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We all know that the double-edged sword of Brexit and the pandemic has led many to despair – but for small businesses, the very real fear of collapse is evident and very troubling.

The fact is small businesses are being failed. They face blow after blow with increasing energy prices, rocketing inflation, disruption, and delay to supply lines and international trade creating catastrophic consequences on revenue. Moreover, they cannot get the staff. The crippling skills shortage affects businesses across the board, but smaller firms are often not in the financial position to promise higher salaries or perks that giant corporations can lure applicants with. At the same time small business owners are facing pressure from supplier price increases, squeezed margins and lower income, the cost of living rising.

Likewise, small businesses lose out again when it comes to accessing capital, unable to borrow what and when they need or exercise the capacity to take risks in the way that large corporations can. With this cloud of pressures forming over small businesses, it is little wonder that there is a huge toll on the mental health of owners and their teams.

Don’t walk the path alone

Business owners and leaders carry a heavy burden, accountability for a company’s success or failure. Therefore, many business leaders believe it is very lonely at the top, what many business leaders do not realise is that they do not have to walk that path alone.

Sensible people would not embark on a long journey without a solid plan. Also, they should not make important and far-reaching business decisions without seeking some good advice beforehand.

That is precisely why many smart business leaders seek counsel from a trusted resource—a business adviser (or advisory board). While these advisers have no authority to vote on matters (like a Board of Directors), nor do they have any legal or fiduciary responsibility, their expertise and experience can bring valuable insight to the decision-making process and provide company leaders with sound advice to solve business challenges or reach new goals.

Why Business Leaders Need Advisers

If you lead a business, you are already aware that it comes with its fair share of challenges.

Your time is limited

Running your business is already a full-time job, with little time remaining for diligent research on strategic decisions – the very things that matter the most.

It is hard to have all the answers

You have important questions about business strategy, market opportunities, operational challenges, the competitive landscape, personnel decisions and more – all made even more difficult during a pandemic, broken supply chains and now armed conflict.

It can be lonely at the top

In many instances you have no decision-making peers within the business with whom you can discuss ideas, strategise plans, and make important business decisions.

The best business leaders frequently rely on help from a business adviser, these experienced people can function as a confidant, fill gaps in knowledge, and provide sound advice on solving problems and achieving business goals.

If you are unfamiliar with the concept of a business adviser, below are examples of what a good business adviser can offer:

1. Advice and guidance for strategic planning

Whatever your business is struggling with, seeking to capitalise on a market opportunity, operational bottlenecks, and supply chain issues, or just looking to be more profitable, a wise business adviser can help you plan your strategy and think through the minefield of details. They can also bring to your business the expertise to help avoid the risks and pitfalls of altering your business direction or changes in supply chain, production, or manufacturing.

They can also help you determine market opportunities, decide on the best course of action with individual challenges, and help create a roadmap to achieve your growth plans.

2. Assistance in clarifying an idea or business plan

If you are the leader of a start-up or a business founder. You have what you believe to be a great idea, sales plan or get to market strategy. The opportunities seem endless. But who is there to sharpen your idea, tempering your enthusiasm or bring a dose of reality to the table? A good adviser can fulfil this role.

3. Operational, Manufacturing and Supply Chain constraints.

If your business is struggling to meet customer expectations due to operational issues or you company has grown very quickly, it can be hard to keep track of all the moving parts. Someone who has run operations in the past can be in valuable in creating a solid plan.

4. Valuable feedback and recommendations

An adviser can provide essential insight as you seek to grow your company, enter new markets, create new sales and marketing plans, and take on the right people to enable you to succeed. If your business has taken a backward step during the recent crises, a shrewd adviser can offer advice on the best ways to enable your businesses recovery with the fewest risks.

5. The Honest Truth

An adviser is not a yes person in disguise. Because an adviser does not make their living working for the business, they are not afraid to disagree with leadership, ask critical questions, challenge the business model, or find holes in your strategies. They must have the best interests of the company in mind. Therefore, their top priority is to provide honest answers, even if this is not what the leadership wants to hear. This can avoid painful and costly mistakes.

6. Access to capital and finance skills

There are many different faces to finance, from managing cash flows, to securing banking relationships to raising capital. An adviser will not seek investments for you, but they often know what investors are seeking and how to prepare for successful conversations. They know how to raise money, how to talk to investors bankers, or know of funding sources you may not have considered before.

7. Credibility

If your business is a start-up, an adviser can lend credibility, which can help you attract outside funding, collaborative partnerships, and new customers.

8. Crisis Management

In times of crisis, it is helpful to have someone around who knows how to deal with the crisis, or how to stop a crisis growing out of control.

9. The Bottom Line

The current economic, supply chain and political situations are causing businesses to evaluate their vision and strategic roadmaps. When you are leading a business, you do not always know what you do not know. Not every leader has the skill set, expertise, or confidence to make all the right decisions, at the correct time, on their own.

For all the good a business adviser can bring, there are really no downsides. They can help you make decisions and avoid costly mistakes. They bring the insight you need, when you want it, plus there is no long-term commitment to keep your adviser around forever. You can bring in a business adviser during key seasons or transition points, then leverage your internal team to execute on the strategy.

Whatever business challenges you may be facing, an experienced business adviser may prove to be one of the most valuable resources to have on your team and indispensable advocate for your success.