How to Find the Right Strategic Business Advisor For Your Company

Starting a new business and then growing it comes with countless challenges. That’s why the support and guidance of a professional business advisor can be invaluable. These experts have the knowledge and experience to help entrepreneurs navigate the complexities of running a company, providing essential advice and strategies for success.  Hiring a business advisor or a CFO consultant is a critical step toward achieving long-term success for your business.

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 serves as the quarterback for your business, providing 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 must have extensive consulting skills, and it’s even more helpful if they bring experience from other 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.

Some example questions to ask: How well do they know your industry and market? Do they have a background in finance or an ability to perform financial analysis, modeling, and projections?  What do they know about your company and your competitors? How many years of experience do they have as a consultant?  Can they share case studies or results of companies they have supported and turned around?

6. Check references and conduct background checks: Before making a final decision, contact references provided by the candidates. Ask about their working relationship with the candidate, their financial accomplishments, and their strengths and weaknesses. Additionally, conduct thorough background checks to ensure 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, asking for references, and digging into their qualifications, you will be able to ascertain if they share your passion. Take the time to find the right advisor who can help you succeed.

7. Build a lasting and trusting partnership: Once you find the right business advisor for your organization, it’s key to lay the foundation for building a strong relationship. Their expertise and experience can greatly contribute to your success and help you avoid costly mistakes, however, it’s not a one-way street. Just as you seek their advice, be willing to reciprocate by offering your expertise or professional connections when needed. 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, contact B2B CFO ^® Partner, ArtBottoms@b2bcfo.com  today.