Good to Great: How to Scale With an Outsourced CFO

You've heard of financial advisers and business consultants, but what the heck is a business adviser? And just because they're out there, does that mean you need one?

Business advisers provide a business owner with information and ideas about how they can run their businesses more effectively. In short, they can give you objective analysis and fresh ideas which can be very valuable at all the lifestages of a business.

General Business Advisers

One-Time Advice

Business advisers can be hired to help with one-time problems. If your organisation is facing a new issue and you need some expert advice, hiring a business adviser to help you through the problem can be cost-effective and extremely helpful. For instance, if you're considering restructuring your finances but have no prior experience with this, a business adviser can help you to work through the issues you may not have considered.

Ongoing Help

Business advisers can also help with ongoing needs, and this can be highly beneficial for large as well as small businesses. Business advisers generally have years of experience in a variety of different businesses. This vast knowledge can help bring a perspective to your business that you couldn't otherwise have access to. As a business adviser gets to know your business, he or she may be able to anticipate problems that are on the horizon and offer solutions to pre-empt trouble in the future. Ongoing help from a business adviser could even help you take advantage of an opportunity that you may not even be aware of.

Just as there are business advisers who help with the overall functioning and direction of your business, you can also hire business advisers to help with specific issues.

Types of Business Advisers

Accountants

Accountants are the most common type of business advisers. Business owners generally seek the guidance of accountants to prepare a company’s statutory requirements such as financial statements, PAYG, income tax, managing financial records etc.

Some accountants also provide strategic and financial advice such as profitability improvement, tax planning, and advice around the performance of your business. Growth and financing options are also an important advice component.

It can be very helpful for a business to develop an ongoing relationship with a business adviser who specialises in accounting. An adviser who can offer timely and relevant advice about your finances can make a huge difference in your business in the long run.

Business Bankers

Another type of business adviser is a business banker who helps companies with the best types of banking products for your business. This could include various financing options, merchant facilities, business credit cards or leasing and other  loans. Online banking services are also an important component to any business, and a business banker adviser can help you to find the right online banking services for your unique situation. Sometimes this kind of advice can also be accessed through mortgage and other finance brokers.

Commercial Lawyers

Another type of business adviser is the commercial lawyer. Their relevance to business is highest when business buy or sell transactions are contemplated, or when a complex business transaction occurs and law compliance is absolutely critical.

Business Adviser

When you're in the thick of running your business, it can be difficult to step outside of the fray and consider your overall goals and the long-term ramifications of your strategies. A business adviser often performs all the same services as an accountant, but they tend to have a “bigger picture” view of your business and overlap into other areas of business advice. Think of them as your business “GP”.

A business adviser should meet with you on a regular basis to provide holistic advice that could include CFO services, performance reporting, cloud accounting and technology, business strategy development, budgeting, cashflow forecasting, advisory board, business planning, and organisational design.

They help you understand they key financial drivers in your business and find opportunities for growth. They can also be the missing link between a business owner’s personal finances and the business itself as they help you understand the impacts of the business on your personal wealth and lifestyle goals.

Do you need a business adviser? If your business could benefit from expert advice about any aspect of your organisation, a business adviser could be a significant asset. Why not take advantage of years of experience in areas where your organisation is lacking? It could be the boost your company needs for greater success. 

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