Do You Need a Business Advisor & How Much Should It Cost?

image1 copyWe all have people in our lives that push us to be better versions of ourselves, whether it’s business or personal related. Coaches, mentors and advisors are some of the incarnations of these people; some you pay, some you don’t. As far as I’m concerned, they all fall into the same category.

Your best advisors might not cost you a dime because they’re in your back pocket. In my case, I was really lucky to have my father.

My father was an entrepreneur and businessman that coached me at the beginning of my career. No, I didn’t pay him!

As my situation got more complicated, I had to go out and find advisors that were more specialized and able to get through problems that stood in the way between me and a more successful version of my business.

Do I believe you need a business advisor to get to the next level, especially when you’ve hit a roadblock? Absolutely.design2

Is It Worth Paying An Advisor?

Let’s be frank. There is a pile of information on the Internet and you can learn about any subject you want. It doesn’t matter what profession you’re in, the information is out there and you don’t have to pay a cent for it.

The problem is that the information is general and aimed at a broader audience. You’ll probably get a great idea here and there but it will never be specific to your exact situation. The larger issue is that you don’t necessarily know what advice you need most of the time so how do you know what to look for?

An advisor can be specific and not just feed you cookie cutter bits of info that are overgeneralized when you need crystal clarity that’s tailored for you.

Years of experience working with multiple successful businesses allows me to take that advice and juggle it for a client. That’s the difference between using an advisor and using the Internet.

Let’s be honest, you never know what’s right or wrong when learning about a new subject on the Internet. Just because it is written online doesn’t make it right.


How Much Should You Pay An Advisor?

A better question would be how much would you pay for advice that is going to help you be more successful in your business?

You should come up with a figure that is an appropriate amount to spend on advisory services and spend it. This highly depends on your personal situation but it’s important that you use it to advance your business by consulting experienced professionals that can offer a valuable perspective.

I know that some of you are thinking that doesn’t really answer the question of how much an advisor should cost but you have to realize that everyone’s situation is different. You deserve more than a canned answer and that’s why you won’t get it here.


If You’re Paying For It, Use It

The fact is that if it’s too expensive to keep hiring a business advisor and you don’t see the value in it, you are going to stop using them at some point.

The other important thing to consider is that if you are paying for a business advisor but not taking their advice, it’s useless. If you’re paying someone to give you advice, use it.

But how do you know if what your advisor is telling you is right or wrong? Make sure you get the confidence in your advisor that you require to act on their advice. If you don’t trust their advice, move on.

Knowing what you aren’t good at is just as important as knowing what you are good at. Henry Ford is well known for crediting his success to the people he surrounded himself with on his team. If that means filling certain gaps in your staff by hiring an advisor, it’s the right decision to keep your business moving forward.

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