Has the day-to-day journey of managing your business taught you more valuable business lessons than any book, classroom or lecture ever could?
Entrepreneurs and business owners often seek guidance from advisors because they have plenty of passion, but are lacking business acumen. So how do you boost your business know-how? Do you invest in yourself through education and enrol in business school? Or do you invest in your business through advisory services that can turbocharge growth and boost your skills at the same time? With the average price of an MBA in Australia hovering around $57,000 (on-campus MBAs delivered at top universities will run you $100,000!) it might be worth considering the latter.
Let's explore how engaging in ongoing business advisory services can equip you with the skills and knowledge to successfully grow your business, in a far more effective and impactful way than doing an MBA or a business short course.
What is Business Advisory?
Broadly, business advisory services involve providing strategic advice and guidance to organisations, to help them make informed decisions and improve efficiency, profitability, and overall business performance. It can include everything from business planning, business structuring advice, cash flow forecasting, financial modelling and more.
For BlueRock and our clients, business advisory is all about optimising, speeding up, simplifying or restructuring their operations. From taking the mundane off their plate to injecting fresh perspectives and identifying opportunities for growth, we help business owners tackle challenges, set and smash ambitious business goals, and provide the tools they need to succeed in business.
So how does this compare to traditional business school education? Let’s explore the idea further.
Business Reporting Boosts Your Knowledge and Confidence
One of the key aspects of business advisory services is the focus on real-world business reporting. Good financial reporting includes in-depth analysis that compares your actual results to budgets, past results to present ones, and a range of important data from sales health to cash flow, all to enable better decision making.
But here’s where a good business advisor can have a lasting impact on you and your business. With ongoing business advisory, you’ll learn to dive into the ‘why’ behind the numbers and spot problems and opportunities early to turn insights into action. Instead of working on assignments with fictional business scenarios, you’ll be working with real numbers, gaining the knowledge and confidence to make crucial business decisions.
Expert Hands-On Business Advice vs. Academic and Theoretical Business Concepts
Business advisory services bridge the gap between entrepreneurs and experienced business owners. By working with trusted advisors who have practical experience, you can tap into the wisdom of those who've been in your shoes and address areas where you might lack expertise.
It's about leveraging the combination of expert advice and the tangible services that make up business advisory. With mundane tasks like reporting taken off your plate, and expert advice provided that is specific to your business, you’ll have the time and knowledge to make strategic business moves. Consider if that is more beneficial to you compared to learning about management theories and generic business case studies.
A Business Advisory Case Study: All Things Golden
Liv Coleman, BlueRock client and owner of All Things Golden, shares how as a business owner who invested in advisory, she was able to grow her business quickly and learn the skills to manage it successfully.
“Being the sole director and having started my business at a young age with limited prior experience in the workforce, I’ve had to essentially learn everything as I go. As my business has grown, I lean on BlueRock for expertise in a number of areas that would have otherwise taken me months to research and learn about.”
Read more about Liv’s business adventure and how BlueRock has been able to scale its services to meet the demands of her growing business and wealth.
Monthly Meetings to Discuss Your Business vs. Lectures and Tutorials
Imagine sitting down with business experts each month and discussing the 4 key pillars to business success, in the context of your business. Real education happens when you engage quality business advisory services and apply the advice to an actual business.
At BlueRock we call it Monthly Meetings . They typically follow the reporting pack and include action plans and agenda items. They provide a platform to review progress, address any uncompleted tasks, and hold yourself accountable. This ongoing interaction is vital, especially for businesses where time flies, and regular check-ins help ensure your growth stays on track.
It's like a journey of self-improvement as your business evolves, and you evolve with it, learning the intricacies of your successes and failures. The goal? To continually make those incremental improvements every month based on proactive advice specific to your business. You not only resolve problems but also gain the skill to spot them within your business, enhancing your ability to manage your enterprise efficiently.
It's not just about identifying problems though. It's also about seizing opportunities. Business advisory services can help you capitalise on competitive advantages, explore avenues for growth, invest strategically, and connect with the right people to execute your plans.
Joining a Network of Business Owners vs a Cohort of Students
While many of us miss our Uni days, for entrepreneurs, a unique benefit of engaging business advisory services is the opportunity to be part of an ecosystem and network of like-minded individuals. For example, BlueRock has over 7,000 SME clients and we regularly host events, webinars and share news from our network . This fosters collaboration, shared insights, and support, which isn't readily available in a traditional academic setting.
Learning by Doing, Not From a Textbook
The key difference lies in real-time help and learning while doing, rather than learning first and then applying it. A traditional course may take months or years to complete, but it's often only upon reflection that you realise its impact. With business advisory, you experience learning in the moment, and over time, the tangible results for your business become evident.
Invest in Yourself and Your Business
While you won’t get the piece of paper and graduation ceremony, investing in business advisory is still an investment in yourself. It's about gaining the knowledge and skills to identify opportunities and challenges, manage issues effectively, and grow your business. Just as you read books and exercise to improve yourself, investing in a business advisor can be a game-changer in your long-term success as a business owner.
The decision between business advisory services and traditional business education is a pivotal one for business owners. The benefits of ongoing support, real-world application, and access to a network of advisors and entrepreneurs can make business advisory services a compelling choice.
If you're looking for tangible results, continuous growth, and a supportive community, business advisory services might be the investment that propels your business to new heights. Get in touch with our business advisory accountants to learn more.
