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How to Overcome Any Challenge Your Business Faces

StrategyDriven Managing Your Business Article |Business Challenges|How to Overcome Any Challenge Your Business FacesEvery business ever created has or will almost die. A mistake is too costly to make, and as a result, your entire future is put into question. It is not a matter of if in these situations, but when. A new competitor with a disruptive business model might come your way, or a more significant competitor might take what you’re doing and simply do it better.

There is an infinite number of problems you will face as a business owner. From customer complaints to new policies. From budgeting to sourcing. You cannot prepare for all of them because there are simply too many to predict.

What you can do is prepare your business and yourself so that you are ready to face any potential problem. To start? Follow this guide:

1. Hire a Consultant Before Times Get Tough

If you want to help prepare your business, then the best time to start is right now. Don’t put out fires one by one, set up a sprinkler system to tackle all your issues from the get-go. When you start a new business, you are going to feel out of your depth, which is why hiring a consultant can help you minimize risks and grow your business.

Just remember to choose the right consultant. General business consultants can be useful, but nothing will beat a consultant that knows your industry inside and out. If you are in the life sciences industry, for example, then you are going to want to hire life sciences global consulting and solutions. It’s as simple as that.

2. Build Up Your Business Credit ASAP

Small loans that can easily be paid off will work towards building your business credit. You want to improve it and its history fast. It is the best way to make sure that you can get the funding you need in the future.

3. Have an Emergency Fund

Emergency funds aren’t just for personal matters. You should put money away either in a savings account or an investment account so that you can cover any down deposits or other costs in the future. The key is that the account this money gets put into should give you interest. If you just have the cash lying around, you cannot capitalize on it over time.

4. Have All Your Records in Order

You will need to have all your records in brilliant order because one day, there is going to be an issue where you need to prove one far off payment for some reason. Invest in quality software and cloud computing so that you can not only keep track of all your data, expense, payments, and other information but that you can do it safely and securely.

5. Always Keep Learning

If you want your business to succeed, then you can never stop learning. You need to be on top of trends, policies, technology, and so much more so that you can steer your company in the right direction and keep it relevant for years to come.

When to Hire a Business Growth Consultant: The Complete Guide

StrategyDriven Managing Your Business Article |business growth consultant|When to Hire a Business Growth Consultant: The Complete GuideYou’re a business owner or an entrepreneur. No matter which phase you’re in, one thing is for certain: your effort. You’ve put in time, money, and effort into building your brand.

Maybe you’re just starting out or maybe you’re well into your business ownership but have plateaued. You’re left wondering how to see the type of growth that you need for your business. One option that you have is to hire a business growth consultant.

Hiring a business growth consultant can help you see these results you’re searching for, however, you’re not sure if this is the right step for you. You’re debating this option because of money, overstepping your internal team, or for another reason.

The best way to determine if hiring a consultant is right for you is to continue reading below. Here’s how to determine when’s the best time to hire a business growth consultant!

1. You’re Serious About Your Business

When you’re just starting out with a business idea, it takes a lot of time and effort to research the idea, the industry, and planning phases. All businesses have to start from somewhere and that’s where your brilliant idea comes in! However, it sometimes takes entrepreneurs years to turn an idea into a business plan.

This might be due to personal reasons, financial reasons, or something else. Either way, you need to determine how serious you are about your business. Are you ready to take your business to the next step?

If you’re serious about getting your business up and running, then it’s time to hire a business consultant. If you’re not ready to devote the required time, money, and effort into it, then don’t waste your money hiring a consultant just yet.

2. You Need Guidance With Your Business Plan

If you’re new to the business world or aren’t a professional at writing business plans, then it might be in your best interest to hire a consultant. A consultant will help you with many of the steps involved with the creation of your business plan. A consultant will help you develop your idea and bring it to life.

A consultant will also help you with researching your competition, financial expectations, and even the risks. If you’re having trouble finding a physical location for your business, a consultant will help. Ultimately, a consultant will help connect you with professionals in a variety of fields including insurance, real estate, legal, and more.

Remember, your business plan is your one opportunity to receive the type of funding you need from lenders. You don’t want to present them with your plan until it’s close to perfect. If you’re not sure of your own abilities to write a plan, then seek the help of a consultant.

3. You’re Entering a Large Market

If you have a business idea of some sort, then it’s safe to say that you’ve done some research on the market. After conducting your research, what have you found in regards to the size of the market? Is it a large market that you’re looking to enter?

