The impact advisors can have on your business

Aug 22 2019 Business Growth

Advisors empower entrepreneurs by providing perspective. Effective advisors can help small business owners evaluate ideas and unlock the aspirations they have for the business. 

The key is to find someone that can challenge your thinking, share the actions you’ve taken and be flexible about how the relationship evolves. Here are EFM Growth’s top tips around how to find business advisors and get the most value out of these relationships.

 Why look for a business advisor? 

Small business owners approach advisors as they’re starting up and want guidance or have perhaps reached a point where they’re unsure about what to do next with their company. 

Entrepreneurs often feel overwhelmed with the number of opportunities they can pursue, whether it’s choosing which marketing channels to focus on or how to package their services. Talking through these challenges helps to identify priorities. 

Such conversations help entrepreneurs decide how to deliver services and bring their business back into line with their aspirations of growth. 

How can I find an advisor? 

It’s worth thinking about the skill set potential advisors have it might not need to be a business owner. For example, an operations director might provide a goldmine of advice for the founder of a food business that’s trying to figure out their supply chain. 

It’s preferable to build a relationship with someone you want to be an advisor, rather than just asking them ‘will you be my advisor?’. Obviously the chemistry and the expectations have to be aligned. Networking groups are a route to seeking expertise and building relationships, from financial management guidance to scale up coaches. 

Managing your relationships with an advisor 

Make sure you keep your advisor updated on your progress. Sharing the impact of the actions you’ve taken is a great way to demonstrate the value of the advice and will make the experience more rewarding. It’s about building genuine relationships, so that it doesn’t feel like you’re talking all the time. You have interesting discussions that are less transactional and more of a relationship. 

The advisor and business owner should be able to challenge each other too. Entrepreneurs often receive conflicting advice and there will be times when you must go with your gut. Try asking for a practical example from their background that will help illustrate how an idea has worked in the past if you’re unsure. 

Having an advisor that will challenge ideas and support the work you’re doing is a great way to build confidence, particularly if you’re the sole owner of the company. 

Don’t be ashamed or scared of seeking guidance from a business advisor. It can only have a positive impact. You’re so involved in your business that sometimes you need someone to take you right out of it and look at it from a distance. 

Through business coaching and advice you will achieve: 

  • A clear vision and strategy of where you want your business to be 
  • A plan which focuses on the vital things you need to do to achieve your vision 
  • A strategy to accelerate the growth journey of your business 

If you would like to find out more about how EFM’s coaching and advisory services can help your company grow, contact us today on 01582 516300 or email at [email protected] 

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