Three Signs It’s Time to Bring in a Business Advisor

Bringing in an outside advisor is often colored with the idea of failing, but that’s not true. Hiring a business advisor is the same as hiring any expert. You may contract with a lawyer to make sure your contracts are legal and favorable. You might hire a CPA or financial advisor to handle your financial filings. A business advisor is also a specialist with insight into specific systems, strategies, and technical know-how. Here are three times when you should bring in a business advisor without feeling like something’s gone wrong:

You want to have a plan for transitioning your business.

Whether you have a small business or a growing company with multiple locations, you might not want to stay in charge forever. But it’s hard to create just the right strategy for selling your business or handing over the reigns. Not only are there a lot of legal and social considerations, you don’t want any bumps in the flow of the business. A business advisor can help you find the right organizational strategy for formally structuring your business. They can also help you find the most profitable buyers or work out the details in a family-based transition.

You’ve grown past the low-hanging fruit in your market.

Sometimes business growth slows down. This isn’t necessarily a bad thing, as long as the business itself isn’t in a slump, but it’s not a good thing either. Sometimes, your company’s rapid growth is slowed because you have all of the easy markets. Everyone who trusts your brand or you can reach with your marketing strategies is already a customer. A business advisor can analyze your wider geographic market or niche to make sure you efficiently expand into more competitive markets.

You want to know how other businesses are structured and what tools they’re using.

Business advisors can’t tell you what your specific competitors are up to. But they can and will make suggestions based on trends in your market and how other companies are starting to streamline their marketing and sales funnels, as well as their auxiliary tasks. Even if you don’t incorporate every suggestion, you still have a better idea of how your competitors, in general, operate.

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