A business advisor can help you take your business from where it is now to where you want to be. They have the advantage of looking at it from the outside without being tied down by the day-to-day running of your business. A business advisor can help you see what is holding your business back and put it back on the path to success.
These are some common areas that your business advisor can step in to assist you with.
- Dwindling Profits: If your profits are inadequate, dwindling or stagnating, it may be time to get help. Your business advisor can look at your business structure and help with the big-picture ideas so you can get your financial house in order and make better strategic decisions in the future.
- Analytical Reporting
- Cashflow Analysis – Determine where your money came from and where it went.
- A 12-Month Cash Flow Projection and Profit Plan
- Net Worth Change: Are you in business to improve your net worth? If not, we suggest that you should be. And to help you stay committed to this path, every investment (including your business) should provide a strong return on investment.
- Your Business Compared to That of Your Peers: Your business advisor has access to key financial performance indicators of businesses within your industry. Your business will be compared to these, so that you are aware of your progression toward business excellence.
- Identify Your Key Performance Indicators (KPIs): A KPI is a measurement of the performance of those activities within your business that you absolutely MUST get right. It is important to understand what your KPIs are, then have systems in place to measure them so that you stay on track.
These are just a few of the standard services you can expect from a business mentor. Here at Nordens, our clients were so happy with the extra support and guidance we gave them that we set up a complete department to mentor clients.