Once you see your small business ideas taking shape, you would probably find yourself getting involved in every possible aspect of its operation that is not often necessary. If you keep spending too much time on non-core business operations, the chances are you may lose the focus in the core business goals. This is the primary reason that motivates businesses big and small to get the help of business consultants who can help them expand in the competing market.
In this session, we try to find out the possible reasons why small businesses require business consultants.
Accounting And Bookkeeping
If you run a solo enterprise or if your business is in the startup phase, you might probably have the time to handle the chores like accounting and bookkeeping, but as the business expands, handling all the business activities becomes difficult. If the business has a high transaction level, the bookkeeping and accounting activities will undoubtedly be tedious chores.
It just takes a few hours per month for a good bookkeeper to do most of your record keeping works including doing payroll, paying bills, submitting invoices etc. A good accountant can:
- Formulate policies according to the changes in tax laws and offer financial advice that assists the growth of the business.
- Make recommendations on lowering taxes, such as whether or not to lease or purchase a commercial space.
- Suggest ways of cutting down business costs.
When asked about the most rapidly changing field in business, the answer would probably be Information Technology with its changes impacting the following:
- Desktop computers
- Mobile devices
- Point-of-sale systems
- Business websites and social media platforms
- Tax software
- CAD systems
If your business is not in information technology or you lack proficiency in solving software issues and maintaining hardware devices, you would probably require the help of an IT consultant. An IT consultant can perform the following duties:
- Setting up cloud computing services
- Installation of software systems
- Giving training on software and hardware systems
- Ensuring the back up of valuable business data
- Offering advice on upgrades in technology
Dealing with issues related to personnel is a time-consuming task that is not that easy. Big business often have separate human Resources department that deals with all personnel-related issues but small business often cannot often afford one. Ignoring the importance of HR strategies can slow down the growth of your business and the best way businesses can adopt an HR strategy is by hiring an HR consultant trained in all aspects of employee relations. They can:
- Handle tasks like job advertising, background checking, interviewing etc.
- Deal with terminations and disciplinary issues
- Manage concerns of employee safety and wellness
- Organize proper employee training
- Offer counseling to employees
- Handle disputes and employee complaints well to limit your legal liability.
- Arrange optional benefits like health, dental, vision and disability insurance for employees as well as their families.
Unless businesses adopt efficient marketing strategies, they cannot retain customers, which is especially true in the case of startups. Most often, a small business fails in formulating and executing intelligent marketing strategies even when they excel in the offering products and services to their customers.
Getting the help of an expert business consultant can assist the growth of small businesses and help them survive in the highly competitive business environment.
Marketing consultants implement strategies based on:
- Overall business goals of your company
- Products and services that your company offers
- The target users or clients
Consultants launch individual marketing campaigns and promote the business through activities like email advertisements, social media campaigns, blog promotions, newspaper ads, press releases, charity event sponsorships, seminars etc.
When faced by situations that involve legal issues that could cause liability, the best way out of it is to get the help of a good business lawyer. Getting legal help can be of help in the following situations:
- Share allocations or partnership agreements
- Lease agreements
- Real estate purchase
- Franchise agreements
- Property rights issues
- Buying the assets of another business
- Merging or selling your business
- Legal actions initiated by government agencies for issues like tax, licensing or noncompliance with regulations
- Lawsuits involving clients, partners or employees
A small business attorney is usually a generalist who can offer failsafe advice by analyzing your problem accurately and refer you to someone who is specialized more in a particular area of law if needed.
Once you hire consultants to help you in non-core areas, you can shift your focus to the important business activities to come up with innovative ideas that can take your business to the next level.