As a business owner you most likely created your business, and have a vision for it that requires your attention nearly all of the time. So, unless under that top you are wearing you have an outfit that has a large ‘S’ on the front and a red cape on the back, you are (at some point) in your growth cycle likely to need some help. Que knock at the front door (yes it’s for you). Say hello to your new WMS (weapon of mass success), a business advisor, who will enable you to spend more time focusing on your vision and less time stressing about strategy, finances, marketing, and beyond.
Taking your business to the next level
It’s fair to say that the business world is pretty full of ‘advisors’, but there’s a reason for that. They work. So, what are the different types of advisors? Let’s take a quick look at the most widely used ones:
Accountants
Accountants are one of the most common business advisors and businesses will usually seek advice from an accountant at least once a year. Accountants can give advice about:
- Starting, buying, growing or ending a business.
- Tax (including GST and BAS statements).
- Income, deductions and concessions.
- Obligations to employees (including PAYG and superannuation).
- Managing records.
- Managing finances.
Tax accountants must be registered with the Tax Practitioners Board, and ideally you should be engaging an accountant who belongs to a professional accounting body.
Financial advisors
A financial adviser – also called a financial planner – can help you develop an overall financial strategy for your business. Your financial adviser’s job is to collect detailed information about your financial situation and provide advice on investing, superannuation, retirement and succession planning, risk management, insurance and tax.
The Corporations Act 2001 requires financial advisors to hold an Australian financial services (AFS) licence.
Business bankers
Business bankers have a thorough understanding of business needs and can provide advice on such things as finance and loan options and online banking services and investment strategies. They often also have broad business and financial knowledge.
Insurance brokers
Getting the right insurance is an important part of managing your business’s assets, employees and legal liability. Many businesses consult insurance brokers to help them make the right insurance choices.
Legal experts
Lawyers have different areas of expertise and can help you with a range of issues that you may face at each stage of your business life cycle.
Consultants
The term consultant describes a wide range of professionals with different skills or expertise who can give you advice about specific areas of your business. From management to IT and sales and marketing, consultants generally work for a consultancy firm or are self-employed.
Business mentors
Mentoring in business refers to a relationship between an experienced businessperson (the mentor) and a business owner or employee. A business mentor acts as a role model, adviser, critic and consultant. Mentoring can be informal, with friends, family or business contacts providing support and advice when it’s needed.
So, what’s a business advisor?
Business Advisors are experts responsible for implementing business strategies to improve financial and operational efficiency. Unlike some of the specific advisors mentioned above, a business advisor is able to do some, or all of everything you need to improve your business. Think of them as an extension of yourself as the business owner, capable of lending their expertise where needed – whether that’s preparing financial budgets, recommending a change in the operational process, identifying new business opportunities, evaluating a marketing strategy, or reviewing supplier contracts.
One-time advice vs. ongoing support
If your business is facing a new issue and you need some expert advice, hiring a business adviser to help you through a particular problem can be cost-effective and extremely helpful. For instance, if you’re considering restructuring your finances but have no prior experience with this, a business adviser can help you to work through the issues you may not have considered.
On the other side business advisors can also help with ongoing needs, and this can be highly beneficial for large as well as small businesses. As a business adviser gets to know your business, they will be able to anticipate problems that are on the horizon and offer solutions to pre-empt trouble in the future. Ongoing help from a business adviser could even help you take advantage of an opportunity that you may not even be aware of.
Key areas a business advisor can help with
While this is a big topic, typically business advisor services include:
- Financial reporting
- Business strategy
- Tax minimisation & reporting
- Business health check
- Cash flow budgeting & forecasting
- Family business & groups
- Key business metrics
- Business valuations
- Government grants
- Accounting process enhancement
- Corporate and small business advisory
What to look for in a great business advisor?
Outside of the fact you need to get on with, like and respect the business advisor that comes into your business you also should focus on engaging one who:
- Has deep experience and skills in your industry/segment.
- Has a good record of accomplishment.
- Understands their impact must be bigger than their cost.
- Be hands-on.
- Delivers in plain English (no complicated business jargon).
- Understands KPI’s and the ones you are setting them.
- Is available!
Get Advisory Services tailored for your business
Business advisors can be an extremely valuable resource for business owners, but finding the right one can often be a minefield. At POP Business our wide range of business advisory services are delivered by proactive, experienced experts who will enhance your business. Contact us today to find out more on 1300 180 630 or follow the links below to organise a FREE no-obligations consultation.
Business Advisory Services
Set your business on the path to success with our expert business advisory services. Forecast your cash flows, get strategic advice, budgeting support and more. Speak to one of our consultants today on 1300 180 630 or follow the links to find out how we can help you.
