• Reuben Bergola

Understanding Business Advisory and Its Services

Updated: Dec 3, 2021

Business Advisory is the process of reporting on performance and advising on strategic plans, succession plans and risk assessment.


With the help of a business adviser, you can be aware of potential risks, threats and opportunities related to your business.


This article will focus on a more in-depth understanding of business advisory in Australia and its features.


The Role of the Business Adviser in Australia


A business adviser acts in an advisory capacity, using their knowledge and experience to provide advice to a range of clients in various industries.


Business advisers are engaged in various industries, most of them working with medium-sized and large corporations. However, business advisers in Australia are also expected to provide business advisory services to sole traders, small businesses and government organisations.


As a business adviser, it is essential to have a blend of general business knowledge, industry knowledge and financial knowledge. This knowledge is vital in helping the business adviser develop strategic business plans and provide sound advice to clients.


Business advisory involves working with a range of organisations to develop strategies, plans and tactics to improve the organisation's performance. As a result, business advisory often consists of the utilisation of a range of skills.


Here is a list of skills that a business adviser may need to provide business advisory services in Australia:


  • Accounting Skills

  • Business English

  • Communication Skills

  • Computer Skills (MS Office, Excel)

  • Financial Analysis Skills

  • Government Laws and Regulations

  • Industry Knowledge

  • Legal Skills

  • Meeting Management Skills

  • Organisational Skills

  • Presentation Skills

  • Public Relations

  • Strategic Planning

  • Team Management Skills

  • Training Skills


The Main Services Included in Business Advisory


Beginning with a thorough understanding of the organisation's goals, an effective business advisory service will help an organisation develop strategies and plans to identify and manage risks, understand and develop strategic options, implement a plan, manage the results and measure the plan’s success.


Here are its primary focuses:


  1. Business advisory can help organisations identify and manage risks, understand and develop strategic options, implement a plan and manage the results of the plan.

  2. Business advisory helps an organisation define its strategic goals and identify the most appropriate methods to achieve those goals. Business advisory advice can help an organisation plan and implement strategies to manage change, identify potential issues and find solutions. Essentially, it contributes a great deal to the success of an organisation.

  3. Business advisory provides a comprehensive understanding of an organisation's internal environment, external environment and stakeholder relationships. Business advisory can help organisations develop a strategic plan based on their specific needs and goals.

  4. Business advisory involves the development of strategic plans to help organisations achieve their vision, mission and goals.

  5. A business adviser may help their clients develop organisational policies or strategic plans or help their clients develop marketing strategies.

  6. As a business adviser, it is essential to help clients develop a sound business plan that outlines a way forward for the organisation.


Conclusion


From the above, it can be seen that business advisory should contribute a great deal to the success of an organisation. Business advisory is a process to assist organisations in achieving their aims and objectives.


At New Wave Accounting, we provide end-to-end accounting and bookkeeping services that help scale and grow businesses. We understand small businesses and have worked with over 600 businesses in several industries. This has allowed our Gold Coast Accountants to understand each industry and create tailored solutions for our clients. So, if you’re looking for a business accountant on the Gold Coast, we’re here to help! Get in touch with us today!



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