When starting a new business, some owners may try to ‘wing it’, thinking they know all they need to know. However, seeking the appropriate professional advice can be fundamental to the successful outcome of a business.
Most of us have heard the phrase “Can I pick your brains?” and have likely heard it come out of our own mouths when talking to a friend, colleague or business associate with knowledge or experience of the area in which we are seeking assistance.
Whilst this can be helpful in providing some top level guidance, professional advice is so much more than that and often what you really need.
Professional advice can play a pivotal role in mitigating any potential legal or financial risks, and can ensure that you have the correct information at the outset, which is essential to your success and that of your business.
Professional advice can be defined as:
“Advice given by someone trained in a particular and relevant profession or job.” – Collins Dictionary
“Independent professional financial, legal and taxation advice.” – www.lawinsider.com
Obtaining professional advice can help to:
– answer important questions about your business choice or set up
– highlight and address any risks or liabilities
– develop smarter solutions to problems
– refine business ideas
– create a well-structured business plan
– narrow down goals and set out clear targets
– sharpen your decision-making
It is essential to choose an advisor to suit your circumstances. They should be well versed in the relevant area of expertise and as a result have the knowledgeable and understanding required to assist you.
Ensure they have the necessary qualifications and experience before you proceed and if you wish to discuss a specific issue or problem, find out whether they have prior experience dealing with such issues.
When seeking professional advice, you should speak with people who have the right expertise and consequently the knowledge and experience needed that meet your specific needs and objectives. This might include:
– A lawyer
– An accountant
– A tax advisor
– A VAT consultant
– A financial advisor
– A banker
– A business coach
– A business mentor
– Exploring options
– Providing guidance
– Enhancing skills, self-awareness and self-management
– Providing opportunities
Depending on your requirements, outcomes might include:
– Formal written advice
– Frameworks, processes or strategies to navigate situations
– Personal and professional development (knowledge)
At Sentient International, we work closely with clients and their advisors to identify and establish a tailored solution that is fit for purpose and yield results, complemented by a comprehensive range of statutory administration and back office support services at a level they require.