If so, then you’ll want to have everything done right from the beginning, increasing your chances of growth in such a large market. If this is the case, then hiring a consultant from the initial startup is a good idea. The only thing you’ll need to ensure is that you’re hiring a consultant who can guarantee to bring some type of value to your business.

In other words, don’t go with a cheap consultant because you want to save as much money as possible. Choose a consultant who’s reputable.

4. You Need Help With Operations and Back Office

There are consultants who help with operations and back-office tasks. What do your current operations look like if you already have some in place? Could you improve on them?

A consultant can help with improving your existing processes. This might include reducing steps in the process, reducing mistakes, and increasing margins while decreasing costs. A consultant can also help with the back office.
For example, back office support might include help with payroll, invoices, bill processing, and more. By having this type of help, you can place your focus on your business itself and not on the back-office tasks.

5. You Need IT Consultants

Technology is always on the rise and if you want to keep up with your competition, then you need to keep up with the latest trends in technology. If your business has no relation to technology, and you’re not sure what you need to stay up to date, then an IT consultant can be beneficial.

This might include help with tech support, phone and computer systems, internet services, and more. If technology isn’t your area of expertise, then let a professional do it for you!

6. You Need Advice With Sales and Marketing

As a business owner or an entrepreneur, you know how important sales and marketing is for your business. These consultants will help you in developing your brand and making a name for yourself. Marketing plans, advertising campaigns, social media strategies, and sales processes are all things that a consultant can help you with.

They have the expertise needed to ensure that your sales and marketing departments flourish.

Is Hiring a Business Growth Consultant Right for You?

After reading through this guide, we now hope you know if hiring a business growth consultant is right for you! Use the information given in this guide to aid you in making the right decision for your business!

For more posts as helpful as this one, be sure to check out our website daily!

Have You Found The Right Idea For Your Business?

StrategyDriven Entrepreneurship Article |Business Idea|Have You Found The Right Idea For Your Business?Finding the right idea for a business is still a hard thing to do for a lot of entrepreneurs out there. You have to do your research. You have to reach out and talk to people. And when you’ve done all of the necessary leg work, there’s no saying your work stops there.

And coming up with the perfect idea – viable enough to put down on a business plan for an investor to look over, and clear enough to follow through when you’ve established yourself – doesn’t just happen overnight. There’s some things you’ve got to do first, before anything else.

So, without further ado, here are those exact things. If you’re sitting there with a business concept in mind, make sure you get these out of the way before you try anything else.

Target the Market

The market you want to sell to needs to be the first thing you come up with and get your eye on. If you’ve got a product idea, it’ll mean nothing until you find out whether or not people will want to buy it – and no, there’s not a gap for every single half baked idea an entrepreneur has ever come up with!

You’ll need to look into the people who might want to buy what you’re selling; their age, their schedules, their price ranges, and even their generational shopping habits. A lot of previous research has gone into these, so you won’t have to start from scratch either.

Mingle with the Professionals

You’ll want to get a bit of one on one time with the people who know what they’re talking about. Before you fully set out in your business venture, talking to the people who have been and gone before you is a great way to get to know the scene, and just how long it might take for you to reach the same level of success.

For example, if you’re planning to start an online only business, you’re going to be relying solely on the income driven through your website. That means you’ll want to talk to an ecommerce business consultant; someone who knows what it’s like to sell online, and how fast rates, prices, and demand can change.

Are You OK on Your Own?

You might be of the mind to run your business entirely on your own; it’s a micro venture, or it might just be a small home run operation. But when you think about it, no business is set up entirely on its own – no one is really a self made person.

A lot of us have to rely on the experience and labor of other people, especially in the early stages of a small business. And if you’ve already got quite a tight schedule, some serious rearranging might need to be done.

Finding the right idea for your business takes time, so don’t try to rush this stage of the process. A lot of work lies ahead, and it’ll require full attention.

7 Reasons Why You Should Hire a Small Business Marketing Consultant

StrategyDriven Marketing and Sales Article | 7 Reasons Why You Should Hire a Small Business Marketing ConsultantIt’s suggested that businesses spend 8% of their revenue on marketing costs. But what happens when that 8% feel wasted?

If you’re not seeing the fruits of your labor, it’s time to rethink your marketing strategy. And who better to help you do that than a small business marketing consultant?

Keep reading to learn why partnering with a small business consultant might be the smartest move your business makes all year.

1. Consultants Understand Your Audience

Who does your business serve?

If you can’t rattle off an in-depth answer complete with demographics, you don’t have a clear enough picture of your target audience.

