Source: The Whetstone Group

Your clients need a business advisor, especially in these uncertain times. More than just handling the logistics of their accounting needs, clients need guidance from someone who understands what opportunities are available and can help them move forward with their business.

As you look to improve or add advisory services for your clients, make sure your firm is clear on its definition of “business advisor.” Firms that effectively develop their advisory offerings understand the distinction between business advisor and consultant.

Business consultants may specialize in areas such as tax services, IT, or business valuations, and can offer their expertise to clients as needed. Business advisors, on the other hand, are in a relationship with their clients and always assessing clients’ needs and opportunities. Ideally, advisors in ongoing relationships with clients will bring work to the more specialized consultants.

As you build your team of business advisors, look for individuals with the right attributes. They should be:

• Interested in serving as advisors rather than just performing compliance work
• Trustworthy
• Able to ask questions and listen well
• Teachable; willing to learn
• Excellent at communication; knowing what to say, when, and how
• Good with numbers; able to anticipate what the numbers indicate for the future and provide solutions
• Willing to specialize and work primarily with two to three industries
• Curious
• Comfortable with not always having the answer, but determined to find the answer
• Able to build healthy client relationships without feeling intimidated or threatened when an additional expert is needed to help the client

Identifying and developing effective business advisors within your firm will give your team an advantage in building and maintaining long-term client relationships.

For the complete article, read “Your Clients Need Business Advisors”

From The Whetstone Group Blog, May 15, 2020, http://www.thewhetstonegroup.com/blog/.