Should Your Small Business Hire a Business Advisor

by Craig Anthony

2 min read

Small business owners can benefit from the services of a professional business advisor. Irrespective of what stage your business is in, business advisors can offer a cost-effective way to leverage specialized experience and knowledge. They typically have steadfast discipline, communicate effectively, are persistent, and have the ability to view a business conceptually and suggest practical solutions.

Outside Perspective

Consider hiring a business advisor if you want to bring new ideas and information from outside your small business. Even though you may be aware of how you want to solve a problem, business advisors can reinforce that your ideas are viable and recommend alternative solutions; they may provide information that you hadn’t previously considered. Business advisors have typically worked with many clients and solved similar problems to the one your business is encountering. A business advisor’s practical experience provides good judgment about what works and what doesn’t work. For example, if you operate a small online business, hire a business advisor who is a digital media expert to help you determine how to incorporate social media into your marketing strategy.

Improve Efficiency and Reduce Costs

It can be time-consuming managing all the aspects of your small business. Hiring a business advisor to provide solutions for time-intensive tasks allows you to focus your attention on other areas of the business. For example, if you own a small business that requires complex tax-related accounting, at tax time, hire a business advisor with expertise in accounting to advise you of the most effective ways to manage that aspect of your business. Business advisors may also be beneficial if you want to reduce your business’ overhead costs. They can provide you with strategies and suggest the most appropriate areas where costs can be reduced without compromising the quality of the services and products of your business.

Implementing Change

Business advisors can also be useful when your small business is going through a period of change. They can make valuable suggestions about the best way to implement the change process and help you navigate through challenges your business may encounter as a result. For example, if you own a small accounting business that is going through an expansion phase, to help ensure a smooth transition, hire a business advisor to provide advice about how to manage your team as your business expands.

Training

A business advisor can add value to your small business by providing training in areas in which you don’t have experience or expertise. Advisors can train you how to assess and deal with certain situations as well as provide solutions. Business advisors are typically up-to-date with the latest information in their specialized industries and provide training material to help you with the learning process. For instance, if you are planning on expanding your business, hire a business plan consultant to provide you with strategies for how to look for growth opportunities and perform a basic strengths, weaknesses, opportunities, and threats analysis.

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