What is a business advisor?

A business advisor goes beyond finances; they’re responsible for an overarching, strategic process that touches every part of a business — from operations and marketing to staffing, systems, customer experience, and long-term growth planning.

But the term “advisor” is often loosely thrown around, typically without clear definition and frequently confused with other roles in the financial services industry.

With decades of experience as both accountants and advisors, we’ve seen firsthand how the two are often grouped into a single category. Because of its vague and misunderstood perception in the market, the true value of advisory is often overlooked. That’s exactly why it’s important to clarify what an advisor really does, and why having an accountant who’s also a true advisor can transform your business.

The Difference Between Accountant and Advisor

At its core, accounting is about recording, measuring, and reporting financial data. Accountants focus on numbers and financial health, in relation to your compliance with regulations. This is all extremely important, but deals only with the figures in front of you.

Advisory, on the other hand, is a strategic partnership. It’s not just limited to interpreting numbers, but it involves using those insights to guide business decisions and ultimately shape your future. It involves multiple areas of your organisation, including staffing, operations, and marketing. Despite this, many still lump advisory into the same bucket as accounting and don’t realise the profound value it has beyond financial oversight.

This misunderstanding plays out regularly in professional relationships. The assumption is that we’re just accountants or only CFO’s — that a varied, broader strategy is out of the scope — whereas in reality The Co. business advisors can help streamline operations, enhance team structures, and align business goals.

The Real Definition of Advisory

Technically speaking, “an advisory group regularly gives suggestions and help to people or organisations, especially about a particular subject or area of activity.” But that definition barely scratches the surface of what true advisory should look like. It’s a relationship built on trust, insight, and ongoing collaboration — not just transactional advice.

Real advisory involves providing proactive guidance and a commitment to long-term outcomes. An advisor doesn’t just react to problems; we anticipate them. We don’t just make suggestions, but define a clear strategic direction forward.

At The Co., we’ve refined our approach to advisory over many years, and it’s now our core offering — the foundation of how we’ve created such success for clients. Underpinning this are five key considerations that our advisors will apply to every project.

1. Listen first — and really listen

   Every business is unique. Even within the same industry, each leader has their own ambitions, processes, and expectations. A one-size-fits-all approach doesn’t work. That’s why we start by asking the question; Who is our client? Our aim is to understand everything we can about the people, history, values, and aspirations behind the business.

2. Learn the mechanics of the business

   Advisory isn’t just about balance sheets. It’s about understanding the full ecosystem: the product or service offering, the customers, the operational structure, and your targets. Most importantly, it’s about uncovering whether the business knows how to get from point A to B. We ask the age-old questions; What was? What is? What will be?

3. People are the heart of it all

   No business thrives without the right people. They’re your biggest asset, but also sometimes the most undervalued one. Over the years, we’ve learned and experienced just how critical this is. When you have great talent, treat it like gold; nurture it, invest in it, and align it with your future vision. That’s what drives growth.

   For our partners, we make sure to spend time with staff at all levels. It’s amazing what you can learn about a business by talking to every team member. The insights are invaluable, while deepening the sense of shared purpose between advisor and client. At The Co., integrating as part of your team is really important to us.

4. Avoid premature or vague solutions

   It’s true that the outcome of business advisory will often lead to making changes within your organisation — we have absolutely no objection to implementing new systems or challenging the status quo. But if what we’ve covered in this article already tells us anything, it’s that an advisor should have a deep understanding of the business before jumping to conclusions.

   There’s also a preconceived idea that we’re only there to give advice (think back to the definition of advisor above). But most of the time, people within your organisation already have an idea about what’s wrong. What they need is clarity on how to fix it, and a viable resolution. Talking about issues and identifying problems is helpful at first, but without providing an actionable roadmap, those conversations will just lead to stagnation.

5. Set clear measurables, together

   Advisory only works when you’re being held accountable. That’s why we co-create explicit, aligned KPIs with our clients — both financial and otherwise. Dashboards, metrics, progress meetings: these aren’t just for reporting, they’re for keeping you on track. And yes, this is where your accountant can play a pivotal role, if they’re also acting as a true advisor.

Advisor: A Business Partner, Not Just a Title

The truth is, “advisor” is as misunderstood a word as “entrepreneur”. Anyone can claim it, but embodying it is a different story. It’s a way of thinking, engaging, and committing to your business that considers more than just the sales figures. At The Co., we walk the journey with our clients. And most importantly, we help build the kind of businesses people dream of.