Beyond the Sales Pitch: Choosing a Business Advisor in Times of Crisis
Checking out the business advisor you choose in a crisis is like checking out the parachute you choose before jumping from a plane. You need one that is going to get you to the ground safely – and that won’t always be the first one that comes to hand.
A great advisor can provide valuable guidance, experience, and the right connections that can help you navigate the tricky terrain of fundraising and business strategy in special situations. However, with so many advisors to choose from, it can be challenging to know how to pick the right one.
Here are some tips to help you choose the best advisor for your needs.
1. Determine your specific needs and goals
Before you start your search for an advisor, it’s essential to have a clear idea of what you need and what your goals are. Do you need help with fundraising? Are you looking for someone who can provide operational support? Do you want an advisor who has experience in your specific industry? By identifying your specific needs and goals, you’ll be able to narrow down your search and find an advisor who can best meet your requirements. Of course, that may mean helping you redefine your goals – via an honest fact-finding process that isn’t itself a sales pitch.
2. Look for relevant experience
Experience is key when it comes to choosing an advisor. You’ll want to look for someone who has a track record of success in the areas you need help with. Look for advisors who have experience working with companies in your industry or who have helped businesses with similar challenges to yours. The more relevant experience an advisor has, the more likely they will be able to provide you with valuable guidance and support.
3. Check references and credentials
Before you engage an advisor, it’s important to check their references and credentials. Look for advisors who have worked with other successful businesses and who have a proven track record of success. You should also check their credentials to ensure that they have the necessary knowledge and experience to provide you with the support you need.
4. Consider their communication style
Effective communication is essential when working with an advisor. You’ll want to find an advisor who communicates well and is able to explain complex concepts in a way that is easy to understand. You should also look for someone who is responsive and accessible, so you can get the support you need when you need it. Do they keep the ‘smaller promises’ – such as getting back to you when they say they will – that are markers for whether they will keep their ‘bigger promises’?
5. Evaluate their personality and values
Finally, it’s important to consider the advisor’s personality and values. You’ll want to work with someone who shares your values and who you feel comfortable working with. Look for someone who is collaborative, supportive, and who you can trust to provide you with honest feedback and advice.
Bonus tip: check their network.
When it comes to special situations – whether its corporate reconstruction, strategic re-orientation, capital raising or some combination of these things – a good advisor has a deep and experienced network to draw on. Financiers, lawyers, accountants and other professional advisors. Who is in their network? Who are they planning to bring to the table to help you on your journey? Find out and run the same ruler over them as your primary advisor.
In conclusion, choosing the right advisor is critical when it comes to capital raising or turning a business around. By taking the time to identify your needs and goals, looking for relevant experience, checking references and credentials, considering communication style, and evaluating personality and values, you’ll be able to find an advisor who can help you achieve your goals and take your business to the next level.
To find an advisor who can help you achieve your business goals and take your company to the next level, it is important to first identify your needs and goals. Then look for relevant experience, check references and credentials, consider communication style, and evaluate personality and values.