
Struggling to achieve growth
Too often a business will run smoothly for years, until it eventually falls into a plateau of complacency. A business advisor is well-placed to help identify challenging areas and help you find tactical solutions to address them. Think of an advisor as an idea generator of sorts – an expert who can see the bigger picture and offer valuable insights. They will analyse your business without emotional attachment and provide you with the facts and the possible solutions to seal the cracks they find.
Consistently running over budget
Often a business owner or manager has been in the business so long that they fail to see what might be obvious improvements to business operations. This can include unnecessary expenses and inadequate budgeting, both which are usually accompanied by an inefficient workflow. A business consultant can help in pinpointing workflow issues and provide suggestions to make your business more efficient so that you can keep in line with your allocated budget.
Navigate tricky situations
Every business faces their own unique challenges. From struggling with an overly saturated market to mediating management and staff disagreements, your business will need to navigate tricky and difficult situations that may contain particularly sensitive information. Seeking the advice of an external advisor will be hugely beneficial as they will not be personally affected by information and will have previous experience in similar situations. This will enable your business to formulate a plan to address the issues, without being influenced by internal politics, personal motivations or emotion
Looking to expand into new markets
If your business is looking to seek new opportunities and travel previously uncharted territory, having a business advisor with relevant experience and expertise in those markets can be highly advantageous. Your business advisor can help mitigate some of the risks involved by objectively looking at your plans and promote a more successful transition by pointing out potential pitfalls to avoid.
Improve cash flow
There are a few different types of ownership structures to choose from when buying a property. You can buy the property in your name or a family trust. The best option differs from person to person, and your accountant will be able to advise as to which option is the most appropriate for you after assessing your financial situation holistically.
Adapting to new technologies or methodologies
Over time, with newer technologies and methodologies constantly being introduced, your business may be lacking in the necessary training to optimise employee performance. A business advisor can help you overhaul your existing systems and provide training to ensure a seamless transition. Some of this training may include better and more efficient filing systems, the inclusion of apps, system upgrades and an easier tool to manage payments.
Raise capital to scale your business
A business advisor has the relevant knowledge of the different means of sourcing capital to grow businesses. They can help create financial information to put forward to potential investors and provide tips on the best ways to get the capital you need.
Ready To Speak To An Expert Business Management Consultant?
Reach your financial goals quicker and achieve a boost in performance with the right financial advice. Stones Sharp is home to experienced business advisors and certified practising accountants who can help you with strategic planning and decision-making to Stones Sharp Accountants maximise your business success. Contact us today to speak to our professional team of business advisors
FCPA & CA
Shane is a Fellow of the Australian Society of Certified Practicing Accountants and a Chartered Accountant.
Shane’s passion is to consider the clients, the client’s business and taxation affairs with a holistic approach whilst providing business mentoring, business strategies, systems development, taxation advice and taxation planning in order to assist his clients and their business achieve their goals.