Running a business means meeting new challenges and opportunities daily, and unless you’re equipped with all the necessary skills, it can be overwhelming to know what move to make. Wouldn’t having someone on your team with the expertise and skills to help you and your business grow would be great?
With the right corporate advisor, that’s exactly what you’ll get. But how do you know if they’re right for your company?
What can the right advisor do for your company?
With the right advisor on board, you would have an individual or team devoted to helping you optimize the financial position of your business, and they will also help you better understand every facet of your business. The right corporate advisor can help you make insightful and calculated decisions by walking alongside you and educating you.
Here are a few things you can expect from corporate advisors:
- Help you understand and optimize your business valuation
- They can provide you with tax advice and deal structures
- Assist you with the preparation for a sale
- Conduct research and advise on investments
- They can help you with planning and implementing business strategies to boost growth
6 tips for choosing the right corporate advisor
It’s great to know that in cases where you experience major changes in your business or feel like you need advice and guidance, you can hire a corporate advisor; however, finding the right one makes all the difference. Here are a few tips to help you make the right choice:
1. Know what you need from a corporate advisor
Hiring a corporate advisor can do a world of good for your business, but they won’t magically fix everything. You must know exactly what you’re looking for in a corporate advisor and what you want to achieve with your business. This could be for legal reasons, looking for a way to grow your business, or needing someone with expertise and skills you may be lacking.
2. Keep your core team in the know
You don’t have to be an island when making big decisions like hiring a corporate advisor. While your employees may not have the skills or capacity to be advisors, they may be able to give you some helpful advice on what to look for an ideal advisor. Be wise when talking to people about the decision; it should be on a need-to-know basis.
3. Prepare a brief
Having a clear picture of the expectations of what a prospective advisor would be working with is helpful when hiring the right individual or firm. You should include information like:
- A business description - what your business does, how big it is, the core values and its structure
- Business goals - this can include the goals you have for your business and exactly why you need their help in achieving those goals
- Expectations - lay out the goals and timeframe you have for your advisor as well as the specific skills and experience they need to have
4. Find an advisor with extensive experience in your industry
While there are many fine advisors, looking for one with experience in your specific industry is important.
When a corporate advisor has experience in an industry, they’ll be aware of all the market trends, the opportunities and the challenges that may arise for your business and implement effective strategies to help you reach your goals. Lloyds brokers have some of the best corporate advisors in Australia, so we recommend getting in touch with them.
5. Ensure they have the right qualifications
Some individuals know how to say all the right things to get you to hire them, but you need to ensure that they have the qualifications to back up their claims. The right advisor will have a business-related degree from a credible institution. More than that, they need relevant industry experience.
6. Meet them in person
Even when an advisor looks good on paper, they must be the right fit for your company. A corporate advisor who gels well with other employees and sees your vision for the company will be able to help projects run smoothly. The best way to get a feel of whether their personality fits well with your business is to set up a meeting. During the meeting, you should also ask them questions like:
- How would you recommend approaching this project?
- What similar projects have you worked on? Can you provide references?
Final Thoughts
With a corporate advisor in your corner, you can take your business to new heights, but it’s up to you to find the right one that fits your specific needs. Hopefully, with the help of this guide, you’ll be well on your way to finding your ideal corporate advisor.
