As fellow entrepreneurs, we know how important it is to watch every coin to keep your cash flow healthy. For this reason, the thought of spending money on a business advisor can feel wasteful and unnecessary.
You can start and run your business without one, but hiring a business advisor can make the difference between a stagnant and struggling business and one that’s thriving and growing.
Yes, it’s an additional expense, but the return on investment can be huge. A business advisor can help you gain a competitive advantage, avoid or reduce risks to your business, spot and implement growth opportunities, and manage your finances.
What Advisors Do I Need to Start a Business?
There are different kinds of business advisors in Australia, depending on which business advisory services they specialise in. The best choice for you depends on where you’re in your business journey, your specific business needs, and your industry or niche.
Some advisors, like a legal advisor, can be of great help when you’re starting a business. Others, like a marketing advisor, can help you when you want to grow and expand your business.
Even if you don’t need a certain advisor right now, it’s good to plan for them early so that you’re ready when the time comes.
6 Types of Small Business Advisors to Consider Working With
1. Business Coach
Business coaching can help you with business strategy and decision-making. Think of a business coach as part business strategist, part mentor, and part accountability partner.
A good business coach provides an objective outsider’s perspective on your business, helping you spot any blindspots that could pose a risk to your business. They work with you to solve challenges like low productivity or inefficient workflows and create strategies for sustainable business growth.
A business coach can also offer emotional support and motivation to overwhelmed entrepreneurs, connect you to other entrepreneurs and clients, and regularly check in with you to make sure you’re achieving your objectives.
2. Marketing Specialist
Plenty of entrepreneurs are decent marketers, but lack the deep marketing knowledge needed to scale their businesses beyond initial traction. This requires complex marketing systems that generate long-term brand loyalty and customer growth.
A marketing specialist provides advice on marketing strategy and execution. They’ll help you create a marketing plan that takes into account your business goals, the competitive landscape, and your target audience.
They’ll do market research to determine what channels you should market on (depending on where your audience is and cost effectiveness), how to craft messages that resonate with your audience, and how to position your brand.
A market specialist will also help you execute your marketing plan, track key performance indicators, and adjust the strategy to respond to changing business needs and market conditions.
Tip: If possible, find a marketing advisor who specialises in your industry; they’ll understand your business better and provide more targeted advice.
3. Legal Advisor
You should consider having a good lawyer right from when you start your business in Australia. They’ll help you figure out the best business structure, advise you on any contracts you sign (e.g. employment contracts, leasing agreements and so on), and make sure you’re on the right side of the law when it comes to taxes, labour laws, and industry regulations.
As your business grows, a legal advisor can help with things like intellectual property protection, internal and external legal disputes, and business protection from liability and other legal risks.
4. Financial Advisor
A financial advisor assists with financial strategy and decision-making. This includes financial planning for short-term and long-term goals, tax strategy to make your business more tax-efficient, investment advice, and business succession planning.
A financial advisor can also help you manage your cash flow, balance personal and business finances, plan and optimise your retirement strategy, and avoid common financial risks (e.g. over-leveraging).
Depending on which area you need help with, you can find a financial advisor specialising in retirement, succession, tax, investments, startups, and more.
5. IT Consultant
An IT consultant helps you find, implement, and use the best technology for your business. They are most helpful for businesses that rely heavily on technology, such as online retailers, schools and hospitals with complex IT systems, and businesses that handle sensitive customer data (e.g. financial services).
In some cases, you may only need an IT consultant for a temporary period to deploy a new technology, handle an IT emergency like data loss or a cybersecurity threat, help your business transition, or train your staff on a new system.
As with other types of advisors, there are specialised IT consultants who focus on specific areas such as cybersecurity, cloud services, specific SaaS platforms like Salesforce or Shopify, and data analytics. You can also find industry-specific IT consultants who work in manufacturing, healthcare, law, non-profit, and other industries.
6. Human Resource Advisor
As your business grows and you bring in more staff, managing them becomes a time-consuming task. Recruitment, leave management, dispute resolution, and performance management can all become complicated quickly.
A HR advisor provides support and guidance to keep your operations running smoothly and maintain a healthy workplace. They can assist you with the hiring process, ensure compliance with employee regulations, provide advice on improving productivity, and help you create and implement HR policies.
A HR consultant will also help you identify and manage issues that come with having more employees, such as communication breakdown, increased bureaucracy, and legal risks.
Get Business Advice from PCR Accounting & Advisory
At PCR, we help entrepreneurs achieve financial success and live the life they want. We offer a range of advisory services for small businesses, including asset protection, estate planning, financial planning and virtual CFO services, among other areas.
Contact us today on 03 9847 7516 to find out how we can help you achieve your business and personal financial goals.
Disclaimer: This blog post is for informational purposes only and should not be considered as financial or legal advice. Consult with a qualified professional for personalised guidance based on your specific circumstances.
Owner of PCR Accounting & Advisory, Peter Marmara-Stewart is a top-tier accountant and financial advisor dedicated to helping clients reach their business goals and achieve financial freedom. Peter is highly regarded for his client-focused approach and entrepreneurial spirit, catering to a diverse range of professionals across a wide scope of industries all across the country. Peter’s expertise can help you plan effectively, set goals, maximise profits and protect your assets. Get in touch today on (03) 9847 7516.
