Why Hire a Business Advisor?
You may view a business advisor as an added expense your new company simply cannot afford. Without one, however, you may be on the wrong side of the business failure rate.
A recent study released by the Small Business Administration indicates that three out of every 10 businesses won’t survive more than two years, and five out of 10 new businesses with employees won’t make it past five years. That’s 8 out of 10 new businesses that won’t make it.
Even with a financial advisor, new businesses will face tough challenges. Having an experienced business ally can not only be a confidence booster for startups, it can also translate into new opportunities, new revenue and better overall outcomes all across the board.
How do business advisors help?
- They serve as a sounding board for ideas. Good business advisors are known for their ability to actively listen. This doesn’t mean they just sit and take notes. The best advisors will learn about your business so they can help you flesh out your ideas. They can offer suggestions that might strengthen your ideas or make you aware of potential tax issues that could stunt your growth.
- They hold you accountable. Business advisors are not cheerleaders. They’re there to help guide your business toward success. This sometimes means offering tough love and honest feedback about areas where you or your business model might be lacking. Don’t take criticism personally! Think about it: your business advisor’s success depends on your Holding you accountable helps to manage everyone’s expectations.
- They can help you avoid mistakes. Everybody has their blind spots, and sometimes running a business isn’t all it’s cracked up to be. Money management, insurance and benefits, staffing issues, team building—a business advisor can offer expert advice in any of these areas. Your business advisor can act as a silent partner by giving you practical suggestions on ways to stop problems before they start. If an issues does arise, your advisor can provide you with strategies on how to de-escalate the situation and prevent it from becoming worse.
- They can help you identify and locate alternate sources of funding. Most of your better business advisors are also financial advisors, which means they can offer practical steps to help you through lean times, or even point you toward new sources of income or revenue. They can help guide you toward sound investments and give you tips on how you can save more of what you earn.
- They can help you plan for the future. When starting a business, the thought of selling it or turning it over to someone might be the furthest thing from you mind. A business advisor can help make sure you’re taking the proper succession or estate planning steps all along the way. Likewise, they can help you valuate your business, so you always know what it’s worth. They can also offer you growth strategies on how to ensure your business develops in a healthy, steady manner.
Simon Lever’s business advisors are among the most experienced in the region. We pride ourselves on partnering with our clients to ensure their businesses are successful not just in the short term, but well into the future. Contact us today, and let’s start a conversation.