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Is it just you or does business advisory kinda sound like one of those things people drop in LinkedIn posts between pictures of their oat lattes? But behind the trendy buzzwords and latest posts sits something that can completely change how you run (and feel about) your business.
At Illumin8, we reckon advisory isn’t about fancy dashboards or endless spreadsheets. Though they have a place. (We’re accountants after all.)
It’s actually all about conversations.
It’s about the conversations that help you see what’s coming, not just analyse what’s already happened. It’s the ones that keep you accountable, encouraged, and maybe occasionally give you a kick you didn’t know you needed.
So, what actually is advisory and how do you know when it’s time to get it?
Why advisory?
A few years back, one of our clients came to us mid-panic. The business was growing fast, cash flow was messy and they were flying blind. Their books were fine, tax returns up to date, compliance boxes ticked. But no one had stopped to ask a different kind of question.
“Are we building something sustainable?”
That’s where advisory starts. Not when the year’s done but while it’s still unfolding. It’s the moment you step out of the numbers and into the decisions. Number go up is always nice but asking why you want it to is even better.
Logic would suggest you shouldn’t wait for a disaster to unfold before you make a decision right? It’s why we carry spare tyres. We don’t know when we’ll get a flat tyre but we can assume it will happen at some point.
Business Compliance or Business Advisory?
Compliance is keeping you out of trouble. Tax returns, BAS, payroll, ASIC lodgements. It’s all very essential but it’s the day to day requirements.
Advisory on the other hand, is future-facing. It’s about using numbers (and a good dose of gut feel) to make better decisions on the future you actually want and before things unintentionally go pear-shaped.
Advisory usually shows up in three forms:
- Information: Reports and insights that help you understand what’s happening
- Conversation: Regular chats to unpack the numbers and your goals
- Project: One-off advice for key decisions, like buying a business or restructuring
Sometimes it’s data-driven. Technical things like ratios, margins, forecasts. Sometimes it’s people-driven. How’s your team? Your time? Your sanity? Because the best business plan falls apart if you’re DOA.
High Fives & Zingers
Let’s not pretend every advisory session is a high-five moment. Sometimes it’s hard chats about debt, direction, or what’s next for you personally.
But that’s the point. It’s not about judgment, it’s about clarity. The kind that gives you permission to make decisions with confidence instead of just guessing and hoping. As the saying goes, it’s lonely at the top. Sometimes just having someone who understands your business and can help bounce ideas off is a very helpful thing.
Advisory is an investment. But it’s often the thing that saves you from the really expensive mistakes like missed opportunities, wrong structures and poor cash habits.
The famous investor Charlie Munger said:
“The really big opportunities in life will be very few. So when you find a lollapalooza, and you can see it, don't hang back like a timid rabbit. Step boldly and grab it. And don't do it small.”
This is advisory gold.
It’s about having someone in your corner to help you navigate life in business and help you seize opportunities as they present themselves.
Next Steps?
You can keep looking backwards at what happened but at some point you need to decide who and where you want to be tomorrow. Which one’s going to get you where you actually want to go?
If you’re ready for conversations that go beyond ticking boxes, maybe it’s time to chat.
Let’s talk about building a business that actually fits your life.
