The Value of Having A Business Advisor

When the business is not going in the direction you want it to go, or you hit a brick wall and not sure how to break the wall down, who do you go to? Most business owners when first starting out, seek advice and opinions from family and friends. For most, this is a budget friendly way of getting started, however there comes risk with the two options.

The risk of listening to family and friends can include:

1. Limited knowledge and expertise in your industry and business in general.

2. Limited perspectives and ideas.

3. Lack of critical feedback.

4. Risk of losing or damaging personal relationships.

While family and friends are a good place to start when going into business, you have to take into account that they know what they know and sometimes the feedback and criticism that you need to hear could be absent. The best investment that new business owners and those who have been in business for a while can make is investing in a coach or business advisor. Having a coach or advisor comes with a cost, however the cost is outweighed by the peace of mind and the confidence of knowing that you have a solid support system in your corner outside of friends and family. Especially, if you have someone that is knowledgeable, listens, understands your business, understands you, and knows when you to push your limits.

Here are some key value points of having a coach or advisor to name a few:

• Objective Perspective: unbiased view of challenges and opportunities, which allow for better decision making.
• Problem Solving Assistance: Identifying and addressing gaps in your business,
• Access to Network: Introductions to valuable contacts and partners in the industry.
• Risk Mitigation: Identifying potential risk and developing strategies to minimize the risk.
• Mentorship & Coaching: Guidance and support in navigating complex business situations.

Given where you are today and where you want to be next year, 5 years, and even 10 years, having an advisor can help you layout a roadmap to get to where you want to be. Do your research into how business advisory could make an impact on your business and find an advisor that aligns with your needs.

Sean Banks, is a Austin, Texas-based business coach and writer. He recently joined the Marketing Junto editorial team to help provide some actionable content for our readers. Find out more and get schedule a discovery call with Sean and his team.