What are the key benefits of business advisory services for resilience?

As per my experience, Business advisory services can enhance resilience by providing strategic insights, risk assessment, and contingency planning. Because, these services help businesses anticipate and navigate challenges, adapt to changing market conditions, and capitalize on opportunities for growth. Additionally, advisors offer expertise in optimizing operations and financial management, ensuring businesses remain agile and sustainable in the face of adversity.

Improved Financial Stability. One key benefit of business advisory services for resilience is the improved financial stability they provide. By working with advisors who have a deep understanding of financial planning and management, businesses can better navigate economic uncertainties and market fluctuations. These advisors can help companies develop strategies to optimize cash flow, manage debt effectively, and make sound investment decisions. This proactive approach to financial management can help businesses weather unexpected challenges and maintain stability in times of crisis. Additionally, by receiving expert guidance on financial matters, companies can identify opportunities for growth and expansion.

As a business advisor, I've worked one-on-one with +3,150 early stage entrepreneurs and +700 established business owners in 55 countries, and I have seen firsthand how valuable external insights and guidance can be. Imagine being able to tap into the collective wisdom gathered from all these advisory sessions with business owners who have navigated challenges similar to yours in different industries and environments. When I work with business owners, I aim to help them see their business from new perspectives, uncovering hidden opportunities and potential pitfalls. I believe that you first need clarity on your numbers, and business model potential to be able to make informed decisions and maybe the need to re-invent your business model.

Business advisory services are crucial for resilience. They provide strategic insights, helping businesses navigate through challenges and uncertainties. These services offer financial advice, risk management solutions, and operational improvements, enabling businesses to adapt and thrive in changing environments. By leveraging their expertise, businesses can make informed decisions, optimize performance, and ensure sustainable growth. It's an investment that pays off by bolstering business resilience. If you have any additional thoughts or contributions, please reply to this comment. I always appreciate and look forward to hearing more from you. Thank you!

Business advisory services play a pivotal role in fostering resilience. They provide strategic insights and risk management solutions that enable businesses to adapt to market volatility. By offering customized strategies, these services help businesses to optimize operations, improve financial performance, and navigate regulatory complexities. Moreover, they facilitate innovation and sustainability, equipping businesses with the agility to withstand disruptions and thrive in a dynamic business landscape. This resilience is crucial in today’s unpredictable economic environment. Thank you for reading my comment! If you have any questions or would like to discuss this topic further, please feel free to message me directly ??

Enhanced Decision-Making And Adaptability. One key benefit of business advisory services for resilience is the enhancement of decision-making and adaptability within an organization. By working with experienced advisors, businesses can gain valuable insights and perspectives that can help them make informed decisions during times of uncertainty or change. These advisors can provide guidance on strategic planning, risk management, and contingency planning to help businesses navigate challenges effectively. Additionally, advisors can help organizations develop a culture of adaptability by encouraging continuous learning and innovation. This focus on enhancing decision-making and adaptability can ultimately help businesses build resilience.

Business Advisory Services can help take your business planning a notch up. We often get stuck in what we know and believe in, but when you have an outsider look at it with unbiased eyes, the game changes. You can improve your overall efficiency and productivity by removing redundant tasks and bottlenecks, leverage technology the right way, and automate your systems to make your business more future-ready. We associate BAS with cost but it is exactly the opposite. You can increase your profitability as a company with the right guidance.

For example, a retail store experiences high inventory turnover and frequent stockouts. Advisors analyze purchase orders, sales data, and inventory management practices. They identify overstocked items, optimize ordering schedules, and implement demand forecasting tools, resulting in reduced holding costs, improved product availability, and happier customers. Another example - Optimal resource A marketing team feels overwhelmed and struggles to meet deadlines. Advisors assess their workload, skills, and tools. They suggest delegating tasks to virtual assistants, investing in project management software, and providing training on time management techniques, leading to increased team efficiency and improved campaign turnaround times.

Unlock hidden efficiency by adopting agile methodologies tailored to your business. Business advisors can integrate predictive analytics to preempt issues before they arise. Enhance productivity by fostering a culture of continuous improvement and cross-functional collaboration. Leverage advisors' expertise in digital transformation to future-proof operations and maintain competitive edge.

