How to Find the Right Strategic Business Advisor For Your Company

Posted on September 19, 2023 by Peggy Head

In business, blind spots are inevitable. However, these blind spots can lead to costly mistakes and missed opportunities. To stay ahead of the game, growth-minded business leaders rely on a strategic business advisor who can provide expert advice and guidance. In my latest article, I share the benefits of working with a business advisor and how to select the right advisor for your business and budget. With proven expertise, you can avoid costly mistakes, create a platform for future growth, and seize the right business opportunities.

Having access to financial expertise and support is essential for making long-term decisions, improving profitability, and ultimately achieving a successful exit strategy. The right advisor, provides guidance and strategic advice when it comes to funding growth and ensuring financial stability.

For many owners, the challenge is finding the right strategic business consultant that aligns with their vision, personality, and goals.  These steps can lay the groundwork for a successful search.

  1. Define your business goals: Before starting the search process, it is essential to have a clear understanding of your business objectives. Determine the specific business or financial challenges you are facing and the areas where you need the most support. This will help you identify the skills and experience required in a business consultant. When seeking an outsourced CFO, it’s important to be clear on what advice or counsel you need. A clear understanding of your advisory needs will help your advisor provide targeted guidance that aligns with your business goals.
  2. Create a comprehensive job description: Craft a detailed job description that clearly outlines the responsibilities, qualifications, and expectations for the CFO and advisor role. Be specific about the desired industry experience, technical expertise, and educational background. This will help you sort through qualified experts who align with your business needs. Whether you need assistance with financial planning, budgeting, or strategic decision-making, outlining your specific requirements allows your advisor to tailor their expertise to your unique situation.
  3. Conduct a thorough search: Utilize various channels to find potential advisors. Network within your industry and seek recommendations from trusted professionals and colleagues. Cast a wide net to ensure you have a diverse pool of candidates to choose from.
  4. Evaluate candidates’ qualifications: Review resumes and conduct initial screenings to shortlist candidates who meet the outlined criteria. Look for advisors who have a proven track record of financial leadership, strategic planning, and successful business transformation. A business advisor brings consulting experience from multiple industries.
  5. Conduct the interviews: As you narrow down your options, it’s time to conduct interviews. Prepare a list of questions that address your specific needs and concerns. During the interview process, pay attention to the candidate’s ability to articulate their expertise, problem-solving capabilities, and their approach to working with you and your internal finance team. This will give you a better understanding of how well they align with your business values and objectives.
  6. Check references and conduct background checks: Before making a final decision, contact references provided by the candidates to gain additional perspective from their prior work. If your company search process includes them, conduct background checks to substantiate the candidate’s integrity and credibility. By finding someone who understands your vision, you’ll be able to work collaboratively to achieve your goals and take your business to the next level. By doing your research and taking the time to validate the candidates beyond the interviews, you will be able to ascertain if they share your passion.  The time invested to find the right advisor will pay dividends in future success.
  7. Build a lasting and trusting partnership:  The right business advisor for your organization is key to laying the foundation for building a strong relationship. Their expertise and experience can greatly contribute to your success and help you avoid costly mistakes.  The right business advisor will listen and be receptive to your unique knowledge and experience with the business you have developed and grown to this point.  Collaboration and mutual support form the foundation of a fruitful partnership.

In summary, when hiring an outsourced CFO and strategic business advisor, clearly defining your advisory needs sets the stage for a productive and beneficial relationship. Take the time to research and interview potential candidates and look for someone who brings a wealth of experience and knowledge to the table while also being someone you can trust and build a strong relationship with.  If you feel that you can benefit from a business advisor who can help your company solve complex challenges, I welcome the opportunity to talk with you and explore the possibilities of working together.  Contact me at  today

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