Business Advisor and their Role in Helping Entrepreneurs

When you are just starting out your business, you have to juggle between lots of responsibilities. Taking the assistance of a business advisor can be truly valuable for budding young entrepreneurs.

Who is a Business Advisor?

A business advisor is a professional who can assist in solving business challenges and bridge the gap between knowledge and skills. There are different kinds of advisors depending on the business niche. Some business advisors are generalists who possess extensive knowledge and expertise. Other advisors are specialized in particular business areas.

Types of Business Advisors

Following are the types of business advisors that you will come across:

·         Accountants

These are the most popular types of business advisors hired by the companies. Accountants generally provide business advice regarding starting and expanding the business, tax-related services, managing records, income, deduction, concessions, manage finances, etc.

·         Business Bankers

Bankers have a comprehensive understanding of the requirements of the business. They offer advice with regards to solutions about payments, payroll systems, managing cash flow, online banking services, business credit cards, etc.

·         Consultants

Consultants are professionals who possess different expertise and skills and provide advice on specific business areas such as IT, management, sales, marketing, etc. These professionals are either a part of the consulting firm or work independently.

·         Financial Advisors

Financial advisors, also known as financial planners, are professionals who help businesses develop overall business strategies. These professionals gather comprehensive information about the company’s financial situation and provide advice regarding investment, retirement, superannuation, risk management, succession planning, etc.

·         Insurance Brokers

Business often hires insurance brokers to assist them in the right insurance decisions. These professionals have strong knowledge about the insurance market and effectively negotiate policies on behalf of the company.

·         Business Mentors

Business mentors act as companies’ role model, consultant, adviser, and critic. These professionals have an informal relationship with the entrepreneurs and provide them with adequate support and advice whenever required. 

Benefits of Business Advisor

Following are the benefits you get after hiring a business advisor:

1.      Better Decision Making

Making a critical business decision involves a lot of research and a thorough understanding of various aspects of business and the market. This is where the expertise of a business advisor would be truly helpful for your business. These professionals have the right knowledge base to guide you with your decision-making process and make the business more profitable.

2.      Innovative Approach

Business advisor deals with different companies; therefore will be able to provide an innovative approach towards promoting the business. When you are just setting up your business, you require innovative ideas in order to facilitate business visibility and growth.

3.      Result-Centric Approach

The business advisor assesses the existing condition of your business and prepares detailed reports. They invest in a result-oriented approach to help your business make reliable decisions. 

Hiring the right business advisor can help companies take their business forward strategically and innovatively. Different advisors specialize in different areas; therefore, you have to assess carefully what your needs are prior to hiring these professionals.  

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