How to maximise the benefits of your Business Advisor relationship
Updated: 6 days ago
There is an old proverb: “The way of a fool is right in his own eyes, but a wise man listens to advice.”
Simply put, assuming you’re always right or know what you’re doing is likely to land you in trouble eventually. Nobody’s perfect, none of us know everything. Seeking out advice, guidance, and a second opinion can have huge benefits in all walks of life.
Starting or growing a business can be exciting, but it also comes with decisions that are not always straightforward.
You may be thinking about funding, cash flow, recruitment, new equipment, larger premises or your next stage of growth. At the same time, you are still responsible for the day-to-day running of the business.
Having someone you can talk to about those decisions can make a real difference.
At First Enterprise, our Business Advisors (handling Start Up Loans) and Investment Managers (Business Loans) work with entrepreneurs and business owners at different stages of their journey. From exploring whether funding could be right for your business to understanding your plans for growth, these conversations can provide valuable perspective and support.
But, like any good working relationship, you tend to get the most out of it when you actively engage with it.
Your Business Advisor or Investment Manager brings experience, knowledge, and an outside perspective. You bring the expertise of knowing your business, your customers, and your ambitions better than anyone else.
Here is how you can make the most of that relationship.
Be clear about where you want your business to go over the long term
You do not need to have every detail of your future mapped out before speaking to a Business Advisor or Investment Manager.
In fact, part of the value of those conversations can be helping you think through your plans. However, it is useful to be clear about what you are hoping to achieve.
Perhaps you are looking to start your first business. Maybe you have been trading for several years and are ready to take on more staff. You could be considering investing in equipment, moving into larger premises or expanding into a new market.
The clearer you can be about your ambitions, the easier it is for your advisor to understand the bigger picture.
This is particularly important when discussing funding. The amount of finance you are looking for is only one part of the conversation. Understanding what you want that investment to achieve can help you explore whether the funding is appropriate for your plans and what other factors you may need to consider.
Be honest about the challenges your business faces
Business owners can sometimes feel pressure to present everything as going well.
The reality, of course, is that every business faces challenges.
You might be dealing with rising costs, uneven cash flow, delays from customers or suppliers, recruitment difficulties or sales that have not developed as quickly as expected.
These are important conversations to have.
First Enterprise takes a people-first approach to lending, with decisions made through a human assessment rather than simply relying on an automated system. That means understanding the wider context around the person and business is important. At the end of the day, we want to hear your story.
Your Business Advisor or Investment Manager can only work with the information they have. Being open about challenges does not mean you are admitting defeat. In many cases, discussing an issue early can help you understand your options and take practical steps before the problem becomes more difficult to manage.
You do not have to have everything figured out before asking for support. Sometimes recognising that you need another perspective is a sensible business decision in itself.
Build your Business Advisor relationship around healthy, two-way discussions
Your advisor is there to share knowledge and experience, but the relationship should not feel like a lecture.
Ask questions.
If something does not make sense, say so. If you are unsure about a recommendation, ask why it has been suggested. If you are considering several options, talk through the advantages and potential risks of each one.
You might ask:
What should I be thinking about before taking this next step?
Are there risks I may have overlooked?
What information would strengthen my plans?
How might this decision affect my future funding options?
What alternatives should I consider?
Your Business Advisor or Investment Manager may also ask you questions that make you think differently about your business. That is part of the value of the relationship.
Sometimes the most useful conversation is not one where someone gives you a simple answer. It is one that helps you look at a challenge from another angle or identify a question you had not considered.
Keep them updated as your business plans develop
Businesses rarely stand still.
A new contract might change your growth plans. A customer might delay payment. You may decide to recruit sooner than expected or discover that an opportunity requires more investment than you originally anticipated.
Keeping your Business Advisor or Investment Manager informed about significant changes helps ensure that conversations are based on your current situation.
This can be particularly valuable when you have received funding or are considering further investment.
The business plan you had at the start of your journey may look different six months or a year later. That is not necessarily a bad thing. Businesses adapt. However, being open about how your plans are changing can help you have more useful conversations about what comes next.
At First Enterprise, supporting a business does not have to mean a single conversation at the beginning of a funding application and then nothing more. As your business develops, there may be opportunities to continue the conversation about your ambitions, challenges and future plans.
