Frequently Asked Questions (FAQs)

Below is a list of questions we often receive. Hopefully, these will be of benefit to you. If not, please let us know, and we will be sure to update this list to ensure maximum benefit.

Q: What is a Business Advisor, and why do I need one?

A: I speak with a lot of business people on a daily basis. A common theme is the recognition that they can't go it alone. A voice of experience, reason and objectivity is very important in making right decisions to reach business goals. Access to sound business advice is a valuable asset, one that you should take advantage of on a regular basis.

My role as Business Advisor is really very simple: help my clients decide where they want to be, when they want to get there and work with them to develop a plan to take them there.

How does it happen? I partner with business owners through a series of planning sessions, guiding them through a process that takes their passion for business and turns it into written, actionable plans that, if followed, will take them where they want to go. This includes not only a structured Business Plan, but includes tactical plans for key business activities like Marketing and Advertising, financial analysis and budgeting, the establishment of key measurements for success, staffing and many other business challenges.

Q: Why is planning so important?

A: Think of it this way: would you attempt to build a house without blueprints? By investing time and effort in advance planning, you significantly increase your chances of success. With a roadmap that is outlined in advance, you are much more likely to be in the driver's seat with your hands on the steering wheel rather than holding on to the bumper while the business goes where it wants.

Statistics tell us that 95% of small businesses fail in the first five years. With these odds, why not give your business the greatest chance at success?

Q: What is a Business Plan and what will it do for me?

A: A Business Plan is a written, actionable document that seeks to answer key questions about your business. These include: What are we building? Why does this business exist? What results will we measure? How will we build it? What is the work that needs to be done, and when?

An effective Business Plan is more than just a Mission Statement or words on a page that sound impressive. It defines the end result, painting a picture you wish to complete within a set amount of time (typically 3-5 years). Your Business Plan will serve as a guiding force in the business decisions you must make over time. It focuses you and your team on the things that must be done, and done right, for the end result to become a reality.

Q: You may not have experience in my type of business. How could you help me?

A: The focus of The Nelson Group is to help owners address the issues that are common to any industry. Every business needs a plan for success, whether you are making widgets or selling a service. Every business needs to know who their target is and what the competitive landscape is. Smart business owners from every industry learn how to run their business with a manager's perspective, and seek out expertise that will increase their chances of success.

Q: I’m concerned that your services are too expensive.

A: The ultimate expense is failure. What are you willing to invest to avoid this result? Is your business worth an investment in developing plans for success?

Q: Do you work with start ups?

A: We work with businesses at any stage.

Q: Are you focused on a particular industry or type of business?

A: The issues that every business owner faces are fundamentally the same, regardless of industry. The need for effective planning, understanding one's market and defining how you will attract market share are common themes whether you are making widgets or providing a service.

Q: What is an Exit Strategy, and why do I need one?

A: One out of one will exit the business arena eventually. An Exit Strategy simply documents the desired outcome (retirement, sell the business, close the business, pass it to a child or other family member, etc.), and outlines the steps necessary to implement. It's not wise to wait until the last moment to plan.

Q: Are you a Business Coach?

A: There are certainly components of our service that include coaching. As I work with my clients to help them move their business forward, it is my goal to equip them with the tools and skills that are necessary for long-term business success. The goal of any engagement is to improve the business, but along the way the owner improves as well.

Q: Won't you just tell me what I'm doing wrong and bill me for it?

A:

Every engagement begins with an honest assessment of the current state. Our focus is not on what's wrong, it's defining the end game, the desired outcome, and then making sure the business is set up to deliver that result. This may involve changes to the status quo that will make you stronger and more effective in the marketplace.

Q: I can’t afford to take the time to do all this planning that you recommend.

A:

You can't afford not to! Remember, the odds are stacked against you! With a 90%+ failure rate, you need every weapon in your arsenal to become one of the 10% that make it! Your business is worth your investment of time to ensure that you are focused on the path to success.

 A typical engagement involves weekly meetings dedicated to this effort. Six to eight hours per month is often enough to put these plans in place.

Q: Will you write my Business Plan for me?

A: The Nelson Group can develop Business Plans for our clients, but we recommend that you be as involved as possible in the process. A plan written by someone else isn't really your plan, is it? The Business Plan should reflect the heart and passion of the owner, and guide decision-making going forward. If you didn't write it or have a hand in doing so, it becomes academic. You have a document, but not a genuine plan for success.

Q: Are you a consultant?

A: In my role as a Business Advisor I am often referred to as a management consultant, business coach, and the like. What I strive for is a trusted relationship exclusively with the owner, over a period of time. We work closely together to address business issues that stand in the way of success as the owner has defined it.

Q: Can you help me pass my business on to my kids?

A: Absolutely. I can work with you to put together the plan and necessary action steps to make your exit strategy come true.

Q: Can you help me sell my business?

A: As with any Exit Strategy, there are steps along the way prior to putting up the ‘for sale' sign. While I am not a Business Broker, I do have them in my network of contacts, and can bring them into the picture when the time is right.

Q: Do you work with franchisees?

A: Absolutely. The business challenges remain the same, regardless of the name on the door. Execution in the marketplace is the difference between success and failure, and a solid marketing plan that takes the local market opportunity into account is critical.

Q: My marketing isn’t working, and I don’t know what to do about it. Can you help?

A: Yes. I can guide you through an analysis process to ensure that you know your market, the customers you are seeking to target, your competition, and your strengths & weaknesses. The selection of marketing tactics and media should be driven by this type of analysis.

