There are various kinds of business consultants financial, legal, insurance, special projects, who will provide expertise in solving specific issues that inevitably confront every company owner or a budding entrepreneur.
Implementing specialty advisors on an individual basis has worth when the company owner has accurately determined what the particular problem is. However many business owners struggle with the process of determining exactly what that problem is!
Focusing on all the Aspects
Unlike many business owners who focus on the trees, the overall business adviser focuses on the forest. The company operator may examine financial statements and decide that a cash flow crunch is caused by a problem with sales and marketing. He engages sales and promotion specialist to come in and strike what he believes to be the problem. Unfortunately, sales and marketing might not be the origin of the problem in any way!
A business is a method, and some other issue within the machine is inextricably connected to other issues elsewhere in the system.
Like a general practitioner in the field of medicine, a general business advisor can examine the big picture–the whole business–and determine precisely how the various elements are functioning together–from accounting to manufacturing to administration to:
The company advisor knows how the elements interrelate and where the real problem exists. Isolating one issue and bringing in a specialist to resolve it’s like placing a Band-Aid on a cut when you really need a complete physical.
With a general business adviser, you obtain a precise and unbiased diagnosis of the whole enterprise. Only then can you create and implement an effective strategy which will restore the organization to optimal health.
How to Find a Business Advisor and what things to look for
Selecting an overall business advisor is a significant decision. It’s crucial that you select a business advisor who’s capable, experienced and has both integrity and expertise–an individual that you can expect in this newly shaped fiduciary relationship.
The best approach to locate a good general business adviser is to reach out to your world of connections. Speak with your other advisers —
- Your CPA
- Your attorney
- Your banker
Along with your insurance agent. Ask for testimonials and set up appointments to meet each candidate personally and look for the following:
Sensitivity to the significance of confidentiality
This is crucial, As an adviser will be privy to highly confidential information about you and your business, it’s extremely important that you talk about bonds of confidentiality along with him. A signed confidentiality agreement is suggested.
Be sure that the candidate is prepared to sign a non-compete arrangement and to refrain from informing his direct opponents not only during the course of their participation but also for a certain period of time thereafter.
You need to have some chemistry with your advisor as you both need to be in sync with each other. A advisor is someone you are likely to work closely with to develop your business. You have to feel a connection and a feeling of trust for this person. Never feel pressured into making a choice at the first meeting. To gauge your level of relaxation with your prospective advisor, meet with him more than once.
Make sure you have the amount of confidence which you need in order to proceed, which the person sitting across the desk from you’re as enthused about what he or she’s doing as you are about your business.