5 Ways To Get The Best Out Of Your Business Advisors

INTRODUCTION:

Teamwork for most success in life is key.

Everybody wants great advice from their trusted business advisors. It's one thing to hire a business advisory firm but that's only part of the story. After all as they say, success is where preparation meets opportunity. What then do you need to do to get great financial advice?

#1. Make sure your business advisor is clear about your end game.

Ask yourself:

• Do you have a clear picture on what you want your business to look like in 5,10,15 years time?
• Have you ever documented it?
• Do you want a business by default or a business by design?

If you don't, write them down or get your accountant to help you formulate these. Once you have done this, you should find that any financial advice you get will be much more relevant and therefore much more valuable.

#2. Ensure you can quickly track where your finances are.

Getting advice when you don't have a good handle on your finances is almost meaningless.

Consider:

• moving your systems to a cloud based accounting system;
• religiously updating your numbers by the second week after every month end;
• getting a three way budget done (again use your business advisor if you need to);
• having a monthly meeting with staff and advisors re your current business performance.

#3. Communicate plans with legals, banks & insurance advisors.

A good financial advisor ensures that any plan is coordinated well with the client's other professional contacts. What might work well for one area might undo the work of another. Keep others informed when:

• getting succession planning in place ;
• business plans are complete;
• putting together an estate plan.

#4. Listen carefully.

You don't have to agree with your financial advisor but at least consider what they have to say. Sometimes it's hard to see the forest for the trees and by just talking with somebody can sometimes totally clear your mind when deciding what you need to do. 

#5. Implement by taking action!

Once you have received the advice and have decided to change things to improve, take action and do not procrastinate. If you keep doing same things that you did before the advice it's almost guaranteed nothing will change. Implement with discipline even if it's over a number of days, weeks or months. To do this:

• break the actions down into smaller projects;
• allocate at least one hour a day to work on the changes (i.e. working ON the business);
• meet with your accountant or business advisors to discuss progress or challenges.

CONCLUSION:

Make the most of your financial advice by considering the above 5 actions beforehand. Not only will you save yourself a significant amount of money but your path to success will be that much quicker!