Q: How do I decide what types of advertising to use?

A: An analysis of your market, the amount of competition, and the messaging required to reach your target audience will drive the selection of media.

Q: I want to retire soon, but I don’t know how to go about it.

A: You need a plan that takes into account your timeframe, desired outcome, current and required financial situation. Based on these items, I can help you develop a set of options and a plan of action.

Q: What do you charge for an initial meeting?

A: Not a dime. We meet for up to 2 hours at your convenience to discuss your business, history, current challenges, and future goals. We offer a Business Check-Up which helps to explore a variety of areas that many businesses may find challenging. At the close of this time, there are usually several ideas we can share that could make a difference in the operation of your business. We will discuss ways The Nelson Group can help should you wish to move forward with an engagement.

Q: What is the IIB and why was it founded?

A: The Institute for Independent Business was founded in 1984 to provide practical advice and useful information to the independent business sector.

Independent businesses often operate in isolation without the networks of contacts and information services available to large companies. They often lack the fundamental skills in key aspects of management that are required to develop a truly successful business. The Institute attempted to fill this gap by offering a single reference point where small and medium-sized businesses could obtain relevant information and support.

Q: What is the Business Support Program?

A: The Nelson Group utilizes the Business Support Program (BSP) specifically to meet the needs of independent businesses. The BSP begins with an initial, indepth conversation between the business owner and The Nelson Group, to identify and prioritize agreed areas of need. A customized plan is then developed specifically to address these areas in a timeframe that meets the needs of both the business and the owner.

Q: How can The Nelson Group help my business?

A: Ongoing feedback from thousands of independent businesses reveals that the greatest problems recognized by their owners and managers are::

• Need more Sales
• Need more Cash
• Need more Funding
• Need more Profit
• Need more Time
• Lack of exit strategy
• Lack of up-to-date information
• Lack of time to keep up to date with information
• Legislation (e.g. Employment, Health & Safety)
• Loneliness
• Loss of original vision for the business
• Ineffective Marketing

The Management 'Gap'

Feedback also shows that owners of small to medium sized businesses generally have to:

• know everything
• keep up with everything, and
• do nearly everything themselves.

But business people cannot be expected to 'know what they don't know'. Importantly, it's not just the lack of knowledge or experience that can be a limiting factor, but also the available time to be effective in doing what needs to be done. More often than not, the need is for practical hands-on assistance.

We meet directly with the business owners as we address these issues, on a consistent monthly or weekly basis, helping you develop the solutions you need for success.

Q: What kind of support does The Nelson Group provide?

A: Independent business owners may take some comfort from the fact that their needs and challenges have been faced by many. But each owner and his/her business have their own unique requirements.

Through the network of accredited IIB Executive Associates, qualifying businesses can have access to one of the most comprehensive, flexible and effective business support infrastructures available in the world, including:

• mature senior executives to use as 'sounding boards'
• mentoring by experienced business advisers

Executive Associates from the IIB have helped countless businesses find the right solutions to achieve the objectives of their owners. Major consultancy practices are generally unable or unwilling to fulfill the needs of independent businesses, and their cost structures and style of consultancy are not appropriate to small to medium sized businesses.
 
Organizations that supply worthwhile help and useful information to independent businesses are rare.

In fact this situation has not improved significantly over time and the Institute has been in the forefront, successfully providing small to medium sized businesses with access to the most flexible and powerful business support available.

Q: How are the IIB's Executive Associates trained?

A: All Accredited Executive Associates who attend meetings with Managing Directors, Owners and Proprietors of businesses are themselves senior executives from virtually every profession, background and industry imaginable.

Any senior executive or business leader who considers that he or she is suitable for accreditation must pass through the Institute's selection process, and then undertake the Consultancy Business Development Program.

This provides a framework for developing skills suited specifically for the SMB sector. The first program was started in January 1991 and to date more than 6,000 executives have completed the Distance Learning and Residential Business School required to achieve the status of an accredited Executive Associate.

Continual Professional Development

Once accredited, Executive Associates continue to be supported by the Institute through monthly training workshops and an internet based system which provides a platform for exchange of information and the sharing of expertise. The exclusive network of Executive Associates, which is the largest in the world, allows them to work together on assignments to ensure that supported businesses receive the highest quality service.

Q: What are the Code of Ethics?

A: As a condition of Accreditation, the IIB requires that all Executive Associates abide by the following Code of Ethics.

Accredited Associates:

1. Shall conduct themselves in a manner which will merit the respect of the community for persons engaged in the profession;
2. Shall uphold the reputation of the Institute for Independent Business International and of fellow Associates and abide by the Institute for Independent Business International Code of Best Practice;
3. Shall carry out their professional duties responsibly and with integrity;
4. Shall not personally provide advice outside of their accepted ‘area of expertise’, but rather shall delegate such to appropriate specialists;
5. Shall collect and present facts without bias, and not allow personal views to influence judgement, interpretation, analysis and presentation;
6. Shall not discuss with or disclose to any person not authorised by the client or delegated representative, any information, data, result, report or proposal arising from the assignment, nor cause or allow confidential information to be misused or to be published in any way without the permission of the client;
7. Shall not use information acquired during any previous assignments which in any way could be detrimental to their former client;
8. Shall not receive any undisclosed material benefits other than normal emoluments from any recommendation made in the course of duty.