IMCNE ResourceLink - Getting Your Money's Worth from Your Business Advisors

Institute of Management Consultants • New England Chapter

Provided by:

Harvy Simkovits, CMC
President
Innovative Management
Solutions
4 Angier Road
Lexington, MA 02420
(781) 862-3983
www.Business-
Wisdom.com

Getting Your Money's Worth From Your Business Advisors

by Harvy Simkovits, CMC

(Versions of this article have been published in Boston Chamber Perspectives, SBANE Enterprise and NEWBO Contact newsletters)

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. Independent business owners in particular must judge if their advisors are responsible stakeholders 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 and employing 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:

A. Technical or Content Expertise

providing appropriate information,
solving specific problems,
making accurate diagnosis of a business or personal situation,
offering 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/programs?

B. Process or Implementation Ability

facilitating the implementation of solutions,
getting involvement and agreement from all key players,
ensuring client learning for the future.

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?

C. Relationship or Service Proficiency

giving personal attention,
being available when needed,
anticipating your business & personal needs,
exceeding your personal expectations.

Are you getting advise 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?

D. Personal Chemistry

showing personal interest and caring,
understanding you and the world & people you have to deal with,
putting you at ease with them,
building your trust and confidence.

Do you feel comfortable interacting with your advisor? 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 serious 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, a Certified Management Consultant, is the principal of his two Boston-based firms, Innovative Management Systems and Innovative Learning Systems. Harvy helps independent businesses both in the USA and Canada to build sound management practices and develop capable management for growth, sustainability and prosperity. You can contact Harvy at 781-862-3983 or on line at .

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