Small businesses have to wrestle with issues both large and small — anything and everything from customer acquisition to employee management, financial projections and business planning. For start-ups, these issues can be more chaotic in nature and have a larger impact on financial and operational viability.
Running a business on your own is a tremendous challenge, one that is made slightly more feasible with the assistance of professional business advisory services.
What is a business advisor?
A business advisor is an experienced professional that works closely with a company or business to improve corporate governance, efficiency and performance. Advisors vary in the type of assistance they provide (financial, legal, operational) and the frequency with which they dispense advice (one-time or on-going).
Business advisors are invaluable to small businesses. Small business owners — particularly those that are turning a side-hustle into a full time career — are often specialists in their industry but don’t have the business knowledge or skills to turn their dreams into reality.
A business advisor can provide comprehensive assistance across all areas of business operations and financial management to set your business on the path to success.
What to look for in a business advisor
Finding the right business advisory service for your business is no easy task. You will be working closely with this person and must be able to trust and implement their advice. With that in mind, these are the key attributes you should look for in a business advisor:
Experience
A small business is completely different from a big corporation. To reap the full benefits of working with an advisor, ensure that they have experience with businesses of a similar shape and size, and possess pre-existing knowledge of the types of challenges that you are facing.
Credentials
Business advisors do not necessarily require qualifications to offer advice on how to run a business, but it certainly can’t hurt. Before signing up with an advisor, check whether they have studied business management, accounting, or any other relevant discipline. Many advisors will also undertake coaching-specific courses to help them develop relevant communication and interpersonal skills.
Specialist knowledge
While the core elements of running a business remain regardless of what industry you are working in, there are certain sectors that can benefit from specialist knowledge and experience. This is particularly true of small businesses that already face unique constraints and opportunities.
Ensure that your business advisor has experience working in your industry and is passionate about your business.
How to find a business advisor
Now that you know what to look for in an advisor, the next step is know where to look. There are many ways that you can go about this process.
Use industry organisations
Many professional industry organisations provide advisory services themselves or can assist businesses who are searching for an advisor.
Post job listings
You can always advertise for a business advisor online, using websites such as LinkedIn. It’s important to be specific about the kind of advisor you are looking for and what their workload will be. Using this approach, you will more likely attract individual advisors rather than a business advisory team.
Seek referrals
Lastly, seek recommendations from associates, colleagues, and mentors who work within your industry and from your accountant or legal advisor.
If you are involved in running a small business, you understand first-hand the kinds of challenges that you are facing. The good news is that you don’t have to do it alone. Professionals who provide business advisory services can assist you every step of the way, from launching your start-up to transforming your operation into a thriving enterprise.
