Ever wondered what a business advisor might be able to do for you business? Are they worth the money and time?
Professional growth can hold many exciting possibilities and outcomes. However, there are times when it can also be intimidating and agonising. The fear of what the future might hold, sudden changes or pivots, and having to make strong decisions that bring you out of your comfort zone are all parts of the journey when looking to expand your business, if not addressed, they often holds businesses back from reaching new heights.
The good news is, you do not have to experience the growing pains by yourself. With an experienced business advisor at your side, you will make informed decisions, have better accountability towards your investors, accurately project cash flow, and implement the right technology.
When you are ready to challenge your conventional beliefs and embrace growth, a business advisor can help you shine. Here’s how partnering with an advisor will help you develop in the growth phase and beyond.
1. Financial Guidance
Whether you need to apply for a loan, open a line of credit, or need suggestions regarding important financial steps, a business advisor will be your life-jacket. This person will help you avert any expensive mistakes. In terms of growth, a qualified advisor will help you determine opportunities, curb costs, mitigate risks, and make sound financial decisions. Ideally, the business advisory services you hire will have some experience. They should be able to grow with your business.
2. Budgeting for growth
For many business owners, budgeting is usually a guessing game. Businesses that do make the effort to set up a budget, usually copy and paste last year’s budget onto a new spreadsheet. They decide to add 4% to the current year’s projection. However, an experienced business advisor would tell there’s much more to factor into budgeting than looking at previous year’s figures. For instance, as your business grows, you will need to plan for new hires. Although you will budget for extra salaries, you might forget to include other expenses associated with additional staff.
These extra costs are:
- Equipment
- Tech requirements
- Office space
- Management platforms
- Security set-up
- Training
- Compulsory Worker’s Compensation
A professional advisor has several years of studying the financials of growing businesses. They will easily identify gaps and mistakes in your budget.
3. Accounting for business
A business advisor can help you automate your business’s back-office capabilities. This is integral to ensure continuous and sustainable business growth. When you first launched your business, an Excel spreadsheet might have been sufficient. As your business expands, this spreadsheet will turn into a complicated web of mistakes.
The risk of accounting mistakes will increase as your business grows. If you are spending more than ten hours a month on simple bookkeeping, it is taking away valuable time from business development.
Your business advisor can help you hire a business accounting specialist. This professional will help your business in the following ways:
- Review and close books on a monthly and quarterly basis,
- Run payroll, pay bills, track inventory, keep records, monitor expenses, and file sales tax,
- Assess tech workflows
Ensure your back-office functions are secure
When it comes to growing your business, a business accounting specialist will be your strategic advisor. Ainsworth Accounting Solutions are here to help you with any of your business advisory needs, so get in touch and we’d be happy to speak with you. Contact Us Today!
