The Value of Strategic Advisory: Lessons from My Own Experience

One of the most valuable lessons I’ve learned through decades of business experience is that growth rarely happens in isolation; it takes the right guidance, the right support, and the right people at the table. As I reflect on my own journey as a business owner, one of the biggest mistakes I made early on was waiting too long to bring in strategic advisors who could work directly with me and provide hands-on support for my business. I spent years navigating complex decisions on my own, convinced that I could figure it out through sheer determination. But the reality was, I needed people with firsthand experience, individuals who had successfully navigated similar challenges and understood the nuances of scaling a business. Because I didn’t have that team in place when I needed it most, I lost valuable time, three years to be exact, where my company could have been building value but instead lacked strategic direction.

What Is Strategic Advisory?

Strategic advisory isn’t just about getting occasional advice; it’s about forming a committed partnership with professionals who have the experience, knowledge, and time to help business owners plan and execute their vision. But the real value of a strategic advisor isn’t solely in their expertise, but also in their ability to challenge your thinking, refine your business strategy, and hold you accountable for executing your business plan effectively.

The Role of Strategic Advisors

A strong advisory team serves as a support system that keeps you on track, offers fresh perspectives, and pushes you to think beyond the day-to-day. They challenge you to make decisions that will benefit the long-term health of your business, even when those decisions are uncomfortable. Most importantly, they hold you accountable; because let’s be honest, no one else in your organization is going to do that at the level a good strategic advisor will. Without accountability, execution often falls short. And without execution, even the best business plan remains just an idea.

What’s the risk of not having strategic advisors? Stagnation. Or worse, failure. Many business owners mistakenly believe they have to be the smartest person in the room. But I’ve learned that success comes from surrounding yourself with people who are smarter, more experienced and more knowledgeable than you, and who bring perspectives you may not have considered. That’s why it’s crucial to evaluate advisors based on their experience with small to mid-sized businesses, their history of successfully growing and exiting companies, and their reputation within the industry.

But it’s not just about having advisors; it’s about having the right advisors.

Building the Right Advisory Team

There’s no one-size-fits-all approach to assembling an advisory team. Advisors bring a variety of strengths, and the right combination depends on your business’s unique needs. At minimum, I recommend having:

• A Wealth Manager: to help align your personal and financial goals.
• A Business Advisor: to help you meet your personal and financial goals by maximizing the value of your business so you can realize the liquidity event that meets your personal financial goal.
• A Tax Accountant: to navigate complex tax laws, identify deductions and credits, and implement strategic tax planning that saves time.
• A Corporate Attorney: to establish the right business structure, manage and negotiate contracts, ensure regulatory compliance, and mitigate legal risks, allowing you to focus on running your business.

From there, additional advisors can be added based on your specific challenges. The key is to engage with them consistently, at least quarterly, semi-annually or annually.  Other advisors may be a Family, Corporate or M&A attorney, Personal Insurance Advisor, Banking Advisor, Cybersecurity Consultant, etc. You brought them in for a reason, so make the most of their insight and experience.

When choosing advisors, keep in mind that technical skills and experience are only part of the equation. Equally important is finding people who align with your mission and values and can help you strategically. The right advisors won’t just offer guidance; they’ll take the time to understand your vision and become genuinely invested in helping you achieve it.

That said, even the best advisory team can’t define “your personal goals” or destination. That’s something you, as the business owner, have to determine. Advisors can guide you, but your long-term vision, professionally, financially, and personally, has to come from within. For me, the one thing I got right in my initial business plan was my exit timeline. I set a goal to sell in ten years, and that’s what I did. But most of the other elements of my plan never materialized as expected. The reason? I didn’t have an advisory team in place early enough to help me improve and adjust my strategy as I veered away from the path leading me to my end goals

Why Investing in Strategic Advisory Matters

Spending too much time working in the business instead of on the business is one of the most common, and costly, mistakes business owners make. I’ve seen it time and time again: talented, driven business owners struggling because they believed they had to do it all on their own and knew it all. But that mindset will only take you so far. To achieve higher-level growth, you need the right advisors at your side and a commitment to continuous learning. I’ve experienced how the right team can make all the difference, not just in reaching your goals, but in how efficiently and effectively you get there. On my successful business exits, my advisors delivered a return of over 10x what I paid for their services. I never would have gotten there without them, and neither should you!

Together, we can help you build a tailored roadmap and serve as a Strategic Business Advisor for your business’s long-term success. Let’s start the conversation.

Please call our office at 407.677.0400 or email info@rvrteam.com.

By: Joe Raymond, Founder & Managing Partner of RVR Consulting Group