Come prepared to talk about your business, but do not feel you need all the answers
A little preparation can make your conversations more productive.
Before a meeting or call, think about what you want to discuss. Write down any questions that have been on your mind and identify the decisions you are currently trying to make.
If you are discussing funding, it can also be useful to have relevant information available, such as recent financial figures, sales forecasts, business plans or details of the investment you are considering.
The more context you can provide, the easier it is for your advisor to understand the situation. That said, do not let a lack of preparation stop you from starting the conversation.
You may not know exactly what information you need or how to answer every question immediately. Your Business Advisor or Investment Manager can help guide you through what needs to be considered.
The important thing is to approach the conversation openly and be willing to engage with the process.
Take advantage of your Business Advisor’s or Investment Manager’s experience
As a business owner, you know your own company better than anyone.
You understand your customers, your market, your team, and the day-to-day realities of running the business.
Your First Enterprise contact brings a different perspective.
Our Business Advisors and Investment Managers speak to entrepreneurs and businesses at different stages of their journeys and see a wide range of challenges, ambitions, and approaches to growth. That experience can be valuable.
If you are planning a significant next step, ask what you should be considering. If you are facing a challenge, ask whether there are other ways of approaching it.
You may not always receive the answer you expected, but a fresh perspective can help you make better-informed decisions.
It can also be useful to ask what you might not be thinking about.
Business owners are often focused on the immediate issue in front of them. An experienced advisor may be able to help you step back and consider the wider implications of a decision.
Be open to constructive feedback; good business advice pushes you to take on different views of your plans
A good advisor will not simply tell you what you want to hear.
Sometimes they may challenge an assumption, ask for more detail or encourage you to consider potential risks.
That is not a sign that they do not believe in your business. Often, it is the opposite.
Taking the time to ask difficult questions and understand your plans properly is part of building a realistic picture of your business and its future.
You are not expected to agree with every piece of advice automatically, and the decisions about your business remain yours. However, being willing to listen to constructive challenge can help you avoid blind spots and make more confident decisions.
There is little value in having access to an experienced perspective if you only want someone to confirm what you have already decided.
Turn conversations with your advisor into proactive business decisions
The most productive advisor relationships do not end when the meeting finishes.
Take time to reflect on what you discussed and identify any actions you need to take.
That could involve gathering more information, updating your business plan, reviewing your cashflow forecast or exploring a different approach to a challenge.
You do not need to do everything at once.
Focus on the next practical step.
When you speak again, share what happened. Did you follow the advice? Did something change? Did you encounter an unexpected challenge?
These follow-up conversations can be just as valuable as the original discussion.
They help create a more complete understanding of your business over time rather than treating every conversation as an isolated event.
Remember: It is a partnership — get in touch today to discuss how we can help
The best relationships between business owners and advisors are collaborative.
Your Business Advisor or Investment Manager is not there to run your business for you.
Their role is to understand your plans, ask questions, share their experience, and help you navigate the process around the support or funding you are exploring.
You remain the expert on your business.
When you combine your knowledge of your company with an experienced outside perspective, you can have more informed conversations, and make decisions with a clearer understanding of the opportunities and risks involved.
At First Enterprise, we believe that understanding the person behind the business matters.
Building a strong relationship with your Business Advisor or Investment Manager gives them a better understanding of your ambitions and circumstances. In return, you gain access to people who are invested in understanding your plans and supporting you through important stages of your business journey.
So, do not think of your advisor relationship as simply another meeting in the diary. Use it. Ask questions. Share your ambitions. Be honest about the challenges. Keep the conversation going.
To get the ball rolling, simply complete the form below or give us a call at 0345 602 7355.
Sometimes, the greatest value of a good business advisor relationship is not always being given the answer. Instead, it is having the right person ask the question that helps you find it.
Please note:
This article is for general information only and does not constitute advice. All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article.
We always recommend that you seek direct financial advice from a relevant expert or professional before making any financial decisions.
First Enterprise is a not-for-profit, FCA-regulated finance provider offering loans from £500 to £250,000 for startups and growing businesses across the UK.
We support businesses that struggle to access mainstream finance, with a focus on underrepresented groups. Funding is delivered through government-backed national and regional programmes.
We offer human-made lending decisions, a dedicated advisor for every applicant, and no penalties for early repayment.
