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Why we need advisory services in our business ?

Discussion in 'Business Planning' started by ElinaMatts, Aug 25, 2015.

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    ElinaMatts

    ElinaMatts Freshman

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    There is a steep rise in the number of new businesses set up each year. With growing number of entrepreneurs, the survival between a large numbers of competitive companies is becoming very challenging. Thus, there is great inclination towards corporate advisory services. As a thumb rule, advisory services are important at all stages of a business, i.e. for starters or well established firms. It is highly advisable that small and mid-sized companies pay special attention to the financial and strategic advices given, since decision making has become very complex keeping in view the current business scenario. A financial advisor holds equal importance as he guides over financial matters for optimum use of the money. The advisors also recommend products and services that meet the needs of a company and secure sales.

    The financial advisor may be an independent or restricted advisor. The former advices on all retail investments and services, while the latter is restricted to a particular domain. They may also guide on business law, income tax, client negotiations, investments and international deals.

    Sophisticated softwares are now-a-days available to prepare reports, however, the role of highly qualified professionals is still perky for analyzing the statements. If a company wants to make profit, they are required to refer to corporate advisory services as well as some financial advices.
     
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    Maevla

    Maevla Administrator Staff Member

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    I think there comes a stage in the life of any business where some kind of advice is needed.
    What I would say is a business should be careful who you take advice from. Taking financial advice from a financial advisor is all well and good if they have an understanding of your business, it's not just about the money, the same goes for an accountant or even a bank manager. We have had some terrible bank managers in the past who were just *small thinkers* and this meant they hindered our growth.

    Another pet hate of mine is the amount of businesses that listen to business coaches - who have never run a business in their career - how are they in any kind of position to mentor any business?

    Pick your adviser carefully, and always get advice from more than one place so you can make a qualified decision.
     
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    Geoff T

    Geoff T Graduate

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    How are you in the law in:

    Health and safety
    Employment
    Collection of monies owed
    Compliance (pick your Govt dept)
    Accounts
    Finance

    (just to kick the idea off)

    As @Maevla says pick one you feel ok with - but you can't expect to deal with ALL the red tape as an SME these days without qualified help - it's the new reality, live with it.
     
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    jaidadi@123

    jaidadi@123 Applicant

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    It is helpful for growth of our business.
     
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    epat

    epat Freshman

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    Good advice, especially the last sentence.
     
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    Shannon Brady

    Shannon Brady Applicant

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    Initially you should be clear about the idea you have, then you should make a good business plan and schedule, then you should surround with reliable advisors and supporters to help you out through the process.
     
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    Alan Potts

    Alan Potts Applicant

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    Is it really helpful for the growth of the business?
     
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    YourRetailCoach

    YourRetailCoach Applicant

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    Advisory services in our business are required for growth of any business. There is an increase in a number of entrepreneurs, to survive in these modest companies is becoming very challenging and so there is a great inclination towards company advisory services.
     

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