So, your business is doing reasonably well. But, you’re looking to scale, right? If yes, congratulations first of all. Secondly, you’ll need a business growth consultant.
According to the Small Business Administration, there are currently 30.2 million small businesses in the US. These businesses employ almost 59 million people. These businesses are the heart of the US economy.
An estimated 30 percent of all businesses fail in the first 2 years, and 50 percent over 5 years. With another 66 percent failing in 10 years, it’s important for small business owners to avoid being a statistic.
In business, growth is mandatory. Unfortunately, only one in ten businesses tend to achieve that often elusive sustained growth. Many small businesses are stuck in the same cycle. There’s no growth whatsoever. And when there’s no growth, you have regression.
If you feel that your business isn’t growing as fast as you’d like, chances are you’re right. While you can try to wing it by yourself, it’s always better to hire a business growth consultant to help.
How can a professional consultant help your business grow?
Determine Current Problems and Provide Relevant Solutions
What’s currently driving your business? What business activities are key revenue generators? And which ones aren’t? Where are the efforts of your hired talents focused?
What secondary business activities are you currently spending too much time on? And which core processes should you be focused on? Are you maximizing your core revenue sources or diversifying too fast? What’s your company’s core business product?
These and many more, are questions that your new business growth consultant will have to ask and answer. You see, their expertise lies in cutting through the waste to find the core.
They’ll identify your major moneymakers and help you focus on it. You see, most businesses dedicate far too little resources to their key moneymakers, and yet wonder why they’re not growing.
Many business owners admit that they aren’t maximizing their revenue from their core activities. In fact, they agree that they could be doing more. But, they have no idea how to go about it.
Professional business growth consultant like Cayenne Consulting can help streamline your activities.
Helps Get Your Business Out of a Rut
Business stagnation is largely responsible for slow business growth. If you feel that your business has plateaued, you’re not alone. Many business owners feel the same way.
This happens when you’ve been steadily hitting the same goals, and can’t seem to surpass for them.
For instance, if you’ve been generating $2 million for the last 3 years, and can’t seem to make more, now might be the best time to get a fresh set of experienced eyes.
A business growth consultant can help kick-start growth by getting you out of that rut. They’ll identify alternative means through which you can grow and generate more revenue.
They’ll do this by seeking alternative ways to maximize revenue. For instance, can your key products be bundled with others for increased revenue? Are you getting maximum returns on your advertising dollars?
Can you cross-sell or upsell your current clients? Can you create specific premium products for your HNI clients? Can you cut costs by taking advantage of agile methodologies? These are some of the avenues they’ll explore in a bid to help you grow.
And if your current business model has reached its maximum capability, they can spot new opportunities for lateral expansion and diversification.
Specialize in Specific Industries
Most business growth consultants tend to specialize in specific industries. So, look for one that specializes in your industry. These growth consultants are usually experts in a few industries. They tend to have insights into the industry, are familiar with them, and understand their various nuances.
They’re usually more conversant with their specific industry’s problems and challenges. For instance, while many small businesses advertise, they don’t know their best lead or buyer sources.
Growth consultants can set up tools to track your ads and identify the best performers. They’ll also go through the generated data and determine the best ad channels for max ROI.
Provide an Unbiased, Informed Perspective
Let’s be honest, business owners tend to become emotionally attached to their businesses. This is why it’s often hard for them to let go of a process that’s no longer working or fire underperforming employees.
A professional consultant’s job is to provide clarity and objectivity about your business. They’re equipped to identify leakages, wasteful activities, workplace redundancies and so much more.
With this information, they can easily provide you with a thorough objective insight into what’s working and what isn’t.
With this data, you can then make the necessary decisions to help propel your business forward and grow as you should.
Provide Staff Training
The best investment you can make in your staff is providing periodic training and coaching opportunities. This is very important considering that between 17 and 25 percent of employees don’t get any workplace training.
Yet, consistent employee education and training help increase workplace efficiency, productivity, and output.
Trained staff produce better ideas, and have better relationships with their work colleagues. They’re also more loyal to the firm, and inspire motivation among colleagues.
All of these combined together, usually result in increased revenue and growth for the business.
Do You See the Benefits of Business Growth Consultants Now?
We’re hoping you do now. You need a business growth consultant to help rejig your business processes. They streamline tedious business processes, drop redundancies, and boost profits.
If you’re still struggling to grow and need all the help you can, you should hire one and let them help you grow.
And if you need to ease the transition process, or help your staff improve on the job, the tools provided by At Your Business can help.