Throughout the life-time of your business, you will require the expertise of many advisors that are critical to the function and survival of your business; your accountants who provide essential information regarding your business’ financial position, the lawyers who advise on important contracts, the financial advisor who arranges new asset finance when required.
What traits should your business advisor have?
You may have carefully deliberated over who to appoint to these roles, with your own specific criteria of what you were looking for, or it may have been something that happened with little concerted thought. Perhaps you are new to business and are aware that you will need advisors to your business in the future, in order to help you make it a success, but you are unsure where to start. Anyone who advises you in your business will have some kind of impact on its future and therefore it is important to make the right choice. Here are some tips on what traits your advisor should have, to help you make sure that you choose the right one for you.
- Be available. Your accountant could be the most competent, professional and efficient out there, but what use are they if you can never actually get to speak to them? How are they going to be able to help you deal with your tax affairs properly if they never call you back? Make sure that whoever you choose is readily available when you need them and is willing to speak to you when you have questions.
- Professionally qualified. Many of the professionals that you employ are required to have formal qualifications. Check the qualifications of those who you are thinking of engaging to act for you.
- Experienced. It is important to make sure that your advisor has not just general experience relevant to your needs, but also experience specific to the circumstances that you require them for. If you have a complex issue to deal with, ask whether they have any direct, relevant experience that they can utilise to deal with your issue.
- Help you make decisions. Or, rather, have an advisor who will not make decisions for you. Your advisor is there to advise you, to help you gather all the information you need in order to be able to make an informed decision for yourself. They are not there to bully you into taking a particular course of action.
- Make commitments and stick to them. You need to be confident that those advising you will produce the results that they say they will, leaving you to get on with other aspects of running your business.
- Be someone you can build a relationship with. You will be working closely with them, entrusting them to act in respect of the business that you have worked hard to establish. They must therefore be someone that you can work with productively and forge an open and honest relationship with.
- Be recommended. On paper, one accountant may seem much like another and recommendations from your peers may be useful in identifying the right one for you.
- Be flexible. Your business is unique and a one-size-fits-all solution is unlikely to the best solution for your business. Choose advisors who are able to offer a wide range of services and can tailor what they offer to best suit you.
- Be valuable. As with any other expense in your business, you will probably be looking to keep these costs to a minimum. You need to balance the costs charged by your advisor with the value they are providing to your business. A poor advisor with who charges less may ultimately prove to be more costly than an advisor who charges more but provides you with better advice and value for money.
When a business is suffering cash flow problems, perhaps as the result of a bad debt, late payment or a lost order, making the right choice in advisor is even more critical. The advisors that you choose may mean the difference between whether your business ultimately survives or not.
As business advisors, Cashsolv have a range of solutions
The range of business finance solutions provided by Cashsolv means that we can be flexible enough to make sure the solution is suitable for you, rather than making you fit the solutions that we have to offer. Whether it is an emergency business loan, a time to pay scheme or a Debt Management Plan, we can advise you on the options available to you, helping you to make a decision on the appropriate way forward. We will then work for you and with you to implement that solution, setting your business back on the right path.
If your business is in financial difficulty and you would like to talk to us and find out if we are the right advisor for you, please contact us.