There are many reasons why a business leader (CEO, small business owner, executive or entrepreneur) may be considering a Business Advisor. Perhaps there have been changes in the marketplace that have created new challenges or the company is in a growth mode and needs a well-developed business plan. Whatever the reason(s), the decision to hire a Business Advisor becomes obvious. Determining whether a Coach, Mentor, Advisor, Consultant, or Counselor is needed may be more difficult to assess. The lines are blurred between each of these roles; however, there are differences.

Definition of a Business Advisor

Before discussing how to choose and work with a Business Advisor, distinguishing the roles of a Business Advisor may be in order. We often hear the term Coach, Mentor, Advisor, Consultant, and Counselor used interchangeably when a client is searching for a Business Advisor. Each term has its own meaning, and a person skilled in any one area may practice what he/she does best. For example:

• A Coach may provide instruction or prepare a person for a specific endeavor;

• A Mentor may guide a person's career by providing wise and trusted counsel much like a teacher;

• An Advisor may offer advice in an official or professional capacity;

• A Consultant may provide expert or professional advice in a specific area of business, and the product of his/her expertise is normally summarized in a written document at the conclusion of the assignment. Attorneys, CPA's and other similar specialists fall into this category;

• A Counselor may provide advice or guidance in a variety of personal and related activities such as organizational psychology.