Where Should You Look For Long Term Business Advice

Article by Harry Pearce

With the recent financial crisis going from bad to worse, small business need to look at long term plans to weather this financial storm. Having short term plans is fine, but short term plans can have serious consequences for the future growth of a business. As an example, a short term business plan would increase international sales in to new markets however, what if those countries turn in to another Greece or Italy.

A much better long term plan is to spread your business into as many countries, preferably rising markets such as China, India and Brazil, do not place all your eggs in one basket. The years ahead are going to be unstable and have lots of dips and peaks. Business advice companies should be identifying ways your company can supply international markets during the deflation of the Dollar, Euro and Pound but also to keep these contracts when currencies return to pre 2005 exchange rates.

When looking for business advice always make sure the person advising you has a long term and short term plan. Business advice companies must be able to deal with sudden changes in the market and long term market trends. To gauge the competence of an advice company, I would personally give them a hypothetical 10 year market forecast and ask them what advice you would get over those 10 years. You should always ask for a profile of the companies previous clients over a period of 5-10 years and contact their clients for impartial reports on the business advice.

Do not always just except the client reports from one company, if possible get reports from business in your market area and aim for at least 5. A little bit of research can go a long way to assessing the advice services and knowledge of a particular market. Business advice coaches and companies normal specialise in particular industry, therefore look for industry knowledge and a real day to day understanding of your business area. Do not expect the advice companies to understand everything but they should at least be aware of most areas of your business, especially any potential legal changes in the future. For example changes to health and safety, work conditions etc

Normally industry specialised companies will have employees that have worked in that industry. If so ask to speak to those individuals and assess their understanding, by testing the knowledge of the companies experts you can get a feel for the level of advice you can expect. Other potential bonuses of specialist companies are free business connections that should be relevant and helpful for your business. Through the business connection you should be introduced to potential clients or suppliers in your particular market area.