Small business owners are masters at juggling. With all they have going on–all the decisions they must make about their companies, overseeing all aspects of their daily operations and development–it’s often difficult to stop maintaining and start growing.
Small business owners are so accustomed to single-handedly doing it all that they are often unaware (or reluctant to admit) that a business strategy consulting service can help take some of the load off and even do some things better.
Rest assured, small business owners, no one can be great at everything. Plus, it takes many talented people to keep a small business afloat.
Below, we discuss top small business challenges and how a business strategy consultant can help alleviate them.
What’s at Stake
You can better embrace hiring a business consultant or consulting firm once you realize the sober statistics of small business success compiled by HostingerTutorials from sources like the US Small Business Administration Office of Advocacy and the US Chamber of Commerce.
Small businesses are integral to our economy, making up 99% of all US firms. That’s around 33.2 million small businesses, contributing 17.3 million new jobs over the past 26 years.
The average cost of starting a business ranges from $250,000 to $500,000. The average entrepreneur can expect an average salary of $69,000 a year.
Running a small business isn’t for the faint of heart, either. About 22% fail within the first year and 50% by year five. Cash flow problems and low consumer demand are to blame for most small business failures.
How Consultants Help Small Businesses
Consider the following top challenges a business consultant can help you overcome, whether you hire one or two part-time consultants on an as-needed basis or a full-time consulting firm for comprehensive guidance.
Accounting
Business accounting is complex and nuanced, from bookkeeping intricacies to cash flow projections to location-specific regulations. Why handle this part of your business without professional help?
Partner with a local accounting firm that knows the ins and outs of all things money-related. Certified public accounting (CPA) services can help with every aspect of business operations, including:
- Proper and accurate bookkeeping
- Minimizing taxes
- Analyzing finances for better decision-making
- Optimizing cash flow
- Strategizing
- Forecasting
The CPA certification lets you know they’ve honed their skills, and you can trust their advice. They can find areas of improvement anywhere in your business, from spending and saving to investing.
Development
Understandably, you may not know what next steps to take to grow your business. A consultant can help you develop business models and plans. Use their solid strategies to gain clarity or the financing you need to grow.
Furthermore, a business development consultant can help you with all kinds of decisions. For example, should you expand your product and service offerings or stick with your core ones? Should you partner with another company or stay solo? They’ll help you answer questions like these and many more related to developmental decisions and tactics.
Marketing and Sales
Marketing is an ever-evolving and ongoing necessity. Marketers…
- Devise short- and long-term advertising and brand strategies
- Maintaining a business’s social media presence
- Keep up with SEO (search engine optimization) practices
- Develop content marketing
- Use effective sales tactics
And all to gain and keep the attention of the target audience. It’s challenging and takes a lot of time. Let a marketing and sales consultant juggle all these moving parts (and more) for you.
Human Resources
Sometimes, your business will need more employees than other times (like more customer service support around the holidays). Plus, the talent pool in your area might not always be as abundant as you’d like. A human resources consultant can help you find the talent you’re looking for.
Small business owners must also consider remote work, telecommuting opportunities, and hiring freelancers–an HR/staffing consultant can handle all that and more. Additionally, HR handles many complex issues, from diversity, equity, and inclusion to harassment claims and employee benefits. They’ll handle complex issues and find potential solutions to help your company manage more efficiently.
Preparedness
Some problems in business (like the pandemic) pop up unexpectedly. Others (like security vulnerabilities) are more predictable. Small business owners often need help preparing for or navigating challenges that could result in severe losses, whether expected or unexpected.
You can’t prepare for every possible crisis. However, a crisis-management consultant can help you fortify many vulnerabilities, like your online security, natural disaster preparedness, and employee and customer safety. They can also help you with contingency planning, so things run smoothly even when problems arise.
IT and Security
Your information technology systems and the security it takes to keep you and your customers’ private information private is another fast-paced area of change you might want help with.
Hackers are always finding ways to get to sensitive data. You’d be wise to partner with experts who can help you shore up any vulnerabilities and adhere to data privacy regulations. It’ll keep you and your customers safe while ensuring you don’t lose brand credibility from a data breach or pay thousands in damages, fines, penalties, and lawsuits.
When to Call a Consultant
How do you know when to call in the ‘big guns?’ Pay attention to places you may feel stuck or lost. Call a consultant when you or your team lack the necessary skills to do a job properly and efficiently. Hire someone when you’re in the midst of a big problem. Ruts, skill gaps, and incredibly challenging predicaments can lead to losses, and you don’t want that.
Help Is Strength, Not Weakness
Changes make it difficult for business owners to be experts at everything. Hiring qualified consultants helps you address challenges such as predicting future trends, financial management, compliance, recruiting talent, and data management.
Luckily, finding consultants specializing in your area of need is typically effortless. Charlotte CPAs are exceptionally skilled at handling many of these top business challenges in the Queen City and neighboring areas.
Begin by typing in ‘CPA in my area’ to start building your ranks today. Ask other entrepreneurs for referrals. Check out professional networking sites and online directories for consulting firms and specialists and quit juggling things you don’t need to today.
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Infographic
Small business owners are skilled multitaskers, balancing crucial decisions and daily operations while striving for growth. The infographic below highlights key challenges faced by small businesses and how a business strategy consultant can help overcome them.
