What does a business advisor do, and where can you find reliable business advice?
May 14, 2024
In the dynamic world of entrepreneurship, seeking business advice is not a sign of weakness but a testament to your commitment to business growth and success. As a small business owner, you’re often faced with critical decisions that can shape your trajectory. In moments like these, the value of sound business advice cannot be overstated. What does a business advisor do, and where can you find reliable business advice when you need it most?
Understanding the Role of a Business Advisor
What do business advisers do? A business adviser is a seasoned professional with expertise in various aspects of business management, strategy, and operations. Their primary objective is to provide tailored advice and support to help small business owners and entrepreneurs navigate challenges, capitalise on opportunities, and achieve their business goals.
This can include refining your business plan, to devising growth strategies and tackling operational hurdles. A business advisor acts as your trusted confidant and strategic partner throughout your small business journey.
Business Advisor or Business Coach
We think a business adviser is different to a business coach! A business advisor can provide a more technical or specialist advice. In contrast, a business coach can focus on personal development, helping business owners unlock potential. This can include setting goals and developing leadership skills. Business coaches facilitate self-discovery and empower business owners. This article is focused on business advisers and an understanding of what a business coach does is in an upcoming article.
Seeking the Right Source for Business Advice
When it comes to seeking business advice, the options may seem overwhelming at first. From consulting firms to industry associations and online resources, there’s no shortage of avenues to explore. However, the key lies in identifying the source that aligns best with your specific business needs and objectives, and also price!
Let’s explore the different ways you can get business advice
Business Advisor
These are professionals or firms that specialise in providing comprehensive advisory services. These business advice services are tailored to the unique requirements of the small business owners. With their wealth of experience and industry insights, business advisers can offer strategic guidance across various domains, including finance, marketing, operations, and more.
When seeking a business advisor, it is best to understand what business advice you are needing. This will help to identify the type of business advisor needed. Do you want industry specific advice? Someone who has worked in your industry and knows it backwards.
Are you looking for business advice around a business discipline? It might be marketing, operations, sales advice that is needed. Taking the time to understand what business advice you needs can help to identify a more targeted business advisor. It might be a business adviser that is a generalist is what you need, and that’s ok!
What is an example of a business advisor?
Business advisers provide professional and often specialised advice. When we say specialist business advice, we mean business advice that can be of a legal, accounting, insurance or financial nature to name a few. So business advisors can specialise in a specific business discipline, or they could be a generalist. Some business advisors provide a holistic approach. This means they could have experience and knowledge across multiple facets of running a business and provide advice according to what they identify as needing support. Examples include sales, operations, logistics, financial management, they do not specialise.
How do I choose a business advisor?
It depends! Choosing a business advisor can start with an understanding of what your business needs. Questions to be considered include:-
- Do I need industry advice?
- Is the business advice generic? i.e. I’m not sure where to begin and think it might be more than just one area of the business.
- Do I need a specialist? It could be that you require legal advice? or the business advice sought relates to your finances.
There are other considerations in how you choose a business advisor. The cost of business advice could be expensive and your business may not be in a position to fund a business advisor.
How much does a business advisor cost?
The average rate for business advisers in Australia ranges between $75 to $500+ per hour. This can equate to $500 to $2,000+ per day! The business adviser can also require a minimum engagement from small business owners. It might be a minimum of one day per month, or it could be project based such as one or three month engagement.
The rate for a business adviser is usually determined by the experience and expertise. It can also depend on the size of your business, with some business advisors specialising in small businesses and charging accordingly. The more specialist the nature of business advice, the higher the cost.
Business Mentors and Industry Peers
Building a network of mentors and industry peers can be invaluable for gaining practical insights and perspectives. Seek out individuals who have walked a similar business path and can offer firsthand advice based on those experiences. How do you find them? Networking events, industry conferences, and online communities are excellent avenues for connecting with potential mentors and peers.
The great benefit in business mentors or industry peers is that it may not necessarily be a paying opportunity. The mentor might be available to give back to the industry. It still might cost you a coffee, but there are many business professionals who are happy to help with business advice.
Business Associations and Chambers of Commerce
Local business associations and chambers of commerce often provide resources and support for small business owner in their community and local areas. From workshops and seminars to networking opportunities and mentorship programs, these organisations can serve as valuable hubs for accessing business advice and support.
Online Business Platforms and Resources
In today’s digital age, a wealth of business advice and resources is just a few clicks away. Platforms like Right Business Now offers practical business advice and best practice. It delivers intuitive support with tools designed to equip small business owners with the knowledge and insights they need to succeed.
Whether you’re looking for tips on sales or marketing, drafting a business plan or strategies for scaling your operations, online resources can be a valuable source of information and inspiration.
Right Business Now your online Business Advisor
Right Business Now was created to help small business owners and entrepreneurs with practical, affordable business advice. We understand that business advice can be costly – both in time and money. To engage a business advisor could come at an hourly or daily rate. They may require a retainer or set a specific time for engagement. RBN was created as a cost-effective means for small business owners to access business advice at a fraction of the price of a business advisor.
Final Thoughts on Business Advisors
In the journey of entrepreneurship, seeking business advice is not a sign of weakness but a strategic move towards success. Whether you turn to a professional business advisors, mentors, industry peers, or online resources, the key is to seek guidance from sources that resonate with your vision and objectives. By tapping into the wealth of knowledge and experience available, you can navigate the challenges of entrepreneurship with confidence and clarity, knowing that you’re not alone on this transformative journey.
