Starting and growing a business comes with big decisions. Among these, assembling the right team of experts is crucial to guide your company toward success. But how do you know who to hire?

Some businesses require comprehensive support and long-term strategies, while others need targeted expertise for specific projects. If you’re looking for an ongoing collaborator to help shape your company’s future, a business advisor is a great investment. If you’re dealing with a particular challenge, a consultant can provide specialised solutions. And if financial management is becoming overwhelming, an outsourced CFO can help you stay on track without the expense of hiring a full-time executive.

Here’s an outline of what a business advisor, consultant, and outsourced CFO can achieve for your company.

The Role of a Business Advisor

A business advisor provides strategic, ongoing guidance to help business owners make informed decisions for long-term planning. We look at the big picture, offering insights backed by industry best practices to refine your business plan as a whole. Our role is to act as a long-term partner for your company. Read more in our blog post: Top 10 Reasons to Hire a Business Advisor.

When to hire a business advisor:

• You need help developing your overall business strategy.
• You want an experienced mentor to guide your decision-making.
• You’re looking for long-term assistance.
• You’re considering scaling, restructuring, or entering new markets.

The Role of a Business Consultant

A business consultant is typically brought in for short-term, project-based work to solve specific business challenges. Consultants provide recommendations and solutions tailored to your needs, in a flexible capacity — offering valuable insights without requiring a long-term commitment.

When to engage a consultant:

• You need help with a specific challenge or project.
• You want advice on improving operations or implementing a new system.
• You require temporary expertise without hiring a full-time employee.

The Role of an Outsourced CFO

Wondering how an outsourced CFO can benefit your business? A CFO (Chief Financial Officer) will manage your company’s financial actions. Outsourcing this means you can receive high-level expertise without the hefty budget of employing a full-time executive.

In a nutshell, a CFO will oversee all financial activities like budgeting, forecasting, and reporting. We also help plan for financial risks and improve cash flow, as well as assist with investor relations.

When to hire an outsourced CFO:

• Your business is growing, and financial management is becoming more complex.
• You need financial expertise but prefer not to hire a full-time CFO.
• You’re looking to raise capital or improve financial forecasting.

Are you up to speed with tax?

Tax compliance and strategic tax planning are essential for any business. A tax accountant is also an important member of your financial dream team. At The Co., we ensure that our clients stay ahead with proactive tax strategies that go beyond just filing returns, including:

• Asset protection — proper structuring to avoid any unnecessary loss.
• Income Tax — a necessity to every business that requires careful planning and constant monitoring.
• Compliance — keep up to date with all your tax obligations to relevant regulatory bodies, avoiding any unwanted surprises.

Each of these professionals plays a role in business growth. Depending on your company’s current stage and needs, at some point you might want to engage one or multiple of the above. Whether you need strategic planning, specific operational improvements, or expert financial oversight, the right team can make all the difference.

At The Co. we offer business advisory, consulting, tax accounting, and outsourced CFO services to clients in a wide range of industries — including Manufacturing, Construction, Healthcare, and Hospitality. If you’re interested in expanding your dream team with business and finance experts based in Melbourne, get in touch today.