There is no doubt doing business at the moment is tough. From bushfires to flash flooding, and now the coronavirus, the December/January period has been tough for everyone. The stock markets are crashing, and the words “recession” and “global financial crisis” are spreading through the media.  More than ever, it’s all about understanding the value of getting professional advice on how to protect and take your company to the next level this year.

Below are 3 Things to Think About When Engaging Professional Advice.

What is the Value of a Good Business Coach?

A good Business Coach will partner with you to help drive your company to the next level. They must have strong business acumen and the ability to help you and your team drive performance. Seek professional advice from someone who is experienced in running a company. All businesses have growing pains: the need for supplier agreements, or legal advice to protect or minimise business risk etc. Find a coach who is experienced in dealing with other professional advisors such as an accountant or a solicitor. They should have sailed through the tumultuous times; seen the ups and downs in business; experienced the good and bad in managing staff and payroll.  Food for thought: Anyone can be trained to be a Business Coach, but if they haven’t gone through the pain of running their own business, how can they coach you, your managers and staff?

When looking for a good Business Coach, do your research; check their history and credentials, and ensure they are on the same page as you. Practical experience over theory is important. Further, a good Business Coach is always improving their skill level to excel at their craft.

What’s the Difference Between a Business Coach and Consultant?

A Business Coach is different from a Consultant. A Consultant is an expert in their field, someone who has studied hard in a profession like accounting, law, IT or HR, etc. A consultant may not be an allrounder; they are deemed as experts in their field. They constantly improve their skills sets to become experts in their field and can give the most up-to-date, accurate professional advice when you need it.

When looking for a Business Consultant, make sure you know what you’re looking for, so you get the right professional advice.

Why Engage or Set Up an Advisory Board?

How beneficial do you think it would be if you had a team of experts who could collaborate together to help your company grow? Engaging an Advisory Board can be very daunting for a business owner, however, it could offer some real benefits to you and your company. You need a dedicated Business Advisor who, with a team of professionals, can help keep your business on track.

Business owners want a team of professionals with good insight and foresight. If a company needs expert advice, then a good Business Advisor should be able to go to the market and find the experts you need to help your company achieve its goals.

An experienced Advisor knows how to formulate a sustainable Strategic Plan. It’s important to seek help from experienced advisors. There are many organisations out there, like the Advisory Board Centre, which is a collaborative network of experienced professionals, who work towards helping businesses increase sales and productivity. They have a framework to help business owners create great business acumen and outcomes for their clients.  As part of the board, I have had the opportunity to consult many businesses.

At KBA, we are a team that are very passionate about taking businesses from good to great. If you are wanting help on how to improve on your company’s strategy, sales or staff this decade then contacts us today. We are here to help and assist you to achieve your company’s goals!

About The Author

Colin Wilson

Director and founder, Colin Wilson drives Key Business Advisors with determination, passion, and motivation.

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