Business advisory services amplify efficiency by pinpointing unique process optimizations and leveraging advanced analytics. They uncover hidden inefficiencies through forensic audits and employ cutting-edge automation tailored to your operations. Advisors integrate industry-specific tech solutions, driving unparalleled productivity boosts and ensuring a lean, responsive business model that outpaces competition.

a) In my experience, business consultancy was crucial in identifying and mitigating potential risks, allowing the company to better prepare for unforeseen events. b) For example, the creation of a risk management plan helped us deal with crises in a more structured and efficient way, minimising negative impacts. c) This has increased our ability to continue operating effectively, even in times of uncertainty, guaranteeing business continuity.

Strategic Planning And Risk Management. Strategic planning and risk management are crucial components of business advisory services for resilience. By working closely with a business advisor, companies can develop comprehensive strategies to navigate challenges and capitalize on opportunities. Through strategic planning, businesses can identify potential risks and develop proactive measures to mitigate them, ensuring stability and longevity in the face of uncertainty. Moreover, by implementing effective risk management strategies, companies can protect their assets, reputation, and financial well-being. A business advisor can provide valuable insights and guidance on developing a robust strategic plan.

One of the risks while running a business is to have dependency on 1 client. During my work with business owners, we check if they have a client that contributes to more than 15% of their revenue. In 2020, this was the case with one of my clients, having an INGO contributing to 43% of his revenue. We made sure to clone that client with 3 more INGOs and also sell more to smaller clients. In February 2021, this INGO decided to stop their investment in the country, at that time they only constituted 7% of his revenue although his company turnover grew by the end of 2020 and even more in 2021. Using his words "Working together was the best gift to me". Imagine this INGO stopped working with him when they paid him more than 40% of his expenses!

For examples - Mapping threats While launching a new product, advisors help to identify potential risks, such as regulatory hurdles, cultural sensitivities, or competitor actions. They assess the likelihood and impact of each risk, providing you with a clear picture of the potential challenges you might face. For example - Developing Early Warning Systems A business relies on a single supplier. Advisors help identify alternative suppliers, assess their reliability, and negotiate backup agreements. They also suggest implementing a supplier performance monitoring system to detect potential issues early on and mitigate their impact.

Effective risk management is critical for businesses to navigate uncertainty and build resilience. Business advisory services help identify and assess potential risks, developing strategies to mitigate or manage them. This includes: - Conducting thorough risk assessments - Implementing robust risk management frameworks - Identifying opportunities for risk transfer or mitigation - Developing contingency plans for unforeseen events By proactively managing risks and uncertainty, businesses can minimize potential threats, maximize opportunities, and ensure continuity and growth. Expert advisors provide valuable insights and guidance to help organizations make informed decisions, adapt to changing circumstances, and achieve long-term?success.

In today's business world, Business Advisory Services is a valuable tool for driving innovation and growth. Especially here in Portugal, many companies are still stuck in old management methods, and that's where consultancy comes in. With all this new technology, like artificial intelligence and everything else, consultants help companies find new ideas, implement cutting-edge technologies and even form strategic partnerships. They also encourage a culture of innovation and flexibility within companies. In short, consultancy not only helps companies grow, but also prepares them to stand out in an ever-changing market.

Business advisory services can act as the catalyst, transforming stagnant business into a dynamic force of innovation and growth. For example, a traditional toy company faces declining sales. Advisors facilitate brainstorming sessions with employees, customers, and even children. They introduce design thinking methodologies and encourage out-of-the-box thinking. This leads to innovative ideas like interactive toys that integrate subscription boxes with personalized learning experiences, revitalizing brand and attracting new customers.

A practical example: an innovation consultancy can help a technology company develop disruptive new products or services, identifying gaps in the market and opportunities for growth. This can propel the company ahead of the competition and promote sustainable long-term growth.Business consulting can stimulate innovation by bringing new ideas, perspectives and methodologies to companies.

