Monday, November 7, 2011

Before Appointing a Business Advisor


There are various kinds of business advisors like financial, legal, insurance etc. These people have specialized to solve the problems related to their fields. Almost all business owners sometime face a kind of problem in any issue like financial, legal etc at that time he/she needs an advisor to solve out the problem.

With respect to business as a business owner you have already taken a risk by starting your own business. The business always can’t profit if you don’t have a specific plan or business strategy. Sometime when business start to loss business owners may not be able to find out the exact reason for the loss. A professional business advisor can be a benefit not only finding out but also solving the problem by his/her expertise. The business advisor can guide you how to reach to your business goal.

A business advisor is like a doctor for any company. He/she has the expertise infinding out the disease from the business system and provides remedies and precautions to cure the business from the disease. To choose a perfect business advisor is always a most important and serious decision for the business. There some key points that a business owner should keep in mind when he/she like to appoint a business advisor for the company.

First you should do is to ask to your friends, co-workers, your CPA, your attorney, your banker, and your insurance agent etc who have already appointed or know a business advisor After collecting recommendations from the business network you need to investigate about the advisor more as much as you can. It will help you to analyze the efficiency and credibility of the business advisor. It is important that you select a business advisor who is competent, experienced and has both integrity and expertise-an individual that you can trust in this newly formed fiduciary relationship.

Find out the services offered by the business advisor because services likely to change from advisor-to-advisor. You should keep in mind your business goal and evaluate the best services for your business. You should also compare services provided by them as compare to their charges. It should not be out of your budget.

You should find out his/her interest in your business. If he/she is not giving enough importance to your business as needed, than you need to change the advisor as early as possible.

Before appointing a advisor you should also be able trust him. As some of your very confidential documents will be handled by his/her, you should discuss the bonds of confidentiality with him. To sign a confidentiality agreement is recommended.

You should ask about the strategy that he/she going to advice you for your business. You should ask them about the analysis done by them for the strategy. Asking questions about the strategy can help you to find out his/her potential or sometime it can also save you lot money that may wasted by that strategy.

Author Bio :

This article has been provided courtesy of Accounting Tampa is a Friedlander Advisory Services in Tampa Florida, USA with more than 30 year experience in accounting and bookkeeping. It is also a trustedbusiness advisors and business performance improvement and marketing strategy consultant in Florida, USA.