Hey Small Businesses

How to get bang for your buck by choosing the right business advisor?

Ever felt like your accountant is speaking another language, or bank manager really doesn't understand your business? If so, maybe you need to look at the professional advisor you use and ask if they really are helping your business.

There is often a gap between what you believe a professional advisor will do for your business and what they actually deliver – this is the expectation gap. It's crucial for your business to narrow this expectation gap, especially in today's difficult economic times.

Most businesses have the involvement of at least one professional advisor. The role they play depends on the complexities of your business and its existing skill-set.

If you recognize a need for professional advice, it's important to determine what you require;

Understanding

Your advisor needs to understand your business and you need to understand the advice they give. Consider whether you need an advisor with experience in your industry, someone with particular project-work background or someone with a specific set of skills.

Interaction

1. You need good communication! Since you get to choose to whom you pay for advice, you get to set your selection criteria
2. Are you comfortable with them?
3. Are you confident asking questions of them?
4. Do they simplify issues for you?
5. Do they speak in a way you understand?
6. Is age or gender important?
7. Is language or culture a factor?

Other Factors

• Cost – rates can vary greatly. Request a schedule of charge-out rates or fees so you know what to expect.
• Contact – How easy is it to get hold of your advisor? Is there an alternative contact if they are not available?
• Time - Are they able to take on an additional client? Do you have a project deadline, and if so, can they realistically achieve it?
• Background – Ask for previous experience and background. Find out what work they have done and for whom. Don't be afraid to ask for references.
• Qualifications – Inquire about qualifications, particularly when dealing with an individual. Ensure the qualifications are appropriate for the type of advice you seek.
• Comparison - meet at least two advisors. Even if the first one you meet seems great, how will you know unless you compare?

Once you appoint an advisor agree how the relationship will work, and what you expect in terms of delivery. By doing this you reduce the chance of an expectation gap.

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