In a highly competitive market, any edge you can get over your competition is well worth pursuing. With this in mind, aligning yourself with strong minds and surrounding yourself with a strategic team of trusted advisors who can give you critical advice, is a crucial step in propelling your business forward. So here are some key benefits of recruiting trusted advisors into your business.
What does a ‘trusted advisor’ mean?
A trusted advisor refers to any highly skilled service provider, like a lawyer, business coach or accountant, who you can sit down with and have important discussions with, regarding your business. These trusted advisors are given a seat at the business owner’s table and are considered strategic partners when it comes to important decision making and goal setting. In this way, a trusted advisor has the shrewd ability to identify, anticipate and understand the business’s core needs and vantage point, and steer the business owner in the right direction.
What defines a trusted advisor?
A trusted advisor gives solid advice rather than simply following instructions. In this way, they are more than number crunchers or administrators and have unique points of view. They also have the ability to explain strategic ways to manoeuvre through situations and advise against potential pitfalls should they arise.
Trusted advisors always bring value
These people are specialists in their fields and offer more value to their clients in order to build loyal relationships. Trusted advisors have a customer-centric growth mindset and when used strategically can become a real asset in a business. This is because their advice can create meaningful changes and lead to sales and business development.
Trusted advisors can solve problems
Trusted advisors are partners who put their client’s needs first. They can recommend alternatives that are a better fit for the business and empower the business owner to make strong and sound business decisions. In a legal scenario, this may mean providing advice on how to manoeuvre the intricacies of Intellectual Property indemnity in your business, for example. In a tax situation, they might advise on how to run your expenses in a smart, yet legal way. In these ways, trusted advisors can anticipate the lay of the land and help you navigate the tricky terrain to reduce friction, save money and build your business.
Trusted advisors have strong business acumen
A good trusted advisor really offers sensible advice and understands how to consider all the business owner's issues in order to make an informed decision. It is important that they are both passionate about their fields and also understand how business works as a whole, in order to provide solid advice within the practicalities of any given business. In this way, they may, for example, be able to offer funding advice in the context of your greater business strategy and understand practical ways to use working capital to grow your business.
The bottom line
A business owner cannot know everything, and in fact, doesn’t really need to. Rather, a business owner should be surrounded by other experts in their fields and recruit them as trusted advisors to support the business owner when it comes to strategic decisions. Trusted advisors play a vital role in any business and have the ability to transform an organisation in very real ways. Not only do they provide value, but they are passionate, have strong business acumen and can offer serious value with their expertise and outlook.
To create a strategic partnership with Merchant Capital contact us and grow your business in the next 48 hours.