Five Signs You Need a Business Advisor.

Flying solo? Here are five signs you need a business advisor, or co-captain.

Running a business is kinda like flying a plane. You’re trying to stay on course and reach your destination whilst weathering ups and downs, trying your best to avoid turbulence. And if you’re being totally honest with yourself, some of the time you’re just winging it, right?

The good news is a great co-pilot (a.k.a. business advisor) can have a huge impact on your business at any stage of your journey. Although there isn’t one ‘right’ time to engage an advisor, there are a number of signs you can look out for.

Here are five signs you need a business advisor.

Five signs you need a business advisor.

 1. You lack expertise in certain areas of your business

Can you market the hell out of your product but a bit clueless when it comes to tracking profit margins? Are you all over your daily expenses but want to upgrade your financial reporting to something more dynamic? These are signs that it’s time to chat with a business advisor.

Newsflash: no one is an expert in absolutely everything. A business advisor can provide reinforcement to your business in areas where you lack expertise or skills. Good business advisors have specialised knowledge across the inner workings of a business (like finance, operations, etc.) so they are well equipped to offer valuable advice and if necessary, referrals to other experts.

The even better news is, if you choose to work with an Integrated Advice Team, like the crew at Kearney Group, you’ll get access to a whole team of professionals – including financial advisers, mortgage brokers and insurance specialists – all under one roof.

2. Your business is growing

Is your business experiencing a period of rapid growth? Keen to capitalise on this growth? Is it bringing challenges that you’re not sure how to handle?

During periods of expansion and change, a good business advisor will work with you to develop strategies to sustain and manage growth effectively.

As your business grows, your finances (and financial obligations) usually become more complicated. A good advisor can help you navigate any financial change that comes from growth, and effectively plan, budget and manage your hard earned business dollars. Some advisers can also offer advice on the operational, HR and resourcing parts of your business as it grows.

3. You want to feel more in control of your finances

Do you want to feel more in control of your finances at work and at home? Do you want more insights into your cash flow and profits? Maybe you are wanting to seek funding to make changes or improvements to your business? 

A business advisor can help you feel more confident with managing your business and household finances. And, if they work in conjunction with a financial advisor, they can assist with financial planning, managing cash flow, tax planning, investment guidance and more. 

One of the best things an advisory team can do in terms of finances is help you develop and maintain effective financial reporting and management systems. Great systems help you understand the real-time financial position of your business and household, so you can feel confident and empowered.

4. You’ve noticed changes in the market

Have you noticed changes in the market? Is there a new competitor or emerging trend? Are you concerned about the impact of broader trends, like the rise of AI on your business? This is another sign to reach out to a business advisor.

Business advisors can be invaluable when it comes to identifying and navigating changes in the market. They can assist in analysing and auditing your competitors, help form strategies for evolution and offer advice around tech integration.

5. You want to make changes in your business

Do you want to make a big change to your business? Have you considered selling or restructuring? Are you experiencing internal challenges or wanting to set up a succession plan?

A business advisor can help facilitate strategies for structural changes within your business and can help you effectively manage big transitions.

Business advisors can help you forecast various scenarios and analyse the potential impact of any proposed changes. They can provide guidance on change management strategies, communication plans and engagement initiatives to ensure a smooth transition.

In summary, ask for help if you need it.

Running a business while flying solo, is a tough and lonely gig – but it doesn’t have to be. A good business advisor can act as your co-captain, helping you reach whatever goals, hopes, dreams and aspirations you have for your business and life.

Meet some of our business advisors here or reach out for a chat.