What are business advisory services?
Business advisory services focus on strategising for the success and growth of a business. Advisors are a hybrid of business coaches, mentors and accountants. Examining previous trends and combining them with forecasts, a great advisor will ask questions and dig deep into their clients’ businesses.
Focusing on the future aids progress
Business advisory services mean you can differentiate your firm from those with traditional compliance and tax services. Compliance services have taken a backseat in recent years, thanks to automation. You don’t need to spend hours on administrative tasks anymore.
Business owners are seeking out your knowledge of business and strategy. Ask a business owner about the future and the chances are you’ll struggle to get a word in. Take advantage of their passion and drive to help both of you push the business forward.
The most exciting part of being a business owner is watching your goals become a reality. Advisors correct and prevent mistakes in businesses, aiding success.
Top 4 reasons to adopt business advisory services
1. Make additional revenue
Adding value to client businesses means you’ll both be making more revenue. Strategic planning for clients will help them make better business decisions, while you can charge more for your help. Billable hours doesn’t work for pricing advisory services. You can find out more about this later.
If the business owners aren’t aware of the power of advisory, show them the value it adds. Show clients a simple forecast and explain the benefits. They’ll jump at the chance to see such insights about their business’ future.
2. Retain staff and clients
When your clients can visualise the progression of their businesses, thanks to your new offerings, they’re going to want to stick with your firm. Giving business owners direction is certainly going to help retain them as clients.
You’ve started asking your clients about their goals, so do the same for your staff. Helping your team achieve their career goals will make them feel valued. Focus on their strengths and performances – rewarding where appropriate and helping with additional training if marks are missed.
3. Become more efficient
Your cloud accounting software is automating many of your processes, which will be saving you hours each day. It’s time to cash in on this efficiency. It might be tempting to have an easy life and carry on as before, but with a smaller ‘to do’ list, there’s so much more time to earn more revenue.
Business advisory services allow you to be flexible. This is invaluable as business owners these days expect everything to be instant. The efficiencies gained by using cloud-based software is incomparable to the desktop software that came before it.
4. Help clients progress
Go to your clients’ businesses to get an in-depth understanding of them and their company. This will help identify their pain points and goals. From here you can get straight to helping them achieve more.
There are a lot of cloud accounting packages and add-ons to go with them. It helps you run all of your client businesses in one place. With features including forecasting, reporting, scenario planning and more, efficiencies are gained daily as it’s all so quick.
It’s up to you to show your team and your clients how much they’ll benefit from business advisory services. Common roadblocks to rolling out advisory in a firm include:
Clients aren’t using the cloud. This is your chance to convert them. Think about the efficiencies gained and show them it’s the better way to operate.Your team has a skill shortage. We recently updated our very own Advisory Certification. It takes you from an introduction, forecasting to reporting, all the way to implementation in your firm.
Plan out how you’re positioning your new services to clients and ensure every member of your team is right there with you. Being on the same page as one another is going to see quick results.
Business priorities change in relation to various factors that include the socio-economic environment and the age of the enterprise. While a start-up undertaking may prioritise funding and market entry, a more established undertaking will prioritise new market penetration, change management, innovation and corporate governance.
A business can always benefit from expert advice. An objective point of view can make all the difference.
WHO ARE BUSINESS ADVISORS
Business Advisors are independent and experienced experts, able to offer hands on, practical help, advice and support in specific business areas that will help make a difference to business success.
WHAT AREAS OF BUSINESS ADVISORY SERVICES ARE AVAILABLE?
Business advisory services tackle all aspects of business from managing finances, marketing your product or service better and more widely, embarking on research and development activities, to improving your operations.
Currently we are providing advisory services in:
- Business Management
- Development & Innovation
- Business Start-up
Business advisory services are provided with the aim to support undertakings identify strengths and overcome weaknesses in specific areas. A range of business advisors services are available and every effort is made to match the right advisor to the specific needs of the applicant. Research, Technological Development & Technological Development & Innovation, Business Start-up, Operations.
Business advisory services are provided with the aim to support undertakings identify strengths and overcome weaknesses in specific areas. A range of business advisors services are available and every effort is made to match the right advisor to the specific needs of the applicant.
Business strategy can be understood as the course of action or set of decisions which assist the entrepreneurs in achieving specific business objectives. It is the master plan that the management use to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business.
In business, it is the long-range sketch of the desired image, direction and destination of the organization. It is a scheme of corporate intent and action, which is carefully planned and flexibly designed with the purpose of:
Achieving effectiveness,Perceiving and utilizing opportunities,Mobilizing resources,Securing advantageous position,Meeting challenges and threats,Directing efforts and behavior and Gaining command over the situation.
A business strategy is a set of competitive moves and actions that business uses to attract customers, compete successfully, strengthening performance, and achieve organization goals. It outlines how business should be carried out to reach the desired ends.
Business strategy equips the top management with an integrated framework, to discover, analyze and exploit beneficial opportunities, to sense and meet potential threats, to make optimum use of resources and strengths, to counterbalance weakness.
Levels of Business Strategy
Corporate level strategy: Corporate level strategy is long-range, action-oriented, integrated and comprehensive plan formulated by the top management. It is used to ascertain business lines, expansion and growth, takeovers and mergers, diversification, integration, new areas for investment and divestment and so forth.Business level strategy: The strategies that relate to a particular business are known as business level strategies. It is developed by the general managers, who convert mission and vision into concrete strategies. It is like a blueprint of the entire business.Functional level strategy: Developed by the first line managers or supervisors, functional level strategy involves decision making at the operational level concerning particular functional areas like marketing, production, human resource, research and development, finance and so on.
In business, there is always a need for multiple strategies at various levels as a single strategy is not only inadequate but improper too. Therefore, a typical business structure always possesses three levels.
Nature of Business Strategy
A business strategy is a combination of proactive actions on the part of management, for the purpose of enhancing the company’s market position and overall performance and reactions to unexpected developments and new market conditions.
The maximum part of company’s present strategy are a result of formerly initiated actions and business approaches, but when market conditions take an unanticipated turn, the company requires a strategic reaction to cope with contingencies. Hence, for unforeseen development, a part of the business strategy is formulated as a reasoned response.