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Getting Your Money's Worth from Your Business Advisors
Harvy Simkovits, CMC - Published in Boston Business Journal 5/21/99)

Companies often use what may seem to be an inordinate number of outside advisors, such as bankers, lawyers, accountants, insurance and investment brokers, notaries and consultants. No business can exist or succeed without many of these outside experts. In particular, small, independent business owners must judge if their advisors are to be employed appropriately and responsibly in their business, or regarded only as people to be used sparingly, or avoided all together.

Smaller businesses often cannot afford high priced advisors. As a result, they might settle for less than appropriate help in order to save money. Conversely, some outside experts can overcomplicate business situations rather than help to simplify them. Small-business owners, therefore, must become proficient in seeking, employing and appraising their outside professionals.

How do you evaluate such relationships? How do you know you are getting value and service for the price? To find out, list all your advisors and rate them accordingly to the following client-service criteria.

First, technical and content expertise is vital. Your advisors need to provide you with appropriate information, solve specific problems, make accurate diagnosis of your business or personal situation, and offer sound recommendations for improvement. Do your advisors understand your business needs and objectives? Do they offer appropriate information and suggestions? Are they able to offer objective solutions, or do they push their pet ideas, methods or programs?

Second, advisors must have process or implementation ability such that they can facilitate solution implementation, get involvement and agreement from all key company players, and ensure your learning for the future. In this regard, are your advisors effective in getting you and your organization to accept and adopt new ideas, methods, procedures, solutions, or recommendations? Are they able to help render what is on paper into reality? Do you know what to do after they leave? Do they leave behind something of lasting value by teaching you how to resolve similar problems for the future?

Third, advisors need to be proficient in building strong relationships and providing exceptional service. They accomplish this by giving you personal attention, being available when needed, anticipating your business or personal needs, and exceeding your personal expectations. Thus, are you getting your advice from the horse's mouth, or only dealing with assistants? Do your advisors treat you as special and unique? Are they around when you need them? Do they continue to impress you with their responsiveness over the long run?

Lastly, personal chemistry is also essential. Your advisors need to show personal interest and caring in you and your business, understand you and the world and the people you have to deal with, put you at ease with them, and build your trust and confidence. So, do you feel comfortable interacting with your advisors? Are you able to talk easily with them, as you would with a close friend? Do they understand, appreciate, and respect your strengths, vulnerabilities, and style?

Rate your advisors as to whether they meet, exceed, or fall short of your expectations. If you sense any uncertainty in any of these areas, then show them this article and have a earnest chat. If you are uncomfortable in doing that, then consider which is worse: talking frankly to your advisor, or having a relationship that is less than it should be.


Harvy Simkovits, CMC, President of Business Wisdom, works with owner managed companies to help them grow, prosper and continue on by offering innovative approaches to business development, company management, organization leadership and learning, and management education. He can be reached at 781-862-3983 or .

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