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Helping Find The Right Business Advisor For You
Here you will find some answers to frequently asked questions.
Q. How can I be confident that the person you send will be right for me?
A. We have detailed CV's on all our advisors. We know which industries they have most experience in at senior management level; we know which business specialisms they know most about - finance, human resources, sales, marketing, IT, manufacturing, training; more importantly, we know most of them personally: we know what makes them tick. Once we understand your key problems, issues and challenges, it isn't hard to find the best of several good matches.
Q. So, you think you know more about my business than I do, do you?
A. No one knows more about your business than you. However, many of our people will know more about running a business than you (there is a subtle difference in that indefinite article). It's reckoned that the MD/Owner of a small business needs to know about more than 60 different areas of expertise, as part of the 'running of the business'. You can't hope to know it all. When you started the business, you probably didn't think too much about personnel issues, for example - hiring, firing, employment contracts, redundancy, incentives - or Health & Safety, or a host of other areas that can cause headaches. But there are people out there who can guide you through any problem - and that help and advice doesn't have to cost a fortune either. In our experience, asking for help is a sign of strength and maturity, not weakness.
Q. Why should I pay for business advisors, when I can just find out the information I need for myself?
A. Indeed you can, and at the bottom of this page, you will find links to one or two decent sites to help you get that information. Just two caveats:
1. Is that the best use of your time, and is it what you set up the business for in the first place?
2. There's every chance that, after scouting around all the (sometimes conflicting) information and advice, you'll be more confused than ever. A good time perhaps, to fill in our short questionnaire and ask for practical advice from a seasoned expert, who'll help you see the wood for the trees.
Q. Management consultancy is all very well, but my business is technically insolvent and I am facing bankrupcy. You can't do much about that, can you?
A. Actually, we may very well be able to. We have connections with a group who specialise in company turn-rounds, recovery and insolvency. Obviously it depends on the underlying strength of the business going forward, without its current level of debt, but they will have some positive thoughts on how to handle the legal issues you are encountering, debt repayments, poor cash flow, county court judgements, winding-up orders, and the panoply of other problems which accompany financial difficulties. More to the point, they may be the first positive voice you've heard in months.
Q. I'd like to expand the business, but don't know how I can raise the necessary finance to do so, on acceptable terms. The bank isn't being very helpful.
A. There are specialists among our ranks in every subject, including government grants, business loans, venture capital, business angels and the like. Some of them are ex-bankers themselves, so understand how to get bank finance on reasonable terms; others have built businesses up themselves and have personal experience of the options open to you - often wider than you think: there is an increasing number of venture capitalists and business angels expressing an interest in the small business sector, where they can make a bigger impact with their input and advice (and get a bigger return on investment).
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Q. I'd like to sell the business and retire (or move on to pastures new). Where do I start?
A. Mergers and acquisitions are a key specialism among a particular group of our contacts. They understand how to present your company in the best possible light (have you considered the issue of succession planning?); find willing buyers; advise on a realistic price tag and/or earn-out expectations; and they'll take you step by step through the due diligence process and eventual sale of your business. They work mainly on a success fee basis (so no hay, no pay). Likewise, if you want to expand your business by acquisition, they will help you draw up a list of likely prospects, and help you through the negotiations and contracts.
Q. Marketing's just a waste of money, isn't it?
A. If it is, why do all of the world's most successful businesses spend so much on it? It is understandable that small businesses are wary of it: good marketing is hard to get right, mistakes can be expensive, and it is as much art as science. However, the principles of good marketing are the same, no matter what type of business you run: define who your best customer/prospects are, then work out the most cost-effective means of giving them information about your product or service. Sounds easy, doesn't it? Sales and marketing planning should be at the heart of your overall business plan. If it isn't, how on earth do you know how you are going to get where you want to go? We have plenty of contacts who can give you practical help: not just writing plans, but implementing them, too.
Q. I am interested in developing my business as a franchise. Any ideas?
A. Whether you are choosing a franchise to run, or thinking about creating a franchise operation out of your current business model, the principles of business planning still apply. It does help if you have someone to hold your hand who has personal experience of franchising itself, though. Several of our contacts do. If you talk to one of them about the common pitfalls and problems encountered, you may avoid the worst of them.
Q. If I ask your advisors what they expect to bring to the party, what are they likely to say in reply?
A. Whatever the issues, problems or opportunities you want to discuss, their bottom line is just that: your bottom line. Any business help or advice they give you will be expected to help you improve profits.
Q. Alright, I accept I may need some help and advice. What do I have to do next to make sure it's the best advice for me?
A. Complete our short questionnaire, and we'll put you in touch with a suitable advisor from our roster of experts, who we know understands the market sector you are in and/or is an expert in the particular business issues you face.
Links:
http://www.businesslink.gov.uk
http://www.britishchambers.org.uk
http://www.sbs.gov.uk
http://www.iod.com
http://www.smallbusiness.co.uk
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