Business advice as an accredited profession is fairly new in South Africa.This is why it is sometimes very difficult to decide who to approach to help address key challenges in your business. It is also not always clear how you and your business would benefit from business advice. You do not ask yourself who to appoint, but also whether appointing a business advisor would help at all.
Small Business Connect has teamed up with business advisors who are members of the Institute of Business Advisors (IBA) to present you with examples of projects they have worked on. In these examples, you’ll be able to see how the businesses benefited from the business support interventions, and you may also learn about something you can do in your own business.
The Institute of Business Advisers (IBA) is a SAQA- accredited professional body responsible for the assessment, accreditation and continuing professional development of business advisers, business counselors and mentors assisting small businesses. The IBA aims to set standards of professional conduct by its members.
So, if you are looking for a business adviser, it is not a bad idea to look for an IBA-accredited professional.
According to the IBA, business advice is the provision of “independent, impartial and confidential information and guidance” to potential and established businesses, based on “substantial business experience and current knowledge of related factors”.
Business mentoring, on the other hand, is an ongoing long-term business advising relationship between an experienced business adviser and client that covers a diverse range of topics as a business develops. Both mentoring and advising are aimed at creating a profitable business that is more effectively managed.
Advising and mentoring is more involved than business consulting, which is the assessment of business needs and the review of business functions, plans and directions, leading to the delivery of a report containing suggestions for the business.