Many small business owners visit their financial advisor at the end of the financial year (EOFY) to get help with things like tax deductions and reporting. However, advisors are a valuable resource you should utilise all year round. If you are only consulting with your advisor every now and again, you’re probably not making the most of these conversations.

If you are not sure how to begin the conversation, don’t worry. We’ve outlined three easy ways to get the most out of your advisor all year round, so you can thrive in the new financial year.

1. Maintain frequent contact

To provide top tier advice, your advisor needs to have a deep understanding of your business. This is made over time through frequent contact. To start, have a look at your biggest pain points – whether cash flow or pricing strategies and see how your advisor can help. By getting to know each other, you can begin to leverage their expertise to support other areas of your business.

2. Find your right fit

Trust, respect and a mutual understanding are the key for a successful client-advisor relationship. As a trained professional, your advisor is there to turn to if you need help understanding your numbers or putting things in perspective in a way that works for you. Make sure you feel comfortable enough with your advisor to ask for clarification.

3. Acknowledge it’s a two-way street

A successful client-advisor relationship works both ways. To see a strong return on your investment in advisory it is important to keep communication lines open, particularly when planning big decisions. An advisor’s job is to offer advice. They can help you think through problems and plans, and help assess any risks. It is as easy as picking up the phone for a five-minute call before you take action. Consider the phone call an investment to prevent things becoming more costly down the road.

Help make the new financial year your best yet by getting the most out of your relationship with your advisor. Armed with their range of skills and expertise, you can effectively grow your business this financial year.