Running a small business is tough at the best of times, let alone in the middle of a pandemic. Whether it’s managing your staff, keeping on top of your finances or building your company reputation, there’s always a new challenge right around the corner. This is why so many business owners work with a business advisor.
But what exactly is a business advisor? Basically, advisors are there to offer advice, support and insights to business owners, providing a second opinion when they need it most and helping your business grow and thrive.
Want to know how an advisor can help your small business? Below, we’ll go over some of the many services they offer and what they can do for you and your brand.
Find new investment opportunities
When you’re busy running your own business, it’s understandable that you may not be on top of all the investment opportunities available to you. However, this could mean that you’re missing out on a ton of extra cash flow and valuable industry relationships that could transform your business.
A business advisor could help you stay on the lookout for opportunities like this, without you having to lose focus on balancing your day to day responsibilities. This way, you won’t miss out on investments that have the potential to be extremely profitable and help grow your business in ways that would otherwise be impossible.
Implement strategic planning
Strategic planning has a lot of definitions, but what it generally comes down to is the objectives of your business, the actions taken to achieve these objectives and the resources you’ll need to achieve them. With so many responsibilities that business owners have to juggle, many of them struggle with what to prioritize and lack a consistent goal.
Business advisors can assist owners in reassessing the needs of their business, taking a look at the key components that define it, its goals and what actions need to be taken to meet them.
Hold you accountable
It’s one thing to come up with a well-thought-out and comprehensive strategic plan, but it’s another thing to stick to it. A business advisor will be there to keep you on track and focused on your priorities.
It’s also very possible that over time you’ll realize that your plan has to be tweaked or revisited, and your advisor can help you spot these needs early on and make the appropriate changes.
Managing your tax return and ensuring that your business remains compliant with the ATO is one of the most stressful parts of being a small business owner. It should come as no surprise that tax advice is one of the most sought after services by owners, and a good business advisor or tax agent will be able to help you with this.
Using their industry knowledge, your advisor will be able to implement strategies to make tax time easier and help you maximize your return by claiming all relevant deductions. Proactive taxation management and planning is the key to achieving this, and your advisor will be there to help you do this every step of the way.
Assist with marketing strategies
Another role your business advisor will be able to play is assisting you with dynamic and wide-reaching marketing strategies. Many business owners find it difficult to keep up with the ever-changing world of marketing, with new trends and tools seemingly coming out of nowhere left right and centre.
Your digital presence can have a huge impact on the growth of your business, so being tech-savvy and investing time and effort into it can go a long way. It’s an important tool in standing out from the crowd and finding new customers or clients, so picking your advisor’s brain for any tips will be well worth it.
Help develop your skills
While it’s amazing what you can teach yourself by trying new things and putting in the work, having a business advisor to help guide you through the process can work wonders. By being able to share their experience and skills with you, your advisor will be able to help streamline your development and build your craft.
Over time, this will help increase your independence and confidence in your work. This will mean that you’ll be less reliant on outside help, increasing your capabilities and efficiency.
An unbiased opinion
With so much invested in their business, it’s easy for owners to have tunnel vision when it comes to certain situations or to be stuck in their ways. Too often, businesses fail due to internal conflicts and disagreements that fracture relationships and get in the way of the day to day.
Business advisors will be one of the only people who can offer truly unbiased, insightful opinions to any disputes that may be occurring. A good advisor will be able to share neutral advice that benefits everybody, managing to keep the peace and resolve arguments that threaten to derail all that you’ve worked for.