If you’re a startup or small business, you may be wondering if you need business advisory services.
Regardless of whether you’re a startup, small business, or even a well-established company, it’s always important to be on the lookout for ways to improve and grow your company. Sometimes that means seeking out business advisory services. Whether you need help with financial planning, marketing, or just general guidance, small business advisors can be a huge help in steering your company in the right direction while avoiding any potential financial risks.
In this blog post, we’ll discuss what business advisory services are, explain why they can be beneficial for companies of all sizes and provide some tips on how to choose the right small business advisor for your company.
What Are Business Advisory Services?
When it comes to starting and running a company, there are a lot of things business leaders need to think about. You have to come up with a business plan, find funding, set up your operations, register trademarks and plenty more.
Even once your business is up and running, you still have to keep track of all the new developments in the sector, manage your companies profit and loss, track market trends and search for ways to improve your business and increase your client base.
That’s where business advisory services can help.
The Association of Chartered Certified Accountants (ACCA) defines the role of a small business advisor as someone who provides strategic information, advice, support and guidance to a company, which can range from start-ups, SMEs and family-owned businesses to large private and public organisations.
One of the objectives of a small business advisor is to analyse potential problems and provide strategic advice and solutions to help their client meet their organisational goals.
What Does A Small Business Advisor Do?
The services and expert advice a small business advisor provides may help companies develop or optimise their business and achieve operational effectiveness.
The services a small business advisor may provide includes:
- Financial reporting
- Finance function effectiveness
- Business strategy
- Tax minimisation& reporting
- Business health check
- Risks advisory
- Cash flow budgeting & forecasting
- Key business metrics
- Business valuations
- Government grants & loan applications support
- Accounting process enhancement
- Corporate restructuring
What Makes A Good Small Business Advisor?
There are many factors to consider when choosing a small business advisor. Some of the most important ones are experience, credentials, industry knowledge, having a hands-on approach and being accessible and available for you.
It’s also important to find a business advisor who is a good fit for your company culture and has experience working with small businesses. Your small business advisor should be someone you feel comfortable working with, who shares your values and vision and are eager to see your company thrive.
Finally, make sure your business advisor has the resources to help you grow and succeed. They should have access to networking opportunities and other resources that can help your business thrive.
Do you need help getting your business off the ground, but don’t know where to start? Do you feel like you’re stuck in a rut and could use some professional guidance? This is where business advisory services can come in handy.