While you might be an expert in your industry, being a business owner doesn’t automatically make you good with strategy and numbers. That’s where business advisory comes in.
Business advisory is one of the key services we provide to our clients. It goes hand in hand with other financial expertise, such as accounting support and taxation advice, offering another level of value for business owners.
But what is business advisory? And what does it involve? Here’s our two cents worth.
Business advisory is typically defined as expert advice and guidance provided to businesses and business owners to help them make better decisions, solve problems and achieve their business goals.
We think this definition is fair. However, we would suggest it’s too heavily focused on the business side, ignoring the personal aspect of business advisory.
When you run a business, you often become your business. You put your heart, soul and energy into it. Because of this, your business life tends to be inextricably linked to your personal life. Therefore, the advisory and support need to consider this.
To offer well-rounded business advisory, an advisor should take the time to understand your values, personality, desires and goals as a person and business owner.
They should then work with you to ensure your business not only succeeds but also lets you be the business owner you want to be and live the life you want to live.
A good place for an advisor to start is by asking the following questions:
These are the types of questions we ask our clients in the beginning. From here, we can get clarity around what you really want and then help devise a business plan that helps you get there.
There are many aspects to business advisory, both financial and non-financial.
These include but aren’t limited to the following:
Business advisory services can benefit a wide range of businesses, regardless of size, stage (set up, growth, maturity, and succession) or industry.
The exact nature and remit of the business advice given will be tailored to your situation and goals—both business and personal.
The support and guidance to achieve what you want are provided based on the skillset and experience of your advisor. But we find that business owners often have the answers. We just need to help bring them to the surface.
As well as providing expertise and experience, business advisory can give you a fresh perspective, help you improve the financial performance of your business and identify potential risks and opportunities.
Business advisors can also connect you with other professionals and potential clients, partners and investors.
The right advisor will provide personalised support and advice. It’s only through this holistic, big-picture approach that the true value of business advisory is realised.
If you could benefit from personalised advice and support from an experienced business advisor, get in touch.
Look out for our upcoming blog series on financial management reporting: one of the key aspects of business advisory.