Your audience defines everything from your company’s voice to the channels you use to advertise. Simply put, you need to understand your audience and that’s something a firm can help with.

2. A Consultant Keeps You Focused

A consulting firm isn’t only here to give ideas, they’re here to shape the ones you already have.

By providing structure, your consulting firm partners can help you establish a clear and attainable plan for your business. That goes for your short term and long term goals.

3. Less Spending Waste

Anyone can spend money on a Facebook Ads campaign. But spending money doesn’t guarantee results.

Consultants know what channels to use and how to maximize their efficiency. As a result, you’ll save money.

4. Firms Can Help You Branch Out

Rebranding is the process of changing your company’s image. That can be literal, such as changing your company’s logo, or more figurative, like adopting a new persona or changing your voice.

But a new brand image comes alongside shifting goals and audiences. Like defining your audience, this requires plenty of in-depth research.

5. Consultants Can Help You Scale

Every business wants to grow. But are you ready to grow alongside your company?

Your goals for scaling and your current situation may not always match. And if you’re not careful, you could end up spending too much on unnecessary hires, resources, and outdated messaging.

6. You’ll Have More Time to Run Your Business

Your time is best spent working on the things you do best. And hiring a consultant takes a ton of pressure off of your shoulders, allowing for just that.

You’ll have more time to focus on the tasks that demand your immediate attention while your partners focus on growing your business.

7. Better Resources Means Better Results

Even if you have the know-how to run a great marketing campaign, purchasing the materials needed can drain your wallet. Software alone can cost thousands of dollars.

Your consultant partners will have state of the art resources that your business can use to maximize its potential. As a result, you won’t have to go out and invest in these resources yourself.

Why Your Company Needs a Small Business Marketing Consultant

Whether you’re looking to take your product global or you’re keeping things on a local level, a small business marketing consultant can help your business reach the heights you’re after.

Between their expertise, resources, and growth-centric approach, a consultant is more than worth the money. Think about reaching out today.

And if you’re looking for more content to help you grow your business, make sure to check back with our blog.

Business Blind Spots – How To Know What You’re Doing Wrong

StrategyDriven Entrepreneurship Article |Business Blind Spots|Business Blind Spots - How To Know What You're Doing WrongWe all have blind spots. For example, perhaps one we all understand is those who are angry or showboating often hide a vulnerability or weakness underneath. Someone becoming incredibly toxic and aggressive following a romantic breakup, for instance, is often hurting underneath, and that’s what will motivate their hard reaction. While businesses are nowhere near as complex as people, the idea of the eternal blind spot is something that carries with it a sense of validity. After all, if you do not look in those darker areas, you’ll be unaware of how to improve or solve them.

But how can you know what you’re doing wrong as a firm? This might be clear if you’re struggling to sell your products, or if your staff turnover is increasing due to a bad manager. That being said, what if your business is improving and successful? We might take this as proof that we are perfect in our efforts, yet of course, this is never correct. Thankfully, with the following advice, your operation will remain more self-aware than ever:

Thorough Inspections

Inspect your processes thoroughly. Leave no stone unturned. It could be that you’re spending way too much on inventory, you’re failing to turn your stock over efficiently, or you’re experiencing an unusually high number of product damages at a certain area of your manufacturing line. Thorough inspections matter, and they can truly make a difference – allowing you to potentially slash tens of thousands of yearly dollars that may otherwise have been written off. The same can go for business expenses from your travelling remote representatives, or even computing equipment being replaced by overzealous IT managers. You’ll fail to find anything unless you look.

Worthwhile Consultants

Using expert procurement consultants can help you figure out if your procurement process is running in a streamlined manner or not, and if you’re truly maximizing the deals you are able to gain through this process. Additionally, they will be able to suss out flaws in your communication, in your staff training, and also the crippling overspending you may be laying down in certain departments. Procurement is complex and that means it is rarely perfected. With a team such as this on your side, you’ll take every step to get there correctly.

Coherent Feedback

If you’re not investing in the internal communication and surveying structures that can allow for staff to report issues, and for those reports to be read and understood, and for practical fixes to be considered and put in place, then you have an issue listening to coherent feedback. Even if you do not act on every issue that you’re presented with, the willingness to listen to them and maximize your attention to possible solutions at least helps you lay those cards out on the table, even if you decide that now is not the best time to move forward.

With these tips, you’re sure to understand where you’re going wrong as a business, and you’ll more than likely take steps to avoid that in the future.