The Key To Choosing Your Business Advisors

Business AdvisorGetting advice from people that can actually give you good advice is easier said than done.  I talk about “bar room business advice” all the time and it can be a difficult experience when I get someone walking into my office saying, “Well, my friend said this” or “I heard that”. Everyone’s situation is different and it’s the same when it comes to choosing a business advisor as well.

Ask yourself a couple questions before choosing a business advisor…

Do you trust your business advisor? Trust is key in any relationship.

Do you have a connection with your business advisor? If you don’t have a connection with them then move on.

Do You Need An Advisor With Experience In Your Business or Industry?

A lot of the business advice that’s given is fairly general because business advisors do not know your business better than you do. For example, I expect somebody who is a real estate agent to be an expert in real estate but that doesn’t mean they will (or should) be an expert in business as well. The real question is, “Do I need to be a real estate expert to be a good business advisor for a real estate agent?” I don’t believe so.

It’s important that a business advisor knows how to listen to you, knows how to communicate with you and has a basic understanding of your business. As a business advisor, I’m not the expert in your business. If I were, I would be in your business!

I think a business advisor needs to step back and understand that their client is the expert in their business and advise business owners on how to be successful. This goes for lawyers, accountants and financial planners.

My expertise is accounting, tax and business growth strategies and I’m likely not an expert in your particular business. It’s important that I understand the fundamental elements of your business, but much more important is that I understand you and your goals so that together we can succeed.

What is the most valuable thing a business advisor has helped you with? Leave a message in the comments below.

 

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