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How to choose a business advisor

How to choose a business advisor

In all aspects of your business, it's important to rely on sound guidance to ensure you continue moving in the right direction. Here are some questions to consider as you look for the right source of advice for your business.


 

When should you be seeking business advice?

There are many reasons to hire a business advisor, but some of the biggest are:

  • To assist with planning and to help you define and reach your goals.
  • To ensure you are complying with industry regulations.
  • To help negotiate contracts and deal with other complex documents.
  • To minimise your risks.

Before going out and finding a business advisor, you will want to have a clear picture of the current state of your business – financial and otherwise – so you can determine where advice is most needed.

What type of business advisor do you require?

If your needs are specific to contracts, compliance or other areas of the law, a legal advisor such as a commercial lawyer will be required. Similarly, a chartered accountant or business banker is the best choice if your needs are financial, such as if you have tax questions, want to understand your obligations to employees or are planning to expand or sell the business.

Whatever the type of advice needed, it always pays to do your homework first. Things you need to consider when hiring an advisor include:

1. What are their qualifications and experience?

A business degree or similar is a bonus, but more importantly, do they have hands-on experience with helping to build businesses within your industry, or one that’s similar?

2. Do they have a good track record?

Don’t be shy to ask about their experiences with previous clients and how they were able to help them. Ask for references, and show due diligence by getting in touch with those previous clients to query them about their experience.

3. Whose needs are they serving?

Obviously they will have their own career goals and aspirations, but you will want to ensure your needs are weighted fairly against theirs. When discussing business with them, try digging a little deeper to gauge their level of passion and understanding for your industry.

4. Will you work well together?

This is where some informal conversation can come in handy. Do they have values and beliefs that are similar to or least compatible with yours? Getting along at a personal level will be especially important if you are planning to enter into a long-term partnership, and will help to prevent future conflict.

A healthy, productive relationship with your business advisor also depends on meeting your obligations – taking their advice constructively, making sure you attend meetings when scheduled and paying their fees on time.

As long as you choose carefully, seeking outside business advice can be one of the best ways to grow your business. It can also help you seize opportunities that might otherwise have flown under the radar.

Nobody in business goes it alone. Learn how to determine who to add to your supply chain.

The right fit can make all the difference when receiving business advice. Find the right insurance advice from your local Resilium Adviser today.

Why Speak to an Adviser?

  • Tailored expert advice with your best interests at heart
  • Get the right Resilium Insurance suited to your needs
  • Personalised service from quotes to claims

 Find Your Local Adviser

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