How to choose a business advisor or consultant for my small business?

Running a small business can feel like juggling a dozen priorities at once. From managing cash flow and marketing to staffing and systems, every decision affects your bottom line. It’s no surprise that many business owners reach a point where they need outside help. But with so many advisory services available, knowing how to choose the right business advisor or consultant can make all the difference between real growth and wasted time.

This article explores how to identify the right fit for your business, what to look for in a professional advisor, and how to ensure the relationship delivers measurable results.

Why small businesses benefit from professional advice

Small business owners are often experts in their craft but may not have experience in every aspect of running a company. Seeking external advice can bring objectivity, experience, and clarity at critical times.

A good advisor helps you see the bigger picture. They can identify patterns in your operations, challenge assumptions, and develop actionable strategies that align with your goals. Whether you need guidance on pricing, team structure, systems, or scaling, having someone with proven experience can save you years of trial and error.

Advisors also provide accountability — something many business owners lack. Regular check-ins with a mentor or consultant help ensure plans turn into progress.

What does a business advisor actually do?

Business advisors play many roles depending on their expertise and your business needs. Some specialise in growth strategy, others in financial structure, operations, or brand development.

In general, a business advisor:

• Assesses your current business performance and identifies improvement areas

• Develops practical strategies tailored to your goals

• Provides structure and systems to help you manage growth

• Guides decisions on hiring, marketing, and efficiency

• Acts as a sounding board for key challenges

Unlike accountants or lawyers who provide specific technical advice, business advisors take a broader view, looking at how all parts of your business connect.

What qualities should you look for in a business advisor?

Choosing the right advisor is about more than qualifications. The best advisors combine real-world experience with strong communication skills and a genuine interest in your success.

Here are the key qualities to look for:

• Proven experience – Look for someone who has worked with businesses similar to yours, preferably in your industry or stage of growth.

• Clear process – A good advisor has a defined framework for how they work with clients, not vague promises.

• Communication style – The right advisor listens as much as they speak and adapts their advice to suit your personality and goals.

• Cultural fit – You should feel comfortable discussing your challenges openly. Trust and transparency are essential.

• Measurable outcomes – Great advisors focus on results and provide tools to track progress.

If an advisor can’t explain how they’ll help or what success looks like, that’s a red flag.

How do I find and compare business advisors?

Start by clarifying your business goals. Do you want to grow, stabilise, or prepare for sale? Different advisors specialise in different outcomes.

Search locally through business networks, LinkedIn, or industry associations. Ask peers for referrals — personal recommendations often yield the most trustworthy results.

When comparing options, review:

• Background and specialisation

• Client testimonials or case studies

• Fee structure and expected engagement duration

• Approach to confidentiality and ongoing support

Avoid anyone who guarantees instant results or uses high-pressure tactics. Genuine advisors focus on building long-term relationships and sustainable outcomes.

How do I know if the advisor is the right fit?

Before signing an agreement, schedule a discovery meeting. This initial conversation should feel natural and transparent.

Ask questions like:

• “What type of clients do you usually work with?”

• “What’s your process for identifying growth opportunities?”

• “How do you measure results over time?”

• “What kind of commitment do you expect from clients?”

Pay attention to how they respond. A strong advisor will ask just as many questions about you — they want to understand your goals, challenges, and style before offering solutions.

You’ll know you’ve found the right fit when their approach feels collaborative rather than prescriptive, and their insights immediately add value to your thinking.

What should I expect from the advisory process?

A structured advisory relationship generally includes three phases: assessment, planning, and implementation.

Assessment: Your advisor will review your business operations, financial performance, and goals to identify priorities.

Planning: Together, you’ll develop a tailored strategy that includes clear steps, milestones, and accountability measures.

Implementation: You’ll work through these actions, supported by ongoing feedback, progress tracking, and adjustments as needed.

The most successful outcomes come from active participation — advisors guide, but you remain the decision-maker. The relationship works best when communication is open and consistent.

How much does business advisory cost?

Fees vary depending on the advisor’s experience and the level of support required. Some advisors charge hourly, while others offer fixed-fee programs or ongoing retainers.

When evaluating cost, consider value rather than price. A quality advisor should deliver returns that far exceed their fee by improving efficiency, profitability, and long-term sustainability.

Avoid choosing solely based on the cheapest option. The right advisor will save you time, reduce mistakes, and help you make confident business decisions — all of which are worth far more than the initial investment.

How can I measure success when working with a business advisor?

Set clear expectations at the start. Identify key metrics such as revenue growth, profit margins, customer retention, or system improvements.

Schedule review meetings to assess progress and adjust plans as your business evolves. A professional advisor will welcome transparency and accountability.

You’ll know the relationship is working when you feel more confident, structured, and focused — and when your business shows measurable improvement.

Why TMPlus supports small business advisory services

At TMPlus | Tereza Murray Franchising, we work with small business owners every day who want clarity, structure, and practical systems to support growth. Whether you’re preparing to scale, streamline operations, or explore franchising, our advisory services are built on real-world experience and transparent processes.

We help businesses identify their most effective growth strategies, develop the systems to support expansion, and create sustainable models that work long-term. You don’t need to have your systems documented before working with us — we build them with you.

Learn more at www.tmplus.com.au.