Setting Up Your Pool of Business Advisers
Find people who will make your business decisions more effective. Follow the effective ways of setting up your pool of advisers.
Having finance experts give their ‘say’ on your business decisions can make a difference. So when building your pool of advisers, keep in mind the people who can truly analyse and contribute to the business. It is also important to establish harmonious relationships with your colleagues. While establishing rapport can improve the communication, co-workers must also perform professionally while at work.
Below are some helpful points to consider when choosing the members of your management core.
- Ask around. Referrals still serve as the best testimonies when looking for finance analysts and advisers. You can learn from the good choices (or mistakes) of the business owners around you. Ask your friends who have hired accountants, auditors or lawyers. They can give you an idea of who to look for and who to avoid. You can also ask one of your advisers about their colleagues who may be fit for the job. Aside from having a guarantor, you can also be certain that they can work efficiently together.
- Research. There are also instances when there are no available finance advisers within your reach. This is the time you can seek the help of professional head hunters and industry websites. You may hire someone that is totally new in your world with their credentials compensating the lack of familiarity. Make the most of modern technology by using social and business sites that can lead you to the perfect candidates.
- Communicate. Once you have narrowed the candidates, it is time to make some calls. Set up a formal meeting with the prospective advisers. This initial consultation should be free of charge. The first meeting is the opportunity of both parties (you and your prospective adviser) to plan and to come up with schemes on how the operations will be. These include the schedule of consultations, the frequency of consultations and the work to be performed by either party. This is also the time for the owner to introduce the firm so that the adviser will have a better view of the company.
- Ask questions. Aside from planning, both parties must ask questions. Some of the questions that must be addressed this early include fees and commissions (if any). Money is a sensitive topic especially during initial meetings but it must be addressed early on. It is also important to ask the potential advisers of their other affiliations. There may be cases when a conflict of interest may arise so it is best that both parties are aware. Even the fees charged by the advisers should be asked and finalized during this meeting.
Your pool of advisers will greatly help you in making your business decisions. As a result, you must ensure that you will be hiring effective and capable individuals that will contribute to the growth of the company. The future of your company lies in their hands therefore choosing them must be done critically and objectively.