As the health industry becomes more complex, the value of having an industry-specific advisor becomes more important. The right advisor can help you make informed strategic decisions, develop comprehensive and rolling plans at each stage of your business’ lifecycle and identify unique opportunities.
Finding people who understand your business and specialise in your industry is key. But what steps should you take to help you find the right advisor:
Identify your needs
Determine what you need assistance with before you seek your advisors’ advice. If you don’t understand the requirements, it can be difficult to find the right solution.
Do your research
Look for advisors with experience in your industry, do some research, review testimonials/case studies and speak to colleagues.
Learn more about their organisation
Most advisors and consultants offer a complimentary initial consultation as an introduction to getting to know each other. This will allow you to determine if the relationship is a good fit.
Communicate openly
It is important to be transparent during the meeting and provide as much information as possible so that the right advice can be provided. By asking questions, you can gauge the level of understanding and their communication style.
Set expectations/deliverables
Define the scope of work and set boundaries to avoid miscommunication or misunderstandings. This ensures all parties are on the same page.
Be respectful
Show respect for the advisor’s time and expertise. Mutual respect goes a long way to building a positive business relationship.
Review and adjust
Over time you can review and adjust the relationship as required. As your business changes and grows so might the role of the advisor in your business.
Like most things, building a relationship takes time and effort from both sides.
Case study
A group of three general practitioners practicing in the suburbs of Melbourne had previously formed a clinic serving their local community. Initially, they engaged a local accountant who provided them with general tax services at year-end and basic compliance. They realised over time that as the clinic grew and issues within the industry (payroll tax changes, Medicare, grants, etc) became more prevalent, they needed more tailored financial advice.
They contacted William Buck and arranged an initial meeting. By aligning with William Buck, which specialises in the health industry, they were able to improve their financial performance, deal with payroll tax issues, access other industry-based lawyers, and streamline compliance. This illustrates the benefits of working with professionals who understand your industry.
Speak to one of our health industry specialist advisors for help transforming your practice.
