7 Impactful Benefits of Business Consulting
Let’s say you’re blown away by the talent on your team. They’re commendable and strong, and there’s nothing they cannot accomplish. But do they have consistently well-honed creative problem-solving skills? Do they innovate in the ever-evolving world of post-pandemic business? More importantly, can you even see their strengths and needs through an objective lens? This is where engaging with a business advisor can take your firm to the next level: inspiring your team to achieve new successes by not just setting clear goals, but also holding them accountable.
What Is a Business Advisor?
A business advisor offers consultancy from an outside perspective, leveraging experience and expertise you may not currently have on your team; helping you identify where your team is challenged, and then making changes to address those opportunities. Case in point: According to the International Federation of Accountants, the top advisory services accountant clients seek include assistance with revenue growth and business modeling (65 percent), budgeting (46 percent), and risk management (38 percent). The International Federation of Accountants & Medium Practices (SMP) Advisory Group further found that SMPs, while agile, flexible, and entrepreneurial, often are too afraid of getting out of their comfort zones and being proactive. In fact, many have issues keeping up with increased client demands and changes in regulations and standards. They need help making strategic decisions and managing teams to best evolve with the landscape. Today’s business advisors can assist with all this and more, including coronavirus-related services and wealth management practices (according to Accounting Today’s annual survey). If you could similarly use advice on your investments and operations, our real-world, on-the-job experience in founding, operating, managing, and growing successful hedge funds could give your firm the edge to succeed—whether you’re a hedge fund or a family office. A business advisor offers a fresh perspective from outside your team, as well as experiences that complement your own, as Business Matters Magazine notes—free from the demands of daily work and without a predisposition to “we’ve always done it this way.” (When you work with Arootah, for example, you tap into founder Rich Bello’s 30 years of experience as Co-Founder and COO of Blue Ridge Capital.) With that said, here are the…
Benefits of Using a Business Advisor
1. Increased Resourcefulness
An advisor enhances your resourcefulness, which can allow you to meet your goals. As a leader, you earn your keep by maximizing and expanding your extrinsic resources: time, money, and human capital. By not taking advantage of your resources, you’d be wasting your firm’s money and your team would be inefficient. An experienced business advisor will work with you to enable your team to work smarter, not harder while building collaborative working relationships across your organization. If you’re having trouble executing your goals, an advisor can also help you identify and overcome roadblocks in your plan. Advisors want you to succeed in whatever way matters most to you.
2. Stronger Decision-Making Skills
An advisor can help you strengthen your decision-making skills through structured weighing of your options and determining the most advantageous solutions. It’s not just about being decisive—decisive people can still make poor decisions. But an advisor can help you look past your inherent biases, uncover every possible solution to your problem, improve your judgment, and make you into a stronger leader. It’s all about clarity, criteria, and a comprehensive approach. Ultimately, the Arootah decision-making process enables you to make the best decision possible, given what you know at the time and anticipate about the future—which translates into smart leadership. An effective leader is one who can consistently make good decisions, no matter the situation.
3. A Sharper Competitive Edge
Discussing a problem or decision with an advisor helps you get an objective point of view on the facts. By working with an objective, third-party figure you can mitigate cognitive biases and stay focused on the big picture, and your peers in the industry—and, in turn, affect impactful and often surprising strategies. The most respected leaders are level-headed and open-minded to the way other firms operate. They eliminate biases (and emotion) from their leadership style by remaining open to what they don’t know. For example, if you’re always developing your business with the same colleagues who know what you know, you might be missing the white space in the market. Over time, your team can get sucked into “groupthink,” creating myopic leadership and decision-making.
4. Hedge Fund Life Cycle Support
Arootah Business Consulting propels your business forward by leveraging inimitable experience across the key areas of a firm: investments and operations. Our experienced industry innovators and thought leaders support you throughout the entire life cycle from startup to raising capital to ongoing operations and beyond. We can help navigate SEC and compliance issues with assurance, help ensure satisfied investors, and foster collaboration across functional areas. Whether you need assistance with portfolio management, data science, trading, research, or technology, we can support you at every step.
5. Family Offices With Longevity
Arootah Family Office Advisory supports the unsung heroes who drive the engine of all aspects of a family office, including philanthropy, business ventures, wealth preservation, and more. Our experience managing family offices offers you tools to help your clients navigate their three most valuable assets: time, money, and family.
6. Leadership That Rises
Arootah Leadership Training is designed by executives for executives, pulling from Rich Bello’s impactful career leading the successful hedge fund firm Blue Ridge Capital. Our industry experts coach high-achieving executives looking to take their leadership skills to the next level and harness group dynamics to build stronger, more productive, and resilient teams. Leadership training can help your team members learn better time management, decision making, goal setting, project planning, communication, accountability strategies, and more.
7. Remote Work Advisory That Connects
Arootah Remote Work Advisory audits company operations, offering strategies to leverage global opportunities, ensure security, and manage resources for an efficient remote work environment. We’ve helped leaders thrive through the precarious and unforeseen events of the last 25 years; in this post-COVID world, it’s less about minimizing that disruption and more about maximizing opportunity. Even when your team is remote, your firm can still successfully connect on a deeper level—which Arootah Remote Work Advisory services help facilitate.
The Bottom Line
While the talent on your team may be strong, engaging with a Business Advisor can empower your leaders to become more resourceful, decisive, and competitive. Arootah’s Business Consulting leverages 30 years of founder Rich Bello’s experience as Co-Founder and COO of Blue Ridge Capital. Our advisory services can impart the tools, policies, and procedures for a leader to proactively build a firm so stable, the only surprises that will emerge are from the markets, not from within. Interested in getting started? Schedule a 30-minute strategy call, and we’ll start providing you with solutions.
Sources:
https://bmmagazine.co.uk/business/importance-of-business-advisory-services/
https://www.accountingtoday.com/list/the-year-ahead-2021-for-accountants-in-numbers