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Business Advisory Services – How Important Are They?
Business advisory services focus, on long-term strategic plans; With the intent of increasing financial success and, overall competency within the market. Having an advisory firm by your side can help businesses and corporations, to see new strategies from different perspectives. Whether it be company structure, increasing bottom-line efficiency, or hiring and personnel decisions; Advising services can definitely help you, to understand what will maximize your chance for success.
So, is it really that important? At Sousou Partners, we believe it is. Running and managing a successful business in a normal world is hard enough. What happens when you add a worldwide pandemic that has caused thousands of businesses to shut down, and even more people to be without jobs in the last year and a half? It gets even harder. Therefore, the importance of advisory is more crucial than ever.
COVID-19 and Current Busines Trends for 2021.
Nobody knew how difficult it would be to manage a successful business, during a worldwide pandemic; Mainly because it truly has never happened before. In one sense, everyone has been put on a level playing field. On the other hand, it’s almost impossible to know right decisions from wrong decisions; For instance, how COVID-19 is going to impact the long-term implications of those decisions. Here are some pretty incredible stats/opinions on how COVID-19 has affected businesses and the recovery process.
Recovering, and most importantly, the future days!
Hybrid Workplaces (Remote v. In-Office). Most people experienced the shift from being in an office every day; To working solely from home, using digital platforms and video tools to collaborate on projects. Of a handful of businesses surveyed, most do not have a detailed vision in place for hybrid work environments.
The Importance of Communication. Of those same businesses surveyed, firms with clear communication efforts, are seeing benefits to employees’ performance.
Consumer Confidence is Back. After over a year of limited capacity seating in restaurants, the absence of social events like concerts and sports games, and the government suggestion of people to stay in their homes, consumers are back now with a vengeance (especially younger generations). As we see, the world starts to open back up in 2021; Above all, consumer confidence will give the economy the boost that it needs.
It’s obvious that a lot is changing – inside and outside of the business; As we start to recover from the effects of COVID-19. At Sousou Partners, we are eager to be a part of our client’s success, when it comes to learning and growing from all we learned during the COVID-19 pandemic.
At Sousou Partners, we have global experience in advising and consulting businesses and corporations in a variety of ways. Because of this experience, we have a wide network of relationships and a wide reach with businesses internationally. This benefits our clients because experience and, expertise is the crucial keys. Furthermore, when it comes to helping businesses find their best path to success.
What activities are included in advisory services?
Market Entry Strategy. At Sousou Partners, we understand the dynamics and technicalities involved in moving into new global markets. We have 20 years of experience working with clients moving into or creating new markets, and have been at the forefront of helping many businesses build out global real asset platforms and talent pools.
Platform Introduction. Because of our global connections, we allow ourselves opportunities to put potential buyers and sellers together and facilitate introductions between businesses looking to restructure, refocus, build out teams or boards, and acquire funds.
Capital Introductions. A lot like platform introductions, we are able to connect firms with individual investors, fund operators, or institutions that may be looking to place liquidity. Again, global experience and international expertise help us to serve our clients better than other firms.
Worth Reading References and Articles, regarding the Advisory Industry.
In 2021, there are several trends that are emerging for businesses. A study was recently conducted by McKinsey & Company on the effects of the pandemic on people from diverse backgrounds. It indicated that just one out of six people belonging to these groups felt that they received more support from their employer during COVID-19 than they did earlier. This is suggestive of the fact that businesses can offer more incentives to underrepresented groups at work.
In addition, the rise in digitization has led to innovation and the growth of a new generation of entrepreneurs working to provide services. The delivery industry, for instance, witnessed a huge rise in demand to cater to the needs of businesses and their clients. Such trends are likely going to shape the future of businesses in the coming years, as a result.
Obtaining business advisory services can help individuals identify better ways of connecting with their target market. Since the new normal requires all entities to be flexible, advisory experts can be useful for adapting to the unexpected.
Shutdowns and social distancing protocols caused businesses to grapple with the effects of reduced customer footprint in addition to supply shortage and no income for months. Transforming your business structure and devise strategies for financial growth, is the new must.
What is the difference between advisory and consulting?
If you are wondering what the difference between advising and consulting is, you’re not alone. While advising and consulting have similar constructs, their purposes and outcomes can be drastically different. At the end of the day, consulting and advising firms help businesses to find success in their respective market. However, it’s useful to know the difference between the two to understand what might be best for your firm.
Here’s what you should know: Advisors work primarily to help businesses increase revenue through general services and long-term strategy. This can come through personnel changes and plans, marketing strategy, and much more. On the other hand, consultants are typically brought into a firm to help with very specific problems through specialized services.
In 2020, the COVID-19 pandemic caused uncertainty and hardship for businesses worldwide. Companies tackled a wide range of issues caused due to disruption in cash flow and income. 2021 is a period when businesses will need to capitalize on available opportunities and adapt to the new normal. Though navigating this phase alone can be challenging, business advisory services can play a valuable role in the transition process.
With twenty years of experience in business advisory services, and helping clients to fund success generally and financially; We have seen the benefits of working with a business advisory service, across the world. As firms work to stabilize and recover, after the madness of a year afflicted with COVID-19; Most businesses can benefit from having an advisory firm to answer questions. Compare strategies, and develop new practices that will advance them in the market.
Whether it be personnel changes, hiring practices; Market entrance techniques, or platform or capital introductions. Sousou Partners can be a tremendous help when it comes to business advising, for your company. We pride ourselves on our global experience and our expansive relationships internationally. Similarly, our exceptional results when it comes to helping our clients.