FAQ

A business advisor, whether providing small business advice or advice to larger organisations, brings expertise in running businesses and understanding business processes. They collaborate with you to uncover opportunities within your business. From defining vision to strategising, setting plans and milestones, establishing accountability, refining systems and processes, and conducting regular reviews, they provide guidance. The business advisor challenges assumptions, and offers fresh perspectives. Working together long-term, their goal is to unlock your business's full potential.

An advisory board consists of individuals who offer non-binding strategic advice to an organisation's management. Similar to a business advisor, an advisory board provides guidance, but with the advantage of multiple perspectives and diverse backgrounds. Their role is to provide objective and independent advice, helping the management team think strategically and improve decision-making. It's crucial to understand that advisory board members are not legally accountable for the organisation's management or operations. Unlike governance board members, they lack legal fiduciary duties to the organisation or its stakeholders.

A governance board, or board of directors, is legally responsible for overseeing an organisation's strategic direction, decision-making, and overall performance. It plays a vital role in corporate governance, safeguarding stakeholders' interests. The governance board appoints and evaluates the executive leadership team, including the CEO. Board members have a fiduciary duty to act in the organisation's best interests, avoiding conflicts of interest and making decisions that align with the organisation's mission and long-term sustainability.

While "advisor" and "consultant" are often used interchangeably, there are key distinctions between the two. An advisor provides ongoing guidance and support to help clients make informed decisions, often offering additional services like coaching. In contrast, a small business consultant or more generally, any kind of business consultant, is hired for a limited period to provide specialised knowledge and skills for a specific project or problem-solving process. The main difference between these two lies in the nature of their relationships with clients. Advisors maintain long-term relationships, focusing on guidance with the aim to facilitate success by the business owner which grows their capability, while consultants focus on delivering specific results or outcomes within a defined timeframe, but not necessarily transferring skills or knowledge to the business.

The International Coaching Federation (ICF) defines coaching as “partnering with clients in a thought-provoking and creative process that inspires them to maximize their personal and professional potential.” A coach helps clients navigate the journey from their current state to their desired state, empowering them to take control and guide the process. The ICF goes on to say, “The coaching process helps clients improve their outlook on work and life, while improving their leadership skills and unlocking their potential”. Overall, business advisory and coaching complement each other, working hand-in-hand to unlock business potential and foster personal success for business owners.

A business advisor can help unlock the potential in your business by: 1. Expertise and Experience: Business advisors possess specialized knowledge and experience in various aspects of business operations. They can provide valuable insights, guidance, and best practices based on their expertise, helping business owners make informed decisions and avoid costly mistakes. 2. Objective Perspective: Business advisors bring an external and impartial viewpoint to the table. They can help you to assess your company's strengths, weaknesses, opportunities, and threats objectively, providing unbiased advice and recommendations. This outside perspective can help identify blind spots, uncover new possibilities, and challenge existing assumptions. 3. Strategic Planning and Growth: A business advisor can assist you developing and refining strategic plans. They can help clarify business goals, analyze market trends, identify growth opportunities, and devise strategies to capitalize on them. Advisors can help you to develop strategic frameworks and assist in creating actionable plans to drive business growth and expansion. 4. Problem Solving and Decision-Making: When faced with complex challenges or critical decisions, business advisors can provide support. They bring analytical skills and problem-solving techniques to the table, helping business owners evaluate options, weigh risks and rewards, and make well-informed decisions. Their guidance can enhance the effectiveness and efficiency of problem-solving processes. 5. Network and Connections: Business advisors often have networks and connections with allied industries to enable you to access more specialised experienced when required. This might include the services of lawyers, accountants, insurance brokers, business brokers, financiers, M&A specialists and financial planners.

A coach can help you unleash your success by: 1. Clarifying Goals and Vision: Coaches help individuals gain clarity about their goals, aspirations, and values. They assist in defining a clear vision for the future and identifying the steps necessary to achieve it. By asking thought-provoking questions and providing guidance, coaches support clients in articulating their objectives and aligning their actions with their core values. 2. Accountability and Motivation: Coaches act as accountability partners, holding individuals responsible for their actions and progress. They provide support, encouragement, and motivation to help clients stay on track and overcome obstacles. Coaches help individuals set specific, measurable goals and provide regular check-ins, fostering a sense of accountability and commitment. 3. Personal Growth and Development: Coaches facilitate personal growth by helping clients identify and overcome limiting beliefs, fears, and self-imposed barriers. They provide a safe and supportive environment for individuals to explore their strengths, weaknesses, and areas for improvement. Coaches offer strategies, tools, and techniques to enhance self-awareness, boost confidence, and develop new skills. 4. Skill Enhancement and Performance Improvement: Coaches assist individuals in honing their skills and improving performance in specific areas. Whether it's leadership, communication, time management, or other professional competencies, coaches provide guidance and feedback to enhance effectiveness. They help individuals identify areas for growth, develop action plans, and provide ongoing support to achieve desired outcomes. 5. Work-Life Balance and Well-being: Coaches recognize the importance of work-life balance and overall well-being. They help individuals prioritize their personal and professional lives, set boundaries, and manage stress effectively. Coaches guide clients in identifying strategies to maintain a healthy work-life integration, fostering increased satisfaction and overall well-being.

We strongly recommend business owners consider both coaching and advisory components for maximum growth potential. However, individual coaching or advisory services can also be pursued separately.

Cavedale Advisory is a business advisory firm that works with small to medium-sized businesses and their owners primarily in Western Australia. Our clientele ranges from $1 million to $100 million in turnover, comprising single entrepreneurs, sole traders to 100 person strong teams. We prioritise committed organizations and business owners who are eager to embark on the long-term innovate, transform, and grow journey to unlock their full potential.

A strategy is the fundamental concept that sets your business apart, attracts customers, and ensures competitiveness. It is the key to success, distinct from actions like hiring team members, building infrastructure, or investing in marketing. While these actions support the execution of a strategy, they alone do not define the strategy itself. Therefore, a strategy requires a unified and clear understanding of its purpose and objectives.