Why Choosing the Right Advisor Matters
Every SME leader faces tough decisions. Whether you’re scaling up, fixing operational issues, or exploring new opportunities, the right business advisor can be a game-changer. But get it wrong, and you could waste time, money, and opportunities.
Finding the right advisor isn’t just about credentials—it’s about trust, expertise, and the ability to challenge your thinking in the right way.
So how do you find someone who will add real value to your business?
1. Know What You Need – Create Your ‘Advisor Job Description’
Before hiring an advisor, define what you’re looking for.
Key questions to ask:
- Do I need general business strategy support or specialist advice (finance, HR, marketing, operations)?
- Does my industry require specific expertise?
- Am I looking for hands-on help or a high-level sounding board?
Pro Tip: Treat this like a hiring process—outline the skills, experience, and qualities you expect from an advisor before reaching out.
2. Beware the ‘One-Size-Fits-All’ Approach
Not all business advisors are right for your business.
- Big firms vs. small firms: Large firms offer a wide range of services but smaller firms can provide more personalised support.
- Industry expertise matters: An advisor may be experienced but are they experienced in your sector?
- Avoid “yes-men”—you need someone who challenges your decisions, not just agrees with you.
Pro Tip: Ask for specific case studies or references from clients in similar industries to see how they’ve added value.
3. The Difference Between a Business Advisor and an Accountant
Many SME leaders assume their accountant or lawyer can provide the same advice as a business consultant. While these professionals are essential, they focus on financials and compliance—not strategy and growth.
- An accountant ensures your numbers are right.
- A lawyer protects your legal interests.
- A business advisor helps you make strategic decisions that drive growth.
Pro Tip: If your advisor isn’t bringing fresh ideas and holding you accountable, it’s time to reconsider.
4. Questions to Ask a Potential Advisor
Before signing any agreements, put your potential advisor to the test.
Key questions:
- Can you provide examples of businesses like mine you’ve helped?
- What’s your approach—are you hands-on or more strategic?
- How do you handle difficult conversations when you disagree with a client?
Pro Tip: The right advisor won’t just tell you what you want to hear—they’ll challenge your thinking and push you towards better decisions.
5. What If You Get It Wrong? Knowing When to Change Advisors
Even after doing your research, you might outgrow your advisor or realise they’re not the right fit. That’s okay—but don’t let loyalty or sunk costs keep you stuck.
Signs it’s time to move on:
- They’re not challenging you or adding fresh ideas.
- They don’t understand your industry or business model.
- You’re seeing little or no tangible improvement in business performance.
Pro Tip: Good business decisions come from good advice. If you’re not getting the insights you need, it’s time to change advisors.
Final Thoughts: Get the Support Your Business Deserves
Choosing a business advisor isn’t just about finding someone with experience—it’s about finding someone who will help you achieve your goals.
- Define what you need before you start looking.
- Challenge your advisor to prove their expertise.
- Be prepared to switch if they’re not delivering value.
The right business advisor can save you money, unlock growth, and keep your SME competitive. Take the time to find the perfect fit.