Business advisor – The Benefits for a new business
Business advice can be the difference between a successful and unsuccessful business start up. With the right kind of advice a business can move in the right direction, making the right decisions at junctures where an experienced head is needed.
There are a number of areas in which a new company or an individual who is forming a new company can benefit from a business advisor, including some of the following:
Business planning – As one of the first things that a business does, the construction of a business plan is crucial in determining the key value propositions, directions, routes to market and general strategies which a business undertakes. Not all entrepreneurs will have had a great deal of experience in writing a clear and concise business plan and some may also gain the benefits of an experienced business advisor by bouncing ideas. A business advisor can help shape ideas, focus on what is important and help ensure a business plan is shaped in the correct way suitable for any funding or investment which is typical with any start-up.
Creating a team – A business is only as good as the team driving it and so finding and recruiting the right individuals can often be one of the most important parts of starting any new business. Upon finding the right individuals, the entrepreneur may have some tough decisions to make about the division of equity and the assignment of roles to ensure the future of the business is best planned and protected. At a juncture as key as this a business advisor can offer practical and impartial advice, weighing up the argument for and against for each individual based upon and entrepreneur’s feedback, helping to evaluate the importance of the roles and candidates. A good business advisor will ensure you make the right decisions about who you bring into the business and under what role along with more practical advice on the agreement held with others.
When the chips are down – As with any new business and particularly at the time of writing, there are times when starting a new business venture can be challenging and difficult. When the chips are down a business advisor can offer practical advice on how to pick the business up again and or offer support to the entrepreneur who may just need someone to talk to, to understand and to have been there in order to overcome hard times. This is often an area where business advice shines as many businesses that have folded could have been saved with strong and practical business advice and support.
Choosing the right business advisor – With the advice and recommendations being so valuable and at crucial stages within the life of a business, it is important that an entrepreneur chooses the right individual to advice them when starting a new business. A number of factors should be considered when seeking business advice. Look for a business advisor with experience in your sector as they will have been there and may have some useful contacts. Find a business advisor who has a keen interest in your business and finally go with your instinct when choosing someone to work with as you will need to develop a strong and preferably friendly relationship.
Leigh Dorling is an experienced business advisor who will be able to help you if necessary.
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