How advisors can help
Advisors can help you with the following:
- Building, reviewing and monitoring your business plan.
- Identifying business problems and opportunities.
- Looking at your resources and making the best use of them.
- Navigating difficulties as they come up.
- Getting funding to support your business.
- Connecting you with their network.
When to get advice
You can get advice at any point during your business journey.
You could consider getting help with your business planning when you are:
- starting a business
- looking for funding or investment
- not meeting your current business plan
- dealing with unexpected changes in your industry that may impact your business – for example, new technology
- looking to expand your business
- considering exporting your product
- looking to commercialise an idea that may need research and development (R&D).
Pricing for profit
Julia sells premium relishes at markets, supermarkets, and online. Not meeting her profit targets, she consults a business advisor. They discover low product margins, not slow sales, are the issue. Instead of increasing marketing, they adjust pricing to attract customers while ensuring the profit Julia needs to sustain her business.
Where to get advice
Depending on the advice you need, you can get help from:
- your accountant
- business mentors
- investment advisors
- business incubators
- the Regional Business Partner Network.
Before your first meeting
Questions to ask yourself
To make sure you get the most out of your meeting with an advisor, think about the following questions:
- What are your business goals? For example, money, expansion, or work-life balance.
- What’s important to your business?
- What decisions are you trying to make?
- What do you need help with?
- What questions do you have?
- What type of advice do you need?
Know your business
Before your first meeting, make sure you can explain the following:
- What your business does, or what you’re looking to do.
- Who your customers are and why they would buy your product.
- Who your competitors are and what your customers buy or use from them.
- The opportunities or problems your business is facing.
- Your short and long-term goals.
- Your finances – take along information that you have.
- Your existing business plan – if you have one, take it.
- What you’d like help with – for example, a set project or ongoing support and advice.
Common mistakes
Avoid these common mistakes.
- Not getting help when you need it.
- Only seeking help when you’re looking for funding.
- Getting too emotionally connected to your business to process and take on feedback from an advisor.
- Not regularly reviewing your business plan.
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