What are the advantages of seeking independent advice?

New Zealand had 528,170 registered enterprises in 2017, employing 2.2 million people in 563,300 locations across the country, Stats NZ reports. The number of organisations is growing each year (up 2.3 per cent from 2016), and reflects New Zealand's strong economy and excellent conditions in which to conduct business.

One way businesses in New Zealand can continue their success is to seek quality, independent advice to help owners achieve their goals.

What are the advantages of hiring a business adviser?

1) Independent advisers can see the bigger picture

You've grown your business from an idea into a reality. It's been a struggle, but it's totally worth it for what you have now. Your emotional involvement is what drives you, but it can also mean it's harder to see the bigger picture when making important business decisions.

That's why independent advisers are so essential. They can take a bird's-eye, independent view of your business, working out what the best path is without being too emotionally involved. This will enable you to make better business decisions, no matter how hard they may be.

2) They help find ways of making your business more efficient

It's not surprising that business owners get caught up in the nitty-gritty of running their enterprise. The Ministry of Business, Innovation and Employment found that, in 2017, 70 per cent of enterprises had zero employees, leaving a lot of tasks down to the owners to deal with.

Being so involved in the day-to-day running of your organisation means you have little time to work on improving your company overall. Independent advisers can find ways of increasing the efficiency of your business, meaning you'll have more time to work on what's important.

For example, they may help you to streamline your financial reporting through setting up accounting technology, or they could assist you in figuring out what your KPIs should be. Whatever it might be, advisers help improve the day-to-day running of your business so you can focus on what matters - achieving your goals.

3) They have a wealth of industry knowledge

Your business adviser will have a wealth of expert knowledge. They'll have seen similar situations and know what courses of action worked well for other organisations, experience they will then be able to tailor to your own business.

At BDO New Zealand, we know how much more successful organisations can be when they seek independent advice. That's why we've created BDODrive, a tailored service that brings together our full range of business advisory offerings and tools.

For more information on how we can help you achieve your business goals, contact us today.