When you are busy with the day to day running of your business, it can be hard to put aside time to think about your strategic direction, or to look back and assess your systems to see how they can be improved.
This is where a business adviser can help. Many business owners hesitate to engage a business adviser as they are unsure of exactly what they do, and how their services will benefit the business. A pair of fresh eyes with a neutral perspective can view your business in a new light, improving your approach to challenges and opportunities.
When you think about a business adviser, strategic advisory is a key task that may come to mind. However, business advisers can also assist with other actions such as mergers and acquisitions, succession planning, internal systems reviews, and more. We explore the different ways an adviser can help your business in this blog so you can get the complete picture. Learn how a business adviser can take your business to new heights below!
Strategic Advisory
Having an optimised strategic plan for your business is imperative for improving or maintaining your position in the market. Whether you’re a small start-up or a large corporation, getting business advice from an independent adviser can benefit your company as you evolve. Business advisers have a wealth of knowledge and market insights that can be utilised to forge a successful business direction. If there is a gap in your skillset or understanding of a certain area, a business adviser can fill this gap.
Engaging a business adviser is a wise move at any point in your business’ lifecycle. However, there are certain red flags that can signal that need for specialist help sooner rather than later. If your business is constantly failing to meet strategic goals, a business adviser can analyse your operations to give insight into why this is occurring. If there is a significant issue that you don’t have the capability to overcome, a business adviser can help to meet these needs and provide a solution. Other instances when a business adviser can benefit a business is where there are changes in a business’ structure or goals, which requires a rethink of your KPIs and financial forecasting.
It isn’t easy to fully lay out what strategic advisory services can look like, since we believe they should be different for every business and depend on its unique circumstances. That’s why our strategic planning services are tailored to suit you, rather than taking a standardised approach. We want to know what success looks like to your business specifically, so we can employ our wide range of tools to help you get there. This could include reviewing your business operations, reviewing financial reports, conducting market research to analyse competition and find your unique advantage, advising on organisational structure, and much more.
Business Acquisitions and Succession/Exit Planning
Undertaking a business acquisition or merger is a big step that can cause headaches if not handled correctly. Due diligence needs to be done in terms of business valuation, debt advisory, investment reviews, and tax strategy and restructuring. This is a large amount of work that owners may not have the time or the appropriate skillset to complete, while trying to run a business. This is where an adviser can help. The benefit of engaging a business adviser to help you through this process is that you will access knowledge and experience, and business advice to ensure you are making the best investment decisions and that you will receive maximum returns on your deal.
You may think leaving or selling your business would be easy, but even this action requires careful consideration. A business adviser can work with you to create a succession plan or exit strategy that will achieve the best outcome for you and simultaneously leave the business in good shape for the future. Best practice is to think about your eventual exit from your business early. You need to allow time to execute your succession plan and make the changes that will maximise the sale price of your business.
Governance
Feel like your senior management meetings are becoming a bit of an echo chamber? Need some fresh perspective? Creating an advisory board is a great way to accelerate strategic thinking and decision making, solve business issues, and grow your network. Using an advisory board that brings together people with the right skills and experience to solve your current issues is a proactive way to keep your business on track, and make sure you are working to achieve your strategic goals rather than simply focusing on the here and now.
At BDO, we have a range of specialist consultants who can form your advisory board, so you know you are getting valuable advice from industry-leading consultants.
Ready to get the professional business advice you need?
At BDO Taranaki, we have a team of consultants with the experience needed to help your business succeed. Our BDODrive service harnesses the value of expert insights, data intelligence and application, and information to support you on your business journey. Whether you need business advice on a single issue or want someone on board long-term, we have the experts you need.
Our Taranaki branch also offers a unique Agribusiness advisory service to help meet the needs of our local community. To bring your financial literacy skills up to date and improve business performance, learn more about our accounting courses on offer.
Contact BDO Taranaki to transform your business today!