Even the most ambitious business owners can use specialized advice in today’s fast-paced business world. From lead generation, sales and operations, and execution, having the right advice can be the difference between survival and success, regardless of whether you are a startup, growing company or getting ready to exit.

In Victoria and across Australia, you will find small business advisors not only in local advisory companies but also through the national program Australian Small Business Advisory Services (ASBAS) — a government-supported program to assist you in taking your business one step further.

What Does a Business Advisor Do?

Advisory Services vs Traditional Bookkeeping or Accounting Services Business advisory services provide more comprehensive support to business than traditional accounting or bookkeeping services. “Yes, compliance (tax, GST, BAS) is important but increasingly so are advisory services including strategy, growth, risk management, operations and value enhancement.

• Analyzing business results today and uncovering blind spots.
• Clear goal setting, forecasting, and business growth plans.
• Increasing your cash flow, profits and business value (especially if you’re going to exit).
• Helping you with digital tools, online presence, cyber security and up to date operating systems.

Summary: advisory = the “what’s next, how do we get there, what are the risks” conversation, not just the “here’s your tax return” conversation.

South Melbourne Business Advisory: Why Local Matters

• When you are based in South Melbourne (or near Melbourne, within the local realm), some things are just easier:
• The two are close enough to attend to meetings in person and meet locally relevant advice (Melbourne market, local regulations, specific industry cluster).
• You can add national program support (like ASBAS) to a local firm that understands the Melbourne ecosystem.
• For instance, Elevated Accounting provides business advisory from their South Melbourne office and specialise in small & medium business in Melbourne/Victoria.
• As such, if you search for “business advisory services South Melbourne“, you will be benefiting both from local expertise and from national programs.

What can the ASBAS Program do for You?

• For small firms seeking low cost, high impact advisory assistance, ASBAS would be a considerable option:
• It’s a program at the federal level to assist small businesses (primarily having less than 20 full-time equivalent employees/sole traders).
• You can get up to 4 hours of face-to-face business advice from a registered business adviser for a small cost through ASBAS (and their “Digital Solutions” stream). You can also attend free workshops, webinars and self-paced courses on topics such as: digital marketing, websites & selling online, business software, cybersecurity.
• It also has rounds of funding to service providers to deliver affordable advice services on a national basis.

How to Select a Business Advisory Service That is Right for You

When choosing an advisor (either locally or through ASBAS), consider these:

Are you a Startup, Scaling, or Exiting? The right advisor will know your stage. “The Fit & vs your Business Stage” Startups? Scaling? Exiting?

• Industry knowledge: If they have knowledge of your industry (retail, services, manufacturing, etc) or local market in Melbourne / Victoria, that’s a bonus.
• Services – Strategy + operations + digital + finance: A top advisor will focus on more than just the finances.
• Practical assistance, not simply theory: Choose advisers who you are able to carry out advice, not just provide the report.
• Value for money and budgeting: You need value for money when you’re a small business in particular. The cost, offset by programs like ASBAS.
• Local presence (if you care about that): You can develop trust, meet in person, get real networking opportunities, learn about your town if you travel.
• Concrete deliverables and follow-up: What are they going to provide? Timeline? What metrics?
• Commit to growth – Advisory is not a one-off. Best results come from ongoing support and refinement.