Choosing and working with business advisers

Business advisers are professionals who give business owners (and employees) specialised advice on operating a business.

Examples of business advisers include financial advisers, legal specialists, accountants, bankers and insurance brokers.

Business advisers can help you:

identify and reach your business goals
make decisions at key phases of the business life cycle (e.g. expansion or succession)
extend the capability of managers and staff
negotiate contracts and other complex documents
understand and comply with regulations
minimise business risk
help with specialised activities (e.g. commercialisation, innovation and export).

Advice for different business stages

Getting advice from a business adviser can be helpful at all stages of the business life cycle.

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When starting your business, you may need business advice in:

legal matters
finance
mentoring
networking.

Professional advice in this stage can help you:

objectively consider the advantages and disadvantages of your business idea
consider aspects of the business idea you may not have previously thought of
streamline your thinking and reduce any unnecessary complexity
save time on ideas that might be already on the market
understand the steps for attracting investors to your business
understand the process of commercialising a product
identify future government investment in industry innovation
understand export markets and how to secure investment.

Advice sources

Advice for the start-up stage of business is varied and diverse. Many are free to access or relatively low cost.

Use these sources of advice and information.

Business support and legal advice

Australian and state government websites
Australian Taxation Office (ATO)
Australian Competition and Consumer Commission (ACCC)
Fair Work Ombudsman
Lawyers

Financial

Accountants
Banking websites
Financial counselling—small business and rural

Mentoring

Networking

Social media
Business groups
Seminars
Events (e.g. Business Queensland events calendar)
Conferences

When your business is in an early growth stage, you may require advice in the following areas.

Business mentoring
Business coaching
Networking
Accessing and applying for grants

Advice sources

There are many sources you can go to for advice at this stage of business.

Sources include:

a lawyer for legal advice on contracts and growth initiatives
formal mentoring programs (e.g. Small Business Solutions – TAFE Queensland)
a business mentor or specialised consultant for advice on applying for grants for business development and growth
chambers of commerce.

When your business is established and has reached a higher growth and expansion phase, you may need advice on:

commercialisation
innovation
exporting
advisory boards.

Advice sources

Sources at this stage include:

advice on how to apply for larger grants (commercialisation or innovation grants)—for example, Advance Queensland
export market advice from a specialist or through Austrade
an accountant, financial adviser or lawyer for specialised financial or legal advice
business consultant advice on how to set up an advisory board.

In the succession planning or closing stages of your business, you may require specialised legal and financial advice.

Learn about workforce planning for small business.

Advice sources

At this stage you might consult with:

business brokers
accountants
financial advisers
lawyers
human resources specialists.

Types of professional advice

Various professionals can give you advice to help improve and grow your business.

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Mentors can provide advice on many aspects of business ownership, tailored to your circumstances, including:

leadership
communication
general business skills
time management
planning
delegation
work–life balance
personal health and wellbeing
goal setting
digital skills.

Choosing the right business adviser

When choosing the right business adviser for your business, you will need to determine the type of advice that you need and your budget. Research will help you choose an adviser that is specialised in the areas you need and appropriately qualified.

When deciding, you should consider:

your budget—advisers will charge different fees for their services and different charging models
the services they provide—some advisers will offer a broader range of services than others. In your initial conversations, clarify exactly what service you'll be receiving and how familiar the adviser is with your type of business or industry. Have they worked with a similar business owner before?
their availability—will the adviser have enough time to advise your business?
their level of experience and qualifications—check that your adviser has the relevant certification and accreditation to give you reliable advice
their reputation—check reviews or ask the adviser to provide you with client testimonials
suitability—how appropriate the advice will be for your stage of business? It will need to change as you operate and grow your business.

Checking qualifications

When choosing an adviser, try to find one that has been pre-qualified by a reputable agency or organisation. Pre-qualification can be provided by:

government mentoring or advisory services
business incubators or accelerators
industry councils
educational institutions (e.g. Small Business Solutions – TAFE Queensland)
the Advisory Board Centre's free Advisor Concierge Service.

You can also get recommendations from trusted friends, other businesses or industry groups.

Check business adviser credentials by:

reviewing qualified and certified members of the relevant industry listed on industry websites (e.g. Chartered Practising Accountants Australia, Queensland Law Society, Financial Planning Association)
consulting the list of professional registers available from the Australian Securities and Investments Commission (ASIC).

Checking fees

After you have checked the qualifications of the business advisers you are considering, you will need to check their fees.

Any adviser operating under an Australian financial services (AFS) licence must give you a financial services guide. This is an important document that:

explains the types of financial services offered by a business
describes the fees charged for these services.

Note: An AFS is not required when providing advice to non-retail businesses (e.g. wholesale clients).

Some advice will be provided free of charge, while other advice will have a high cost. It is important to ask for a full quote when you are deciding which adviser to choose.

Advisers may provide the initial consultation or advice brief for free and then go on to work for a fixed fee or hourly rate. Others work on commission.

Avoid choosing based only on cost

Be careful choosing an adviser based on cost alone—a higher fee may indicate the adviser has plenty of experience, while a lower fee may not be a bargain if the adviser has less experience. Higher fees do not always indicate experience.

Considerations when choosing a business adviser

Ask yourself the following questions to help you choose the right business adviser for your business.

What area of the business do you currently need advice or mentoring in (e.g. preparing a contract, winning a tender, developing general business skills)?
What options suit your stage of business (e.g. a free seminar series, innovation adviser, setting up an advisory board)?
What qualifications, registrations or certifications does the adviser need to have (e.g. Australian Financial Services Licence, Certified Practising Accountant)?
How often and where do you want to meet with the adviser (e.g. only online, at your workplace, in a business incubator)?
How long do you intend to work with the adviser (e.g. a 12-month project, long-term accountancy relationship, short contract preparation)?
What are the intended outcomes of the relationship (e.g. development of a commercialisation plan, preparation of a pitch to investors, export advice to expand into a target country)?
What is your budget (e.g. no cost, obtained via a grant, subsidised mentoring program, market rates for a professional service)?

How to work with business advisers

Establishing productive relationships with your business advisers is an important part of running a successful business.

To ensure you can work effectively with a business adviser, you should:

always prepare for meetings—having a clear agenda and desired outcomes for meetings will save you time and money
give accurate information about your business
let them know if you have confidential information
update them about any changes to your business.

It is important to have a contract in place with each of your advisers, which should include:

the scope of the arrangement (i.e. duration, costs, intended meeting times and services to be provided)
key performance indicators (KPIs) related to the goals—for example
- tax planning report completed by an agreed date
- introductions to potential investors that meet the requirements of the business and industry
- selection of advisers for an advisory board to meet the identified needs of a project
a process for review
a process for complaints and grievances
a termination clause.

You can use a contract template but it should still be reviewed by a legal professional.

Reviewing business advisers

It is normal to out-grow your advisers. As the business grows and needs change, also the need for certain types of adviser changes.

It can be helpful to regularly review and update your business goals then use these goals to assess if your business adviser can meet your current and future needs.

If you have an ongoing relationship with a business adviser, it is worth reviewing your arrangements at least once a year. Ask yourself the following questions:

am I still getting value for money?
is the service informative and personalised to my business?
is my adviser available when I need them?
does my business adviser still suit my business needs?

If you answer no to these questions, then it may be time to look for an adviser who is better suited to your business needs.

Last reviewed: 8 Nov 2022
Last updated: 15 Apr 2024

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