Here at Khensu our Vision statement is “To make it as normal to have access to a Business Adviser as to an Accountant”.
And if we intend to do that by building honest, open, relationships with business leaders, we need to have honest, open, conversations.
So, jumping on to the on-going curiosity and conversation around ChatGPT, I thought I’d ask it for 5 reasons NOT to use a Business Adviser.
And this is its response:
“5 reasons not to use a business adviser.
So, while business advisers can provide valuable insight and guidance, they can also come with a number of drawbacks. Some of the reasons not to use a business adviser include cost, conflicting advice, lack of control, limited expertise, and limited accountability. Ultimately, it is up to you to weigh the pros and cons and decide whether hiring a business adviser is the right decision for your business.”
What is coming next is obviously going to be my rebuff of ChatGPT’s findings. In doing so I’d expect that a business owner / business leader will have considered, at least some of, these themselves, but probably not all of them. So, if I’ve awakened additional red flags, I’ve made extra work for myself.
Except I haven’t.
Even if these blocks weren’t forefront in your mind, somewhere along the relationship, they would have popped up and potentially become very large elephants if they weren’t discussed openly. So, let’s have that conversation now and deflate the elephants:
The obvious one is Cost, and the one that a business leader will first think of when considering an adviser. Somehow there is this perception that bringing in professional advice is a loss. OK, when we bring out the old adage that ‘a consultant is someone who borrows your watch, tells you the time and then charges you for it’, I suspect that many business leaders feel that bringing in an adviser somehow suggests some reproach on the leader, that they don’t know it all.
Firstly, no-one knows it all, and secondly, if that logic is taken a step further, then you could ask why your own clients use you and don’t do the job themselves.
The answer is that you have expertise that adds value. And that is ultimately what any business is about, it is adding value. Essentially a client has to feel that they are better off for the transaction, the relationship. You’d pay for a piece of machinery if it saved you money in the long run. At Khensu we are committed to building long-term relationships, friendships even. We’d be horrified to be considered as purely a transactional relationship. And we’d definitely expect to be seen as adding value, value for money – in exactly the same way as you expect your accountant to save you money.
“Lack of control” Somewhere on the web, there must be articles that suggest you’d lose control of the business when bringing in a business adviser, otherwise ChatGPT wouldn’t have come up with it. However, that simply is not correct. At no point would you be handing control to a business adviser. How the relationship develops is up to you, but it is advice that is being provided, not a takeover. What may be the issue though is trust. For a business adviser to be effective, they need to understand where the business is financially and about relationships and about threats to the business. Not on Day 1, but as the relationship develops. However you remain in control of that process, and we’ll discuss that a bit later. The same will apply with your accountant,
“Conflicting Advice; different business advisers may not have expertise in all areas of business”. NO business adviser will have expertise in all areas of business, and beware of anyone who says otherwise…. Yes, the same as each accountant, business advisers will have different experience and expertise. Within Khensu we have a wide range of advisers and we’ll match you with the ones that have skills in the areas you are looking to tackle. Ultimately though, the success of the relationship will also have a lot to do with personalities and whether you build up relationships and have affinity for each other. Because of the way Khensu works, your adviser will not pretend to have expertise when they don’t and will refer to a colleague who has that specific knowledge where needed. If you do feel uncomfortable with the advice you are being given, have an independent chat with our central team. The relationship has to be two-way, you have to feel you can work with the adviser, and the adviser has to feel they can work with you. There will have to be a level of trust and openness and a mutual desire to deliver the best for the business.
“Limited expertise”. I’m very tempted to lump that one with the “Conflicting Advice” one, ChatGPT is really trying hard…
There are some business advisers within Khensu who have particular specialist experience, others who have walked-the-walk in many different industries and sectors. Very often it is exactly the broad base of experience that brings in fresh ideas, new ways of looking at a problem, innovative opportunities, that haven’t been considered previously. I’d even suggest this applied when considering hiring new staff; celebrate differences and the novel. A business adviser will be able to pick up the way your industry works quickly, if given the opportunity. If there is a specific need for a sector specialist, our experience base will bring in someone with that expertise.
And the last one; “limited Accountability”. Ultimately, no, a business adviser isn’t accountable for the success or failure of your business – and I don’t think you’d expect that even if ChatGPT does. Having said that, a business adviser is accountable for their actions, and all Khensu advisers have their own professional indemnity insurance. Ultimately, we all know we live in a risk-adverse environment, which can hinder open relationships, but the relationship you develop with an adviser should allow you to discuss the risks of decisions and avenues taken and to put some likelihood on them in a way that allows you to retain control of them.