Partners& – The truth about relationship

Lee Davey, Partners& chief executive (South)

We’re living in a world with conflicting information constantly coming at us from all directions. It can sometimes feel like we’re gravitating toward a never-ending cycle of looking for the next new thing or the best deal without testing whether it has any substance, authenticity or longevity. As a result, how can we know what to believe, who to trust or how to obtain the best advice? 

It’s a common adage that successful business is built on strong relationships, yet in a world that has become so transactional, are we receiving the advice that we need to make the informed decisions that will result in a thriving business? 

The importance of relationship can’t be underestimated, particularly when looking for trusted and meaningful advice that will help you to navigate unexpected risks, avoid typical pitfalls and develop and grow a successful business. It’s about finding an adviser who really understands your business, cares about how you’re doing and wants to help you achieve your plan. It’s not impossible – you just need to be sure to ask the right questions to seek out those advisers who are on the same page as you. 

Ask yourself three killer questions:

• Are your advisers providing an in-depth review of your business every year (because a lot can change in a year)? 
• Do you fully understand the advice you are given (because if you don’t, you should)?
• Do you have a plan in place for the next 3-5 years (because if you fail to plan, your plan will fail)?

Challenge 

A business that isn’t always looking to improve what it does and how it does it is going to struggle. Not only should you challenge yourself, you should demand that your advisers challenge you, challenge the way you are doing things, challenge why you are doing things, and challenge your very notion of your purpose. Continually asking why is a great way to refine your proposition. Only then can you really build a robust, clear and articulate USP that you can share with your people and your clients. Without that, you are just another product or service just like the next one – and that’s not going to cut it in today’s economy. 

Support

A great adviser will also provide the guidance needed to help you achieve your goals. They should speak in “plain English”, avoiding the typical business jargon so you really understand what they are proposing. They should put themselves in your shoes to understand where you are in your business lifecycle and advise accordingly. They should be introducing you to their network of advisers, so not just pedalling their product or service, but connecting you with other products and services could help you make informed decisions based on a sound understanding of the challenges you might be facing. 

Perform

Ultimately, what we’re all looking for is advice to help us improve performance and deliver our plans. Advisers can’t do the hard work for us, but they can enlighten us to see a path forward to success and enable us to make the right decision. Once you find advisers who demonstrate that you can trust them, they’re worth their weight in gold. Take time to build that relationship, be open with them about your business struggles and help them understand the peculiarities of your business – they don’t know what they don’t know. 

The bottom line is, relationship is as important to successful business today as it has ever been – we just need to refocus our efforts on those relationships that will help us to build the resilience needed to deliver our plans – today and into the future.