SMEs

Advisors provide value in lots of different ways and wear different hats at different times. The advisor’s role is not just about addressing problems but also about understanding the client’s goals, providing direction, and formalising plans. In practice, we often fill gaps in a business’s senior team, such as a financial director, on a non-permanent, part-time, basis.

When we’re acting in a business advisory role, we go beyond just dealing with the numbers – although we do think they’re brilliant for facilitating conversations. It’s really important to understand what the numbers actually mean for the business, and taking an analytic approach is great for identifying and addressing challenges. The focus, however, is always on planning for the future, helping the business grow, and determining what needs to be invested in to reach the next step

One of the biggest challenges we face is when actions that have been agreed on aren’t implemented between meetings. This can be frustrating, but it also facilitates bigger conversations about the business’s priorities. If actions aren’t taken, it often signals there’s another issue at play. Another challenge we regularly come up against is when clients focus on easy wins rather than long-term goals. Part of the advisor’s role is to help clients focus on what their priorities are and why they’re priorities – even if it takes them out of their comfort zone.

Whether a client has previous experience or not, their journey with us typically begins with a strategy day. This is a session where the business owners, and leaders, step away from the day-to-day operations to focus on their vision for the business over a three to five-year timeframe. The aim is to nail down the direction the business should take and what the end vision should look like. This involves discussing high-level matters rather than getting into the nitty-gritty details.

After the strategy day, the focus shifts to how the agreed vision will be achieved. This could involve monthly board meetings or recap sessions, or quarterly reviews, depending on what works best for the business. The business owners will be held accountable for delivering the vision, and plans will be put in place for individual projects, usually over a three-to-five-year timeframe. The frequency of these sessions and the nature of the projects will depend on the business and its specific needs.

The vision from the strategy day is broken down into separate pillars, such as finance, people, operations, marketing, and technology. Each pillar is then broken down into individual projects that the business needs to put in place to achieve the end goal. These projects need to be well thought out in terms of time, energy, headspace, and resources. The next step is a prioritisation session to determine what happens in the next year, two years, and three years. Accountability is also established, determining who will own each of these projects. It’s important to spread out the responsibility among the business owners based on their skill sets.

Success might look different for each individual, depending on what they want out of the advisory process. For some, success might mean spending less time in the business and more time with family. For others, it might mean maximising the value of their business in preparation for a sale. 

Numbers play a crucial role, especially if the client’s objective is to make the business as valuable as possible. This could involve looking at EBITDA, multiples, revenue generation, and other financial metrics. These are typically tracked through monthly figures and the bottom line to see if the business is moving in the right direction. At the same time, it’s important to address other areas of the business as well, such as people and operations, as these are just as important as the financial aspect. 

In terms of defining our own success, we often rely on client feedback for that. If our clients are less stressed, happier with the state of their business, and feel as though they’re accomplishing their goals, we take that as a win!

Business advisory services can benefit businesses of any size, from owner-managed businesses to large growing companies. At Wilson Partners, our advisory services can benefit businesses that don’t have a full board in place, where we can act as non-executive directors on a non-permanent basis, providing guidance and accountability to help businesses reach their goals and also with larger businesses, where we can work with a group of directors, both together and individually to help reach the business’ goals.

No. At Wilson Partners, we can bring several advantages to the table that we think make us stand out, and our clients seem to agree. We’re accessible and flexible, allowing us to adapt our support to your business’s needs as it grows. We can almost always be in place quicker than a full-time hire, and without the commitment of an employment contract. We also bring a wealth of experience from working with different types of businesses. Finally, we can provide specialist advice in areas such as tax or mergers and acquisitions, because we have whole teams of specialists sitting in the background, ready when we call on them.

Yes! We can guide your business through the process from the very beginning. This includes the initial strategy day, regular advisory meetings, and ultimately, the exit.