If you run your own business, there might have been times you felt the need for something beyond financial support.
As a business owner, you're responsible for making sure that your company has the best strategies, systems, and people in place to achieve success. Getting the right business advice can significantly help you succeed.
Getting the wrong advice will lead to messing up your duties, making poor decisions, and suffering financial loss.
In this guide, we'll cover the different types of business advice, who needs them, and how to make the most of the services.
What do we mean by business advice?
Business advice is the support and mentorship given to companies for improvement.
Business advisors can provide solutions on different aspects of business development. This includes legal structures, potential sources of funding, and any applicable rules and taxes.
Who should be seeking business advice?
If you need unbiased opinions on a specific issue, are short on time, and want a decision quickly and efficiently, you should seek business support.
Also, if you've recently developed a business idea into a company, it's good to work with someone who has been in your shoes.
New entrepreneurs who've just stepped into the world of business need someone with expertise to help them manage any uncertainty. Appropriate training can provide these individuals with the knowledge and skills required to embrace new opportunities.
Here are three signs that it’s time for you to seek external support:
- You're struggling with legal issues.
- You see signs of corruption in your company.
- You lack internal resources such as HR.
Different types of advice for small businesses
Based on the nature of your business, there are different types of advice available to support you.
For example, social enterprises need different support than a limited company. New businesses, such as startups, may be interested in financial support and cash flow in the early phases.
The following are some examples of the areas of business advisory services available:
Change management is the practice of leading organisational change. It helps your employees understand their new responsibilities when their work changes.
Both you and your workforce might need external training and business support during the transition. This is where an advisor can help you better manage the situation and tackle unexpected challenges.
Employee relations influence all aspects of managing your company. Having strong relations is important at all stages of business development.
If you're running a new business, you should encourage employee input and be open to fresh ideas.
An advisor can work alongside you to support you in developing solid relationships with your employees.
Bribery and corruption
One of the best ways to avoid corruption in your company is to implement an anti-bribery and corruption policy.
It's crucial to protect your company from this, as the government puts unlimited fines for it.
Custom and practice
Your legal responsibility as an employer differs slightly when it comes to unwritten customs and practices. These are unwritten or implied standards that everyone respects, even if they aren't documented. Examples are:
- Working overtime.
- Flexible working.
- Working hours.
- Working from home.
- Closing earlier before national holidays.
There are many ways to apply workplace customs and practices without causing legal breaches. A legal advisor helps you clearly outline discretionary benefits as non-contractual in the employment contract. They can also help you set policies to ensure protection.
How to make the most out of business advice
You should follow a few simple steps to get the most out of the business advice you receive:
Know your market
Understanding the reality of your market and how your competitors function is essential. You must be aware of the latest news and explore how to engage with it.
This will not only affect how you work daily, but will also maximise the benefits of your advisory meetings.
Choose the right advisor
When it comes to choosing the right advisor for your company, you should be thorough and take your time.
In order to get the best support, you must ensure that your chosen advisor has experience in your specific industry.
Also, look for social proof, such as testimonials, and how many businesses they've supported in the past.
It's important that you, as the client, take charge of the advisory meeting. So get prepared and write plenty of questions. Before the meeting, be clear in your mind about what you want to get out of it.
Before you visit the advisor, list clear objectives and take a page with some reminder bullet points. Any data and numbers about your enterprise or your customers will be beneficial.
Risks of getting bad business advice
Bad advice can cost you a lot of money and possibly cause you to fail. The worst advice is usually given by people who have no expertise or who consider new trends unimportant.
Here are some of the risks entrepreneurs face as a result of getting the wrong advice:
- Financial loss.
- Increase in staff turnover.
- Hefty legal penalties.
- Employment tribunal.
- Business failure.
Get business advice from Peninsula
Good business advice helps employers implement the best procedures and systems in place to achieve success.
A wrong advisor or a bad piece of advice can lead to confusion and significant financial loss.
Peninsula offers 24/7 HR advice and service which is available 365 days a year. We take care of everything when you work with our HR experts.
Want to find out more? Contact us on 0800 051 3687 and book a free consultation with one of our HR consultants.