Starting a new business is challenging and exciting in equal parts. Making a success of it requires a lot of hard work, dedication, and perseverance. There will be plenty of ups and downs along the way.
As an entrepreneur, you bring the ideas, creativity and enthusiasm that every start-up needs to succeed. But business is tough. There are all sorts of obstacles and a lot to learn, especially for anyone new to business.
This is where a business advisor comes in. Often with a background in accountancy and finance, business advisors are experienced professionals who have a lot of expertise to share in what we might call the more ‘administrative’ side of business – money, strategy, operational organisation and so on.
It can take years to master these things. But the business world being as unforgiving and competitive as it is, as a start-up entrepreneur you don’t have the luxury of that time. Success depends on hitting the ground running.
That’s why a business advisor is an essential asset for any new business. Here are five specific areas they can help you with:
Avoiding common pitfalls
If you look at the reasons why start-up businesses struggle to begin with or even end up failing, certain common themes recur over and over again. Business advisors have seen them all. They have worked with hundreds of businesses over the years, many of them just starting out, and will have seen success and failure in equal measure.
From that experience, they can share with you what works, and also what common pitfalls and mistakes to avoid in your early days.
Objective decision makers
It’s natural for entrepreneurs to do a lot of their thinking with their hearts when it comes to business decisions. They have a considerable emotional investment in their venture, plus entrepreneurs are often passionate people by nature. Going with your gut and trusting your instincts can bring phenomenal success. But it is also fraught with risks.
A business advisor brings a more dispassionate, objective perspective to the table. They can look at the whole business from the outside, use their experience to identify strengths and weaknesses, and offer advice on what works for the greater good. This can be invaluable, especially when it comes to making tricky decisions.
Working according to a robust strategic plan is one of the best ways to increase your chances of success in business. But putting together (and sticking to) a plan that works is not easy. A business advisor can help you outline your goals, objectives, and action plans, shape your operations so you can achieve them, and also counter threats and capitalise on opportunities along the way.
When it comes down to it, money is what matters most of all in business. But managing business finances can be a daunting task for any startup. Let’s be honest, there’s a whole profession and industry dedicated to this, so why should every entrepreneur automatically be able to master this side of things? This one is very obvious. By hiring a business advisor with a background in accountancy, you get someone on board who has made a career out of things like budgeting, forecasting, cash flow management, identifying potential funding sources and so on.
Finally, it shouldn’t be underestimated how much hard work starting your own business can be. It can become all-consuming. Time management is one of the most important skills any entrepreneur can learn. A business advisor can draw on their experience to offer advice on prioritizing tasks, delegating responsibilities, and developing systems and processes that streamline your operations.
Speak to an expert
Our expert business advisors will provide guidance to help you build the best business possible, right from the very start. Arrange a callback today.