What exactly is a business advisor?
In the world of sport, even the highest performers have a team of coaches, mentors, and advisors to help them get the best out of every aspect of their performance – strategy, tactics, skills, physical fitness, resilience and mental fitness.
To perform at the very highest level in business, you need the same – someone to advise you on strategy or tactics; to coach you in the skills you need; to ensure your business has the right resources and is fit for stable, sustainable growth.
Here are 10 signs that show you need a business advisor.
- Are you stuck?
As the business owner, you may feel you’re stuck in a rut. Even the best of us sometimes lack inspiration, but if you’re the person at the top of the tree, where do you go for help?
A business advisor can help you find the inspiration that first drove you to set up your business and get you back on track.
- Have you reached a ceiling?
Maybe the business is doing well, but you don’t seem to be able to grow anymore. Perhaps your business grows, you find that you can’t cope, and the business must shrink again. If so, you’re not alone – this is one of the most common problems facing business owners.
A business advisor can take an objective view on where it’s going wrong, help you put plans together to break through that ceiling and hold you to account to make sure you keep on growing.
- Are you afraid to take more than a couple of days off?
Is the business so dependent on you that you can’t take days off without letting customers down? Have you been on holiday and worried that when you come back it will all have gone wrong?
A business advisor can help you put structures and systems in place so that whether you’re there or not, things get done the way you would have done them yourself, the same way, every day.
- Do you feel that you’re not getting your just rewards for the effort you put in?
Are you achieving the targets you set yourself and your business, but aren’t making as much money as you thought you would? Or perhaps you don’t have the time to enjoy the money that you’re making, or even find that doing business just isn’t fun anymore?
A business advisor can help you to achieve your potential so that you have more money, more time, and more fun.
- Do you have difficulty finding and holding on to the right people?
Many business owners try to recruit people just like themselves – in most cases this doesn’t work – you replicate your own weaknesses as well as your strengths. Business owners may be constantly disappointed by the quality of the people they employ, or the people get frustrated and leave.
A business advisor can help you define your company culture and values, to identify the skills and attributes you need for the longer term and the type of person that will fit best into your business, complementing and strengthening your team.
- Do you find your time is not your own?
In the early days you worked long hours because it was key to getting the business off the ground and building your business into a trusted and recognisable brand. It was fun in the early stages of starting up and you enjoyed the lifestyle of running your own company.
Then one day you turn around and find your kids have grown up and your friends have moved on, seriously impacting your leisure and down time from business. A business advisor can help you with effective time management to ensure you have a good work life balance.
- Do you wish you had someone to talk to?
Is there anyone in your business to sanity-check your boldest ideas? When it’s not going to plan, who can you confide in? Where do you go for business support? We all need someone to talk to, but when you’re at the top of the tree you don’t want to undermine the confidence of the team – meaning that being a business owner can be a lonely place.
A business advisor can act as a sounding board, take an objective view, and with a fresh set of eyes help you to see the bigger picture. The advisor will hold everything you say in confidence, offering guidance in your best interests and holding you to account so that you stay on track.
- Are you unsure around how to grow your business?
There are so many ways to grow your business – organic growth, growth through acquisition, franchising or licensing – but which is the best for you? A business advisor can take you through the alternatives to help you decide on the best strategic approach and guide you and your team through the steps you need to take to achieve successful growth.
- Do you want to create a legacy for your family?
You’ve built your business hoping that when your children grow up they’ll want to follow in your footsteps. Of course, that’s not guaranteed – they may well want to take a different career path – but if they’re already working with you in the business, a business advisor can help to provide them with the skills they need to take over your business and help you with succession planning.
That way, you can retire in the knowledge that they have a stable and secure future.
- Do you want to sell your business and pursue a new venture?
Many business owners don’t understand how time-consuming it can be when it comes to selling their business, or how long the process will take. A business advisor can help you maximise the value of your business and minimise the length of time you will be tied to the business once it has been sold.
This means you can focus on the important things like planning your retirement, spending time with the family or maybe starting up a new business venture to begin a new career journey.
A business advisor is for the good times, not just the bad
Employing a business advisor is a sign of strength. Whether you’re experiencing one of the signs above, or you want help to take your business to the next level, EFM Growth can help you to achieve your potential so that you have more money, more time, and more fun.