This week the roles were reversed and guest host Peter Chapman asked questions about how clients can find the right business adviser (or advisers) and collaborate with them to help reach particular business goals. Be sure to watch as we discuss business advisory and accounting and the importance of having a sounding board in business.

Key takeaways for you:

  • Accounting is taking the numbers, putting them in the right order, reviewing, checking, lodging, tax, doing what you have to do from a compliance point of view. The difference with business advisory is that the accountant is advising business owners on anything and everything that comes with running the business;
  • Really successful businesses still benefit from business advisory because, in reality, you can’t know everything. It’s helpful to have an independent set of eyes, someone to challenge you and to help you question your decisions so you can get the best result in what you’re trying to achieve;
  • If you’re looking for a trusted adviser talk to referees and talk to other people who are using the services of the adviser, ensure you have looked into what the adviser has done and what sort of advice they give and make sure what you’re looking for can be delivered;
  • Like an elite sporting team, businesses need the right people around them to coach them along the way. For business owners, you need core advisers around you to support your outcomes and having that specialist team will help you achieve that – this usually includes sectors such as financial advisory, law, marketing and HR to name a few;
  • As business owners in 2020, review your strengths and weaknesses, ensure you have a strategic plan and remember to change and adapt as the market changes.