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How to Transition to an Outsourced CFO

Outsourcing CFO services provide an efficient, scalable way to access high-end financial capabilities for your business. According to a Deloitte survey, the top reason for outsourcing is cost reduction, but speed-to-market and access to leading tools are other.....

Business - 5 min read

A business adviser can take the guesswork out of running a company. Instead of relying on intuition or undertaking a DIY approach to growing your business, use an adviser who has years of wisdom and experience.

But what if things aren’t working out with your current business adviser? How do you know when it’s time to look for a new one?

In this article, we’ll look at several signs that it’s time to find a better fit.

 

When You Encounter a Short-Term Perspective

Some business advisors work to achieve instant improvement, but they fail to look at your company’s long-term plans. To be truly successful, business owners need to look far beyond today. With an eye to the horizon, the decisions you make now will keep you on track and true to your overall mission.

Search for small business advisors that have successfully helped owners create business plans, secure investment dollars, and plot out their long-term plans. When interviewing potential advisors, ask about how they would help you set perpetual goals, and listen for clues that they emphasize planning.

 

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When Your Values Don’t Align

It’s challenging to work with a business adviser whose values don’t match up with your own. Here’s an example. Some people have a “succeed-at-all-costs” mentality. If that’s how you feel, but your adviser disagrees, you’ll have a difficult time working together and agreeing on how to move forward.

Keep in mind that you don’t have to have the same perspectives as your adviser. In fact, fresh perspectives and ideas might be precisely what you need to move forward. But core values should be similar enough that you don’t have to correct course or clarify priorities regularly.

 

When Your Advisor’s Experience Doesn’t Match Your Needs

Many business advisors work exclusively with large corporations. If your business is currently small, your advisor may not have the insights you need to succeed. While their experience and knowledge are valuable, you might be better served by an adviser with expertise in your industry or with other small companies like your own.

Find an adviser who understands the unique dynamics with hiring, marketing, and competing with larger businesses as you establish your brand. Discuss your long-term goals and ask if prospective advisers have experience taking other firms from where you are now to where you’d like to be in the future.

 

When You Need More Coaching

Ultimately, a good business adviser acts as a coach, giving you direction and encouragement as you perfect your skills. If your current adviser shows up to make a few tweaks and answer a few questions before disappearing again, it’s time for new help.

You can learn about an adviser’s coaching skills by examining their history of coaching entrepreneurs to success. How are their other clients doing? How are those relationships? Coaches help to increase proficiency in those they serve. They take pride in watching their prodigies thrive in the long-run.

 

When Your Day-to-Day Operations Stall

If your current business adviser isn’t helping your operations to run smoothly, you need to look for a new advisor. Unreliable cash flow, sub-par reporting and a lack of marketing focus will take its toll on any business.

Put your trust in a business advisor that can coach you with both short- and long-term goals. Because there’s no one-size-fits-all guide to running a business, you need customised expert advice to guide you. So often, the success of a company can come down to a few game-changing moments. We can help you in those moments, providing the assistance you need to thrive.

To set up a consultation with one of our business advisers, get in touch with us at Altus. We’re here to help you succeed.

 

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