What Is Business Advisory and Why It Matters for Small Businesses
- Haley Reyners
- 1 day ago
- 6 min read
Business advisory is the process of helping business owners make smarter decisions, plan for growth and stay accountable to their goals. A business advisor provides ongoing guidance and support across areas like strategy, goal setting, cash flow, profitability and sustainability. Unlike traditional accountants who focus on compliance and past performance, business advisory services look forward, helping business owners identify opportunities, overcome challenges and build stronger, more financially secure businesses.
In this guide, we’ll break down everything you need to know in detail: what business advisors do, how they differ from accountants and consultants, what happens in an advisory session and the benefits of ongoing support. By the end, you’ll know exactly how business advisory can help you grow a more confident, financially secure business.
What Is Business Advisory?
At its heart, business advisory is about giving business owners the guidance, support and accountability they need to get more from their businesses. It’s about helping you turn ideas into achievable goals and keeping you on track to reach them.
Advisory isn’t just about advice on paper. It’s about having someone in your corner who helps you plan ahead, make decisions with confidence and stay focused on what matters most: building a sustainable business that supports you financially and personally.
A big part of business advisory is accountability. It’s easy to set goals and make plans, but without someone holding you to them, they can slip down the priority list. Your business coach or advisor becomes that accountability partner who helps keep things moving forward.
What Do Business Advisors Do?
Business advisors work alongside you to:
Formulate plans for the future of your business
Set goals and clear action steps to achieve them
Identify challenges and help you pivot when roadblocks appear
Keep you accountable and focused on progress
Support decision-making with data, insights and experience
Think of it like this: a business advisor helps you see the bigger picture, then helps build the bridge to get you from where you are now to where you want to be.
What Is the Difference Between a Business Advisor and an Accountant?
This is one of the most common questions we’re asked, and it’s a good one.
In simple terms:
Accountants look back. They handle the technical side of compliance, tax returns and financial reporting.
Business advisors look forward. They help you plan, strategise and grow.
Many modern accounting firms, like ours, offer both accounting advisory services and business advice. This combination means we can handle the compliance side while also helping you understand what your numbers are telling you so you can make confident decisions for the future.
Can Anyone Be a Business Advisor?
Technically, yes, but that doesn’t mean they should.
There’s no formal qualification required to call yourself a business advisor or business coach, which means it’s important to look closely at a person’s background before you start working with them.
A good business advisor will have real-world experience growing and managing successful businesses. They’ll understand the financial, operational and emotional sides of business ownership, not just the theory.
You don’t have to be an accountant to be a good advisor, but you do need practical experience and the right mix of knowledge, empathy and strategic thinking. That said, accountants have a real advantage when it comes to business advisory. We already understand the financial story behind your numbers, from margins and cash flow to balance sheets and tax positions. That financial insight means we can see how each decision will affect your future performance.
What Happens During a Business Advisory Session?
Every session is different because every business is different. But at My Two Cents, here’s what you can expect from our advisory service:
Pre-work: Before your session, we’ll send you some pre-work questions. This helps us understand where you’re at, what your goals are and what challenges you’re facing.
The session itself: During the meeting, we’ll talk through your wins, pain points and what’s next. It’s a conversation, not a lecture and you’ll do most of the talking. We’ll guide the discussion, ask the right questions and work with you to find solutions.
Action and accountability: You’ll leave with clear action points, agreed next steps and a check-in plan. We’ll also send meeting notes so you’ve got everything in writing.
Our job is to make sure you leave each session feeling focused, supported and confident about your next move. That’s the heart of good business coaching.
What Is an Example of a Business Advisory Service?
Business advisory covers a wide range of services depending on what your business needs most. Some examples include:
Business planning – Creating an actionable plan for growth, profit or change. A good plan isn’t static; it evolves as your business does.
Accountability coaching – Regular check-ins to help you stay on track with your goals and adapt when things shift.
Improvement sessions – Deep dives into profit, pricing or cash flow to identify what’s working and what’s not.
Succession planning – Thinking ahead to the future. Are you building a business to sell, to hand over, or to keep as a long-term investment?
Each of these sits under the umbrella of advisory services, helping business owners improve performance, plan ahead and grow sustainably.
What Is the Difference Between a Business Consultant and a Business Advisor?
The two terms often get mixed up, but they’re not quite the same.
A business consultant usually focuses on a specific project or area, such as IT, HR or operations, and provides expert recommendations for a short-term purpose.
A business advisor or business coach, on the other hand, works with you long term. They get to know your business inside and out, offering ongoing support, accountability and strategy to help you grow over time.
Consultants fix problems. Business advisors help you prevent them and keep improving.
Why Choose Business Advisory?
Because sometimes you just need someone in your corner.
Business advisory is perfect for you if:
You want more from your business but aren’t sure how to get there
You’re feeling stuck or unmotivated
You’re new to business and want guidance
You’re struggling with cash flow or profitability
You’re doing okay but want to move from coasting to thriving
A good business advisor gives you a sounding board, structure and support. They help you make confident decisions, adapt to challenges and stay accountable to your goals.
What Is the Business Advisory Process?
If you’re already a My Two Cents client, we might recommend an advisory session if we notice things aren’t quite right, such as tightening cash flow or plateauing growth.
For new clients, the process usually looks like this:
We have an initial chat to understand what support you’re looking for.
You complete a short onboarding form or pre-work questionnaire.
We identify the best type of business advisory session for your goals.
We meet, create a plan and set accountability checkpoints.
From there, we continue to work alongside you, refining your plan as your business evolves, much like a business coach guiding you through progress and change.
What Are the Benefits of Signing Up for Business Advisory Sessions?
The benefits go far beyond the numbers.
Clarity: You’ll know where your business stands and what needs to happen next.
Confidence: You’ll make decisions with a clear plan and professional guidance.
Accountability: You’ll have someone checking in, keeping you on track and helping you stay focused.
Financial security: You’ll understand your numbers and how to use them to grow sustainably.
Freedom: You’ll build a business that supports your goals and lifestyle, not the other way around.
That’s what business coaching and business advisory are all about: helping you turn your goals into action and your action into results.
Ready to Take the Next Step?
Whether you’re feeling stuck, growing fast or simply want more direction, business advisory can help you get there faster and with a lot less stress.
Book a business advisory chat with our team to talk about what’s next for your business.
About the Author
Haley Reyners is the founder of My Two Cents Accounting & Advisory and a Certified ICNZB Master Bookkeeper® — one of the highest recognitions in New Zealand’s bookkeeping profession. With over 20 years of experience, she’s passionate about helping small business owners find clarity, confidence, and calm in their finances. Haley leads her team with personality and purpose, breaking down complex accounting talk into everyday language that makes sense.