Small Business Advisory Services

The thought of starting a small business can be both daunting and risky. But once the decision has been made, and the champagne has been selected, next comes the question of how and where to start.

If you do not have any business mentors to hand, one way to proceed is to hire a small business consultant. A small business consultant, especially if you consider yourself a newbie at starting a small business, would be able to help you in determining the direction and vision of your business.

Tips to Select the Right Small Business Consultant

When choosing a consultant there are a couple of things you may want to consider prior to your final selection:

• Industry experience: One sure fire way to evaluate a potential consultant is based on years of practical experience. The time that they have spent in the industry and their market reputation says a lot about how professional and competent they are.
• References: References play a key role in the assessment of small business consultants. It is also usually considered acceptable to ask for references from the consultant themselves. Some consultants tend to have logos of brand and companies that they have worked for in the past, within their portfolio. A good tip is not to base your decision on the presence of a logo alone. Try to find out what the consultant did for that company and whether the job was relevant to the kind of experience you are looking for.
• Niche competency: When selecting the right candidate, relevant experience is critical to a successful relationship. When short listing options, look for experience and past projects specific to the skills you are looking for. For example, if you are exploring a start-up idea which is more inclined towards a modern 21st century business or product, catering to Gen Y (or the demographic below the age of 25), you may want to consider selecting somebody who is well versed with the target market and channel you would be operating in.
• Membership of professional bodies: Membership of a professional body adds a tad bit more credibility. Most professional bodies do not offer membership until a certain level of expertise has been gained in the particular field. Thus a hard earned membership of a relevant professional body, acts as a verification of the consultant's capabilities and is definitely a green signal to hiring a consultant.
• Continuous support:
• The chosen consultant may give you a practical, cost effective solution in your small business plan, but a stronger check in the right box is, if he is also willing to work with you to build and implement solutions. In other words continuous customer satisfaction! The consultant's job need not be restricted to providing a financial plan, but ideally should also involve helping you to understand the process, and to keep you updated on the progress of the project.
• Try to find a consultant who you will be speaking with (at least for a short time) on a weekly basis. This will ensure that they keep you on track and having someone to answer to for your day-to-day decisions (even as the owner) is definitely not a bad thing.
• Flexible approach: There isn't one answer to every problem. Similarly there isn't one particular piece of small business advice for all small start-up companies, even if they belong to the same industry. As an entrepreneur your strengths and weaknesses could be quite different from that of your competitor. Therefore it is essential that the right consultant is willing to understand the issue at length, and is willing to come up with a customized solution for better small business management.

For some more advice on starting a small business you can visit www.business.gov.au/ or www.smallbiz.nsw.gov.au/.