How much do small business advisors cost in 2023?
The average cost of a small business advisor can vary, from $500 to upwards of $10,000 a month. The price ultimately comes down to experience, the services they provide, and how often you meet with them.
In this blog, we’re going to take you through the A to Z of hiring a small business advisor for your company: what they do, whether or not you need one, and how much you can expect to pay.
Let’s dive in.
What is a small business advisor?
A small business advisor is like a coach for entrepreneurs. They help small business owners navigate the ins and outs of running a business. They can help with creating a plan to grow the business, managing finances, forecasting growth, promoting the business, and making sure the day-to-day operations run smoothly.
Think of them as a personal guide for small business success.
What are the different types of small business advisors?
As mentioned, you can find small business advisors to help with various areas of your business, such as finances, marketing, and operations.
For example, here at ZenStrategies by E.A. Loxley, we specialize in the financial aspect of growing and scaling small businesses.
We can help with creating a budget, managing cash flow, forecasting how much money the business will make in the future, and even figuring out the best tax strategy.
We also help you decide on the best type of funding and evaluate any investment opportunities that come up. We work directly with you (the business owner) to find ways to save money and increase revenue.
Additionally, we can create financial projections and business plans which are required for loans, investors, and other financial transactions.
Ultimately, we’re here to help small business owners make smart financial decisions and create a plan to achieve their financial goals. Whether that’s expanding your business or exiting, we’re here to give you a strategic roadmap of how it can happen.
When should you hire a small business advisor?
There is no specific time when you should consider hiring a small business advisor, as business advisors help with many different scenarios and situations.
For instance, you might want to think about hiring a small business advisor when:
- You’re just starting out and need help getting your finances in order.
- You’re facing money troubles and need help figuring out how to turn things around.
- You’re planning to expand and want to make sure you have the staffing to support it.
- You’re getting ready for a big financial move, such as a loan or selling the business.
- You just want to make sure you’re managing your money the best way you can.
Basically, if you want to make smarter financial decisions and have a plan for achieving your long-term business goals, you should consider hiring a small business advisor.
How much do small business advisors cost in 2023?
The cost of hiring a small business advisor can vary depending on the specific advisor and the services they provide.
In 2023, small business advisors cost anywhere from $500 to over $10,000 per month.
Some small business advisors charge a flat monthly fee, while others may charge by the hour (we don’t recommend!). Some advisors may even charge a percentage of the assets they manage.
It’s important to remember that the cost of hiring a small business advisor should be looked at in relation to the benefits they can provide. A good small business advisor can help a business save money, increase revenue, and achieve their financial goals. So, while it might cost money to hire an advisor, it can be well worth it in the long run.
It’s always best to ask yourself a few questions before hiring a small business advisor:
- How well do I get along with this person or team? Will I feel comfortable calling them to ask them advice? And will they explain it to me in a way that I understand?
- What are their credentials? What do their Google reviews say?
- Do they have experience working with similar businesses to yours?
- How often will you be able to communicate with them?
An experienced small business advisor (who isn’t looking to rip you off) should offer a complimentary introductory meeting to get to know you and your business, and provide guidance on the best next steps.
Where can I hire a small business advisor?
Since you’re reading this blog, it’s probably a great idea to have a chat with us as small business advisory is a large part of what we do at ZenStrategies by E.A. Loxley.
In fact, we’ve been doing it for over 20 years!
You can book a complimentary call with one of our team members by filling out our easy online form.
We’ll be happy to have a non-pushy chat (no sales involved!) to give you quick advice on the best direction for your business.
If it’s not a good fit, we’ll let you know why and part as friends.
Otherwise, we recommend asking around – your peers may already be working with a small business advisor they recommend.
Alternatively, many professional associations, such as the Small Business Administration (SBA) or the National Association of Small Business Owners (NASBO), have directories of advisors who specialize in working with small businesses.
Until next time!