Chanakya (350 BCE – 275 BCE), a great Indian teacher, philosopher and economist, and the author of the ancient Indian political treatise, “Arthashastra”, said that a strong foundation is key to any successful business and listed seven pillars for an organization:
- – The King or the Leader
- – The Minister or the Manager
- – The Country or the Market
- – The Fortified city or Head office
- – The Treasury
- – The Army or your Team
- – The Ally or your “Adviser”
The choices made by the leader will have a profound impact on the business- be it the choice of hiring a manager and team, market to operate in, or what business advisers to work with. Most businesses focus on hiring a good manager and team, but often forget the importance of a good adviser. Experienced advisers are generally well aware of the problems faced by small and medium size businesses, and they should be able to provide you expert guidance to resolve your business problems right away.
Most often, advisers are hired based on the price they quote rather than the value that they can add to the business. By choosing the wrong adviser, a business can face colossal impact on their finances. A recent example would be the case of Commonwealth Bank financial advisers or, in the past, the case of advisers in Enron Energy and Satyam Computers. In all the above cases the advisers/auditors were not acting towards the interests of their clients.
A good adviser should always be:
- Candid – willing to tell their clients “what they need to hear”, and not “what they want to hear”.
- Objective – able to hear the concerns of the business owners.
- Visionary – looking for new ideas to solve unique problems clients may face, rather than providing a “one size fits all” solutions.
- Informed – able to converse about the trends in your industry, latest developments, and share his knowledge for the benefit of your organization.
Remember, most importantly, a business adviser should be like a friend. He is the one whom you can depend on when problems arise. After all, a friend in need is a friend indeed.
DSV Partners is a suburban firm providing accounting solutions for small and medium size business across Sydney. We provide;
- – Business Advisory
- – Accounting Services
- – Financial Audit & Assurance
- – Tax Agent and Tax Return services
If you are looking for a trusted business adviser who is capable of taking holistic view of your business and provide an effective solution, please contact DSV Partners immediately! We eagerly look forward to working with you.
