3 Questions to Ask a Business Advisor: Navigating through starting or growing a business is exciting and daunting at the same time. First-time and seasoned entrepreneurs alike stand to benefit from the valuable insights that a business advisor provides. Yet, not all advisors are the same, and figuring out the right strategy can be complex, so asking the right questions will ensure that you’re getting the advice suited to your needs. To assist you, here are 3 questions to ask a business advisor with that will make the most of your partnership.
1. What Is Your Experience In My Field?
Experience is arguably the most important of the 3 questions to ask a business advisor and it is their experience as it pertains to your field. Each industry features its own set of challenges along with accompanying trends and legal limitations. An advisor with relevant experience will understand the nuances of your business, and consequently, provide actionable insights.
- Why it matters: An advisor who understands your industry will provide specific strategies instead of one size fits all type of approaches which can seriously affect your business.
- What to look for: Heuristic evaluation in the form of requesting for past clients or projects that are in your industry will give you a good estimate of how good they will be.
- Red flag: Lack of context or specifics provided regarding industry trends should raise concern.
2. How do you measure success?
Is there anything else you would want to know from an advisor? One question worth asking is how they define success and how they measure it-as these two metrics serve as both the means and the ends. You don’t want endpoints to be far greater than any imaginary goal you have put in place.
- Why it matters: Everyone seems to have a different definition when it comes to measuring success. For a few, it can be solely revenue; for some, they may think of how popular the brand is or how satisfied their customers are. Clearly defining this at the start will help align your objectives with theirs.
- What to look for: An experienced advisor will strive to achieve set objectives and report regularly concerning progress.
- Red flag: Evading conversation around metrics and outcomes poses a red flag as it signifies lacking responsibility.
3. What is your approach to problem-solving?
Business problems will always exist. Knowing what steps the advisor will take will either make you shine or leave you in the dark. What their approach to solving problems is one of the questions every business advisor must provide.
- Why it matters: To solve a problem carefully, there has to be a carefully thought out and logical plan available.
- Notes: Focus on advisors who use creativity and build empathy throughout their arguments and make use of the data provided.
- Red Flag: If the advisor seems dismissive and inflexible about the clients’ contributions, then that should raise some concerns.
Other Suggestions When Engaging With A Business Advisor
- Be ready to listen: Think about where your preferences, timelines, and communication styles will fit within these parameters.
- Request referrals: The advisor ought to provide testimonials or contact information for previous clients.
- Listening to your gut feelings means trusting yourself: In cases where you feel uneasy about the conversation at hand, consider other available alternatives.
The Importance of The Questions Asked Above
Having these 3 questions to ask a business advisor will ensure you partner with someone capable of understanding the workings of your industry and makes good sense of your goals while positive their projections. An awesome advisor in the business can often save you lots of money and time while helping make your processes smoother and aid in developing your business.
Final Thoughts
The decision to engage a particular advisor for your business is crucial and can change the course of your venture. If you focus on the right questions, you are likely to engage an advisor with experience who is willing to partner with you in achieving your vision. At the end of the day, the idea is to create a partnership that puts you in a position to make sound decisions in a bid to meet your goals.
Next time you meet with a business advisor, be sure to make sure to ask 3 questions to ask a business advisor. You owe it to your business to get the best guidance possible.