Business advisory services are key in fostering innovation and driving growth by introducing advanced technologies, encouraging a culture of creativity, and enhancing product and service development. Advisory teams help streamline business processes, facilitate strategic partnerships, and identify opportunities for market expansion and diversification. By promoting data-driven decision-making and building resilient business models, advisory services equip organizations with the tools and strategies needed to stay competitive and achieve sustained success in a dynamic market environment.

In my experience as a co-founder of a business advisory firm, I've seen firsthand how these services can jumpstart innovation and growth. For instance, we once advised a family business in the aerospace industry that was struggling to identify new markets. Through our guidance, they were able to leverage their existing capabilities and resources, explore new markets, and quadruple their business. The key was not only in identifying new opportunities but also in validating assumptions and encouraging a culture of learning and experimentation.

Business Advisory services can help improve culture and employee engagement, which is super important for companies here in Portugal. They help align the company's vision with employees' actions, promoting a positive and inspiring work environment. For example, they can implement effective communication and performance recognition programs to motivate staff. Ultimately, this boosts employee morale, performance and retention, which is essential for long-term success.

Engagement is an ongoing process, not a one-time event. Tailor approach to specific company culture and workforce demographics. Advisors facilitate workshops and surveys to understand existing vision, mission, values, and goals. Based on the assessment, advisors work to refine vision, mission, and values to ensure they are clear, inspiring, and achievable. Advisors recommend and implement feedback mechanisms like pulse surveys, suggestion boxes, and one-on-one meetings to encourage employee input on all levels. Based on received feedback, advisors collaborate to implement improvements that address employee concerns and demonstrate commitment to their well-being.

Engagement is an ongoing process, not a one-time event. Tailor approach to specific company culture and workforce demographics. Advisors facilitate workshops and surveys to understand existing vision, mission, values, and goals. Based on the assessment, advisors work to refine vision, mission, and values to ensure they are clear, inspiring, and achievable. Advisors recommend and implement feedback mechanisms like pulse surveys, suggestion boxes, and one-on-one meetings to encourage employee input on all levels. Based on received feedback, advisors collaborate to implement improvements that address employee concerns and demonstrate commitment to their well-being.

Business advisory is a game changer in every organisation. It gives every team member the opportunity to focus on their strengths and apply these strengthen to meeting deadlines, increasing productivity and staying committed to targets enduring they are achieved effortlessly

From my experience in advising businesses on growth and scaling, aligning a company's vision, mission, values, and goals with its actions and behaviors is crucial. It's not just about communicating strategies and plans, but also about creating a culture where employees feel valued and motivated. This alignment can significantly boost morale, performance, and retention, leading to a resilient and loyal team. In one instance, we helped a family business in Aerospace quadruple their business by fostering a culture of innovation and open communication.

In my experience, the entrepreneurial journey is filled with stories of triumphs and lessons learned. One story that stands out is of a business owner who was on the brink of burnout. By going through my tool "energizing your time as an entrepreneur", he not only reclaimed his personal freedom but also saw his business flourish. It's a reminder that resilience isn't just about the business itself but also about the well-being of its leaders. Always remember to take care of yourself, block some "ME TIME", as your health and mindset are critical components of your business's success.

Having an external help, cold-blooded yet empathic, will help resilience in 2 ways: 1) allow you a friendly shoulder to vent out and discuss problems 2) get insights and moral support.

Lastly, there are a few more things to consider. Business advisory services can also help you manage risks and navigate crises. Advisors can provide insights on market trends, regulatory changes, and potential threats, helping you prepare and adapt. They can also offer financial planning and management advice, ensuring your business remains stable and sustainable. Overall, their support can enhance your decision-making and strategic planning, making your business more resilient in the face of uncertainty.

A different perspective always seems to help as well. This typically helps the executive make decisions that lead to action. Often, because of the distance that the advisor has, they are able to see paths and actions that someone within the organization might miss or might not recognize the value in due to their proximity to the issue at hand.

Business Advisory services can help improve culture and employee engagement, which is super important for companies here in Portugal. They help align the company's vision with employees' actions, promoting a positive and inspiring work environment. For example, they can implement effective communication and performance recognition programs to motivate staff. Ultimately, this boosts employee morale, performance and retention, which is essential for long-term success.