Should You Hire A Business Advisor?
- Updated on: 2017-08-06
- Read original article here
Today's market is brutal for any business. Whether you're a start-up, enterprise, or small business, gaining competitive edges are the only way to get ahead.
In order to see sustainable success, you’ve got to have a solid product or service line, savvy digital marketing, clean branding, and airtight behind-the-scenes management. As more businesses launch every day, the competition is becoming more fierce than ever, and the demand for business consultants is rising.
A dedicated business advisor is someone who will help you determine and implement the best strategy to improve profits and minimize risks over the life of your company.
These professionals can be a priceless addition to your team because they can pinpoint areas for improvement, ensure regulatory compliance, and craft a customized plan to set you apart from your competition. If you aren’t sure if a business advisor is right for you, ask yourself these questions. Do I want to cut unnecessary spending? One of the main jobs of a small business consultant is to streamline expenses and trim the fat off of your spending plan. Only an experienced advisor can tell you which services and costs will give you the best return on your investment. Hiring an advisor to monitor and optimize your spending can help you improve the bottom line and increase your net revenue.
If finances are your key issue area, it's important that the business advisor you reach out to also have some background in accounting and taxes. If you're looking for an experienced business advisor then look no further than Rivero, Gordimer & Company, a Tampa CPA Firm with years of experience in business consulting. Do I understand my ideal client? Market research is one of the biggest pitfalls of failing businesses. To sell your product or service effectively, you must get it in front of the right people. To do this, you need to have an idea of the market pulse, you need to understand the demographics, psychographics, and interests of your target audience.
A qualified business consultant understands the value of knowing your target audience. They will take time researching your current customer base to understand the commonalities across your customers and will develop strategic plans to attract other clients that share those same characteristics. If you are struggling to sustain sales, a lack of a targeted marketing strategy could be the reason. Do I have a variety of fresh perspectives? Often, in the case of sole proprietors and small startups, the business can get lost in tunnel vision, because there aren’t enough outside perspectives on board. A savvy business advisor can bring in a new point of view, and potentially identify things that you hadn’t considered before.
Different vantage points are critical for business growth. While a business owner's initial idea can launch the company, over time they will likely need the help of strategic advisors to better predict changes and interpret the market. This perspective analysis is one of the many reasons businesses hire advisors. Do I understand how to best utilize my resources? Every single investment you make into your business, whether it's inventory or employees, should further the economic success of your company. However, if you feel like some of your resources are being wasted, or you’re not seeing the growth you’d expect, a consultant can help you manage what you have available to you.
Waste management is an area that many business advisors specialize in. They'll do an audit of your current resource allocationand build a custom plan to help you optimize the output of your resources. This optimization is critical to the short-term success and long-term life of your business. Do I have the proper licensing and regulatory paperwork in order? Even if you have a killer product and great social media traction, if you don’t stay on top of your filings, you won’t get very far. It’s critical that you are up to date on things like taxes, state and federal licensing, health/safety inspections, insurance, employee benefits and payroll, and much more.
A good business advisor will keep your licenses and legal requirements in order. Additionally, many advisors can help complete the paperwork for you, which will save your manager's time and ensure the paperwork is done correctly. Do I know how to change and adapt my business over time? If you want to stay relevant for many years to come, it’s important that you have a strategy for evolving your business. Flexibility, innovation, and creativity are what will set you apart over time, and a small business consultantwill act as your mentor and guide to making the right changes to keep profits steady.
As you think about starting or growing your business, regardless of size, it's important to think about strategic partners that can help you get where you want to be. A business advisor's job description is to help find and resolve problems that exist in a company. Business advisors are incredible resources for owners and managers to help optimize their efficiencies and sustain their growth.
