Many small business owners ponder whether or not they should seek the support of an advisor. Although they know they probably should, they often waiver the importance of their advice with the hope of ‘finding our their way’ or put it off due to financial restraints.
The truth is, being a business owner is way more than just playing one position. The role of a business owner entails a great deal of hard work and effort in all areas of the company, such as general management, accounts, and often working within the company’s trade itself.
When we spread ourselves to thin across multiple tasks, we loose valuable time that could be better spent doing the jobs that really matter – like running the business efficiently. Thus, the need for professional support comes to head.
Ideally it’s best to connect with an advisor before you set sail on your business voyage. Many people make the mistake of engaging a professional advisor when things start to go wrong and the business is in a state of chaos, by which it is often too late to fix. You can prevent these mishaps, or in the worst case even loosing your business, by seeking the support of a professional network early.
Those we recommend to have in your professional network include advisors (business and financial), accountants, lawyers and marketing executives. Please see our blog post The Professional Network Every Small Business Needs for more details.
If you still need convincing, here are four reasons why business owners should work with a business advisor.
Gain professional guidance
The clue is in the title – the role of a business advisor is to advise, guide and mentor you in making the right decisions with your business – both before and as questions arise. An experienced advisor would have seen it all before and will recognise the correct measures to take before errors are made. Business advisors also nurture the growth of your company and will act as your personal support alliance when you require a professional opinion.
Assist you in running your business
From buying the business to putting a retirement plan in place, a business advisor can assist you throughout the entire life of your company. They will support you with assessing and evaluating your business processes and strategies, which will resolve unseen problems and ultimately save you time.
Be sure to take advantage of your business advisor’s professional knowledge. They are on top of ‘what’s hot and what’s not’ in the industry, so you can always be one step ahead of your competition.
Get an outsiders’ professional opinion
When things go wrong we often confide in our friends and family. The problem is, when it comes to business, they may not want to hurt your feelings or see things from a favored position, therefore their opinions may not be completely rational.
It is an advisors job to offer complete, professional, unbiased knowledge and opinions, so you can always rely on their advice to be honest and succinct, particularly when complex or sensitive issues arise. Regardless, it’s always great to have an extra set of eyes on your business.
Save you money
Bet you didn’t see that one coming, but you read it correctly. A proficient business advisor can save you hundreds, even thousands, of dollars in the long run. Through picking up mistakes to creating solutions, an advisor will help you to create better business and saving habits, fostering the overall health of your finances. Their expertise and guidance will also free up your time so you can invest yourself where it is better required.