A friend of mine once decided he’d try his hand at consulting. “What’s your objective as a consultant,” I asked. “Simple,” he replied, “to sell more consulting!”
I have to admit that consultants have earned a bad rap with attitudes like this. As a business owner, you’re not going to get value from hiring someone to nod their head and tell how great you’re doing. Rather, a real Trusted Advisor should be able to help reveal issues, obstacles or solutions that aren’t clearly evident to you and that can add to your revenue, your cash flow and your bottom line.
A recent Manchester Consulting Group study of Fortune 100 executives found an ROI of 5.7 times the money paid for coaching services. Imagine paying out $2 and getting $5.70 in return – pretty good odds at the track, but an astounding return on investment for a business!
And Entrepreneur Magazine listed included the following as top reasons business owners hire a consultant:
To obtain specific expertise.
In an escalating market such as this, there are likely areas where you’d like to engage, but don’t have the experience or skills on staff to get the job done. Social Media, product development, or merchandising are areas that few businesses have sufficient expertise in house to be effective, and where hiring a consultant could yield a strong ROI.
To identify problems.
Face it, most of use are too close to our businesses to see all the issues. We might think we know what they are, and can feel the effects of any inefficiencies, but it often takes a more objective perspective to help us see beyond the weeds.
To act as a catalyst for change.
Company cultures, even in the smallest businesses, are inherently anti-change. Oh, we want better results, but want others to change, not to change ourselves. It’s just human nature. An outside advisor can often provide the needed ‘kick in the pants’ to effect needed change.
As a business owner, you want to be the best leader you can be; to evolve and grow. But running a business allows little time for self-growth. A business coach can help you focus on the right areas, and learn best practices quickly. You believe in ‘OJT’ for your staff, right? This is on the job training for you!
To bring new life to an organization.
Even the best teams can get stuck in ‘the way we’ve always done it’ thinking. Brining in an outside expert can often break through old thinking by implanting and nurturing more current processes and systems.
So, there are five reasons why you may want to consider hiring a consultant, coach or advisor. If this makes sense, and you’d like some help finding the right advisor for your needs, well that’s what we do here at Cash Flow Engineering. Just give us a call and we’ll make a qualified recommendation based on your companies size, location and needs.
Scott Stroud has been marketing new homes since 1979. After being a builder and VP of Marketing for a major housing producer, Scott was a founder of Selling More Homes Media and BuilderRadio, and now Cash Flow Engineering, LLC. His is a marketing automation specialist and an Infusionsoft Certified Partner.