What are Business Advisors
Here are some key points to start with -
- A business advisor must be a trusted part of your team offering good, practical, and useable advice.
- An advisor is an independent person partnering with you to make your business grow and be more profitable.
- An advisor must align with your goals and direction - yet offering alternatives, recommendations, solutions, and direction.
- Knowing how to correctly implement is a key skill.
- Once underway, good observation and monitoring is required to stay on track – yet always remaining flexible enough to move as circumstances change.
A great Business Advisor must also be:
- Adaptable
- Flexible
- Dynamic
- Innovative
- A great communicator
- Have a wealth of Experience
What does a Business Advisor do?
Often there is high concern and stress in a business. Alternatively, there may be huge opportunities and potential with lots of enthusiasm and excitement. A Business Advisor must be able to independently evaluate what is being presented by the business owner, and what is happening to the business internally, and externally. An independent advisor should stand outside the business and look-in, and around, to see what the options and solutions are.
One of the most crucial roles for a pilot or captain of a ship is to have a great navigator onboard to plot a course to the correct destination. A navigator knows where they are, can then plot a course taking into account all the geographical, weather conditions, danger areas, and far, far more. Imagine setting off with a general, somewhat planned route, and trying to get as close to the destination as possible. Now contrast this with having a well-planned safe route which takes in to account the many and varied complexities along the way. We can obviously see the striking differences between the two. I think the term “Navigator” really fits with what a Business Advisor and Business Coach does.
It’s essential the owner and the advisor sit down to discuss, develop, and set out what needs to be done - the when, how, and by who. An open and frank discussion is needed here, but making sure there is always an open, safe, and sociable environment to work together in. A good business advisor has the experience and skills to ensure this happens with their clients.
A good Business Advisor should be readily available to talk to you about your concerns and objectives when needed. This is really important and shouldn’t be underestimated. Given today’s technology a meeting can normally be arranged by phone, or via online meetings, to get a discussion underway and some items on the table.
Cost and Pricing
Questions for you to consider are –
- Is it going to be a short term or longer-term relationship.
- Is it a single or complex set of issues facing the business.
- Realistically, what is your budget.
I would think most advisors will have an hourly chargeable rate, and over a very short period this may suit. But I would strongly recommend you see if there are monthly packages available. At Greg Buckley Business Advisor (GBBA) I offer tailored packages to suit the needs and budget of my clients. A package gives certainty of cost, and offers a great saving compared to an hourly rate. If you’d like to discuss the kind of packages that are available then give me a call …
And before we leave packages – with my packages you can move up or down in price, and you can simply stop by giving 1 month’s notice. All in all, you get the savings you need, and also very importantly you can also opt out at any time. So, getting started with a good flexible package will enable you to see how things are going, and especially gauge if you have the right fit with your advisor.
Experience and qualifications need to be factored in here. Yes, cheaper options are always available and may seem good at the start. But remember, getting quality advice on all the items discussed in this Blog is really important. I would speak to your advisor and explore what pricing options are available – and especially those packages.
Lastly, I would advise to be extremely cautious about having to sign a long(ish)-term contract right at the start. And I would be even more cautious if you had to sign off on automatic credit cards charges being made say every month. I rank these two as concerning, and I would not recommend them as an option - and especially if they requested together.
How to Find the Right Business Advisor for You
Your Business Advisor is going to be a key person in your business, and not always, but usually for a reasonable amount of time. So, you’ll need to choose wisely.
Research online and see what’s available. I am located in Sydney, but that shouldn’t deter anyone - I have easily acted for clients in other cities and states. Let’s face it, with technology these days it’s very doable. Definitely don’t restrict yourself– find the right Business Advisor and start a discussion about what you both can achieve together …
Sit down and have a general discussion with your Business Advisor about the industries they have serviced, the people in those businesses, and some of the great results achieved. I am sure all good business advisors can and want to discuss this with you. Also have a discussion about your business, what you have concerns about, and where you want the business to be. In essence this is a great opportunity, especially say over a coffee, to get to know each other and see if there’s a fit. Remember, you want someone on your side who is able to talk with you about where you want and need to go. Engaging a person who you can do this with will make for some truly great results.
Successful business owners have talented and trusted people around them – it’s an old and very true recipe for success. This Blog covers many ideas and concepts about what a business advisor should bring to your business. Make a checklist of these and see if a potential business advisor can get the ticks in the right boxes for you.
If You Need to Reach-Out
If you’d like to reach out and contact me then please do. I am happy to discuss what you can get from me, and I can also understand a bit about you and your business. Also see my blog “What is the Difference Between Business Coach and a Business Advisor?” – it also has some good points about what you should be looking for.
