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What steps can you take to develop a business advisory practice?

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If you are a business services professional who wants to expand your skills and offer more value to your clients, developing a business advisory practice might be a rewarding option. Business advisory is a broad term that covers various services that help businesses improve their performance, solve problems, and achieve their goals. Business advisors can specialize in areas such as strategy, finance, marketing, operations, risk, compliance, or technology. In this article, we will explore some steps that you can take to develop a business advisory practice and grow your career.

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1 Assess your strengths and gaps

The first step to developing a business advisory practice is to assess your current skills, knowledge, and experience in relation to the services that you want to offer. You can use a self-assessment tool, such as the Business Advisory Competency Framework, to identify your strengths and gaps in different domains of business advisory. This will help you determine your areas of expertise, as well as the areas where you need to improve or learn new skills.

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Nikolas Tsokas

??A Results-Driven Director | Leading Transformations | Driving Operational Excellence in 3-d secure/ Payments/ FIs | Agile & Waterfall Maestro | MBA, M.Ed, B.Eng, PMP?, IPMA?, PSM II?
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Identify your strengths, skills, and expertise, by understanding which areas of business you're knowledgeable about and where you can offer valuable advice. By conducting an honest self-assessment and then to pinpoint the specific areas within business advisory services where you excel. You should also recall past projects, challenges, and successes, along with any feedback or compliments you've received from past clients or colleagues. Also, to understand the industries or sectors you have experience in or are passionate about and use or cultivate skills like communication, empathy, problem-solving, and leadership. This self-assessment process will be the foundation upon which you build your service offerings and make you stand out!

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2 Define your niche and value proposition

The next step is to define your niche and value proposition as a business advisor. A niche is a specific segment of the market that you want to target, based on factors such as industry, size, location, or problem. A value proposition is a statement that summarizes how you can help your niche solve their problems and achieve their goals, and what makes you different from other advisors. You can use a tool, such as the Value Proposition Canvas, to craft your value proposition based on your niche's needs, pains, and gains.

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3 Develop your service offerings and pricing

The third step is to develop your service offerings and pricing as a business advisor. A service offering is a description of what you do, how you do it, and what results you deliver for your clients. You can use a tool, such as the Business Model Canvas, to design your service offerings based on your value proposition, resources, channels, partners, and costs. Pricing is the amount of money that you charge for your services, based on factors such as value, demand, competition, and expenses. You can use a tool, such as the Pricing Strategy Matrix, to choose a pricing strategy that aligns with your goals and market position.

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Nikolas Tsokas

??A Results-Driven Director | Leading Transformations | Driving Operational Excellence in 3-d secure/ Payments/ FIs | Agile & Waterfall Maestro | MBA, M.Ed, B.Eng, PMP?, IPMA?, PSM II?
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Pricing can evolve as your business grows and as you gain more insight into client needs and market dynamics. Regularly you should review and adjust your service offerings and pricing strategy to stay competitive and aligned with your clients' expectations. You should better offer value-based advisory services, bearing in mind your costs (time, resources, overheads), analyzing the competition and if possible to offer different service packages at various price points.

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4 Market your business advisory practice

The fourth step is to market your business advisory practice and attract potential clients. Marketing is the process of communicating your value proposition and service offerings to your niche, and convincing them to hire you. You can use a tool, such as the Marketing Mix, to plan and execute your marketing activities based on your product, price, place, and promotion. Some examples of marketing activities are creating a website, building a portfolio, networking, blogging, social media, email marketing, webinars, or referrals.

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5 Deliver your business advisory services

The fifth step is to deliver your business advisory services and satisfy your clients. Delivering your services is the process of performing the tasks and activities that you agreed to do for your clients, and producing the outcomes and outputs that you promised. You can use a tool, such as the Project Management Cycle, to manage and monitor your service delivery based on your scope, time, cost, quality, and risk. Some examples of service delivery activities are conducting assessments, analysis, research, workshops, reports, presentations, or recommendations.

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6 Evaluate and improve your business advisory practice

The sixth and final step is to evaluate and improve your business advisory practice and grow your reputation. Evaluating your practice is the process of measuring and reviewing your performance, results, and feedback from your clients, and identifying your strengths and weaknesses. You can use a tool, such as the Balanced Scorecard, to evaluate your practice based on your financial, customer, internal, and learning perspectives. Improving your practice is the process of implementing actions and changes that will enhance your skills, knowledge, service quality, client satisfaction, and profitability. You can use a tool, such as the Plan-Do-Check-Act Cycle, to improve your practice based on your plan, action, check, and adjustment.

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Nikolas Tsokas

??A Results-Driven Director | Leading Transformations | Driving Operational Excellence in 3-d secure/ Payments/ FIs | Agile & Waterfall Maestro | MBA, M.Ed, B.Eng, PMP?, IPMA?, PSM II?
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My preferred way to improve a business advisory practice, is by periodically reflect on my performance. Mening to review past projects, client interactions, and the impact of my advice. Assess what worked well, what could be improved, and where there are opportunities for growth. Also to periodically assess business operations. Identify inefficiencies, bottlenecks, or areas where improvements can be made. Another way is to stay updated as much as possible, with industry trends, new tools, and methodologies and thus to engage in continuous learning through seminars, workshops, certifications, or online courses.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Joshua Ngeresa MBA FCCA

Finance Business Partner | Chartered Certified Accountant | ACCA Health Sector Panel Member
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Interrogate your motivation? What’s driving you?. If delivering service is your motivation, you will do well. Everything else stems from this

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What steps can you take to develop a business advisory practice?

1

2

3

4

5

6

7

1 Assess your strengths and gaps

2 Define your niche and value proposition

3 Develop your service offerings and pricing

4 Market your business advisory practice

5 Deliver your business advisory services

6 Evaluate and improve your business advisory practice

7 Here’s what else to consider

Business Services

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What steps can you take to develop a business advisory practice?

1

2

3

4

5

6

7

1 Assess your strengths and gaps

2 Define your niche and value proposition

3 Develop your service offerings and pricing

4 Market your business advisory practice

5 Deliver your business advisory services

6 Evaluate and improve your business advisory practice

7 Here’s what else to consider

Business Services

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