You may ask yourself, what does the term ‘Business Advisory Services’ mean? It’s a hot and sophisticated word used today by accountants, CPAs, consultants, advisors, coaches and wealth management folks. What is it? Well, it has to do with business and it has to do with advice. Specifically, it’s advice to the business owner. So, if you are a business owner this advice pertains to you. Business Advisory Services come from a third party, looking into your company from the outside. A third party consultant or someone like us. Your company may be a $500,000 revenue enterprise or one generating $50 million. Most often, if not all the time, regardless of the size or shape, or where in the business cycle your business is, a company can benefit from use of a competent advisor providing Business Advisory Services.
There are several different facets and elements of advisory services related to one’s business. Some Key Performance Indicators (KPI’s) are financial, others are not, such as: Marketing, market share segmentation, HR & related issues, hiring and firing, compensation to key personnel, employee benefits, legal structure & tax optimization, transition planning, exit strategies, to name a few.
From a financial perspective, an experienced business services advisor, may have you, possibly for the first time ever, establish a set of records that are true and reflect the actual financial operations of your business – to you, and to others! Generating timely financial statements that actually make sense and assist you in financially managing your company! There are also KPI’s related to the financial perspective. Analysis of revenue, expenses, financing, cash flow, margins, to name a few. These analytics of your business, including comparison of your figures with others in your industry, can be invaluable.
Let me be honest with you, there are only but a few true good “Business Advisory Services” providers out there, particularly when it comes to establishing an understandable set of financial statements for you, having you use these statements in a meaningful way, and then regularly analyzing them with you. Should this be effectively accomplished, once you know what you have (A) you can set a realistic goal of where you eventually want to be (B) and…. when you want to get there. We are good at getting you from A to B through Advisory… let’s call that (C).
