Role of a Business Advisor

A business advisor helps support new and existing businesses. They can provide the expertise and knowledge that is needed to clarify business ideas, point out relevant facts and legalities, and assist the client decide if a business plan is viable.

The primary task of a business advisor is to provide advice and support to a start up business, which is very important to its survival and success, especially in the beginning of development. At this stage the business is at risk of losing a sense of proportion. Essentially, a business advisor is impartial and objective in approach, and can help to obtain a more realistic assessment of the prospects for the business. An advisor can guide a business find its own solutions as they can predict the potential risks involved. They can help the prospective entrepreneur gain the necessary skills and confidence to go about with the business. The experience of a business advisor can be applied to most clients’ situations, especially knowledge of the local area, personal contacts, key business markets and the status of the local and global economy. For instance, a start up business may not have any previous management experience. A business consultant or an advisor can draw a successful business plan using proven tools and methods of business analysis.

Key areas of business consulting includes finance and accounting, legal requirements, personnel management, designing and developing business identity and products, utilizing new technologies and traditional methods for popularizing services or products, exporting goods and services, environmental management, marketing and sales. A business advisor generally can access numerous resources such as loans acquisition , authorities providing legal approval , training on specific functions or products and many more.

The Business Advisor usually has to gain an overall understanding of the firm being planned or started. This includes getting acquainted with the type of business, types of products and services, capital structure, related parties, and compensation methods. He should also consider the factors affecting the industry in which the business entity operates, such as economic conditions, government regulations, and technological advancements. During the analysis, such information helps the business advisor to

1. Identify the areas that may need specific attention.

2. Assess conditions under which market analysis is performed and reviewed

3. Evaluate estimates for expected profits, such as valuation of assets, profits based on markets, boosting up revenues by marketing and sales activities and so on.

4. Evaluate the present management policies and suggest proactive changes

5. Make conclusive decisions based on the applied techniques

Knowledge of the business is generally gained through experience through the company or the concerned industry through consultation with the personnel of the entity. Other sources include industry publications, financial statements of other organizations in the industry, textbooks, periodicals, and knowledgeable experts in the industry.

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