One of the challenges and opportunities for many professionals is being asked to advise on a subject that is relevant to the transaction they are working on but outside of their core competency.
For example, if as a lawyer having provided correct technical advice the client asks for a view from a business perspective on the advisability of the deal.
Or when a financial adviser providing creative spreadsheets for a financial schedule is asked for commercial advice on whether to proceed with the contract or not.
I suggest that professionals of all disciplines in the business world should also be able to act as a trusted business adviser and provide generic as well as specific advice in these situations.
But in doing so it is important to make it clear that such advice is provided as general advice outside of the specialised advice the specialist has been engaged to provide. In other words compartmentalise the advice. And also make it clear that whatever the nature and context of the advice the ultimate decision maker is the business manager and not the adviser or consultant.
For example, if as a lawyer having provided correct technical advice the client asks for a view from a business perspective on the advisability of the deal.
Or when a financial adviser providing creative spreadsheets for a financial schedule is asked for commercial advice on whether to proceed with the contract or not.
I suggest that professionals of all disciplines in the business world should also be able to act as a trusted business adviser and provide generic as well as specific advice in these situations.
But in doing so it is important to make it clear that such advice is provided as general advice outside of the specialised advice the specialist has been engaged to provide. In other words compartmentalise the advice. And also make it clear that whatever the nature and context of the advice the ultimate decision maker is the business manager and not the adviser or consultant.
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