What makes a great business advisor? An accountant? A solicitor? A business coach? Essentially, I believe that it can be none or all of the above. Anyone with some experience in the business arena can potentially become an advisor of some sort. Even well-intentioned friends can become advisors to your business, despite the fact they may not have any relevant experience. But what are the key differences separating a great business advisor from a mediocre one?
Finding the Right Person for the Job
Here’s some of the factors that I think are important:
1. Exposure to a variety of scenarios and situations in the business world.
2. The ability to synthesize information learned from relevant experience with the current context faced by the business. Then, being able to form a pragmatic recommendation based on sound assessment.
3. The ability to communicate in a way that is easily understood.
4. To help provide a pathway to achieve the desired outcome, taking into account the resources available to the business.
So, based on these factors, would an accountant or a solicitor make a good business advisor? I believe yes, providing the individual is able to do all the above in a way that is understandable and can provide the ‘light bulb’ moment. Most will profess to be able to do that, but not all can.
The Things to Look for
How then would you go about assessing whether a certain party would make a good business advisor? I Here’s a few useful things to look for when seeking professional advisory help:
Ability to work with you
You’ve got to feel comfortable with the person you are going to work with. You need to be able to trust them, as you will be revealing confidential information about your business. If you’re not comfortable with the Business Coach, it’s unlikely they’ll be able to help you on any meaningful level.
What is the main cash-flow generating activity of the business you are looking at? If their main arena is via an area other than business consulting, then it is likely that their expertise is predominantly based in that area. Try looking for an organisation that has a track record of working with companies from a business perspective.
Do they have the breadth of exposure to business that you require? Do they have an in-depth knowledge of working in various stages of business growth and will they be able to work with you from an experienced perspective? Experience is vital – you want to know that they’ve succeeded with others before you can trust their advice.
The probability of finding the right person to work with you is a combination a few variables in the following order:
Ability to work with you x Experience x Business Model
I have written a special report titled ‘7 Things You Should Know Before You Hire Any Business Coach or Consultant’. It’s free to download and designed to help you find the right person for the job. To read the report, simply click on the link and follow the instructions.