How Visiting a Business Consultant Can Increase Profits Over 25% AND Reduce Your Work Load

by Louis Bongiovanni

Profits Increase Running a medium sized business presents special challenges for owners. After moving past the start-up phase, many owners find themselves juggling their time between advertising, hiring, and acquiring and retaining customers.

It might seem like you’re saving money by taking on so many roles, but the fact is that profits suffer when an owner tries to do too much.

By visiting a business consultant, you can not only increase your profits by over 25%, but you’ll decrease the amount of work you have to do. Here are the benefits of using consulting services.

Manage Compensation Plans 

Most companies have to make decisions about employee benefits once they reach a size of $1 million to $15 million. These businesses have to hire more people and make adjustments to the benefits they offer if they offer any at all.

These decisions have a major impact on the company’s future. If benefits aren’t enough, attracting high-level employees will be difficult. If you offer too much, however, you’ll get top talent but see a drop in your profit margin.

You’ve worked with many of these employees since the beginning of your venture. You want to offer them the world, but can you afford it? On the other hand, if money is tight you might want to go easy on benefits, but that comes with hidden costs as well.

It’s a tough decision to make, and one that many owners struggle with. An unbiased view can help you navigate these troubled waters.

A Business Consultant Helps Reshape Your Vision

At the same time, you’re making these decisions, you have to plot out your strategy for taking your business to the next level. Do you want to expand your reach on a national or global level? Should you focus more on solidifying your current hold on a local or regional market?

Furthermore, should you hire more employees, and if so, where should you put them? Do you focus on customer acquisition or retention? Are there new services that you want to offer? If so, can your company handle the extra load?

These decisions keep many business owners up at night.

The decision on where to go next is an important one. Most businesses in the $1-$15 million dollar range are only a few bad decisions away from seeing their market share and profits drop.

Look at your business and determine whether you are healthy enough to sustain growth or if you should solidify your market first.

Business owners often get caught up in the idea that if they aren’t growing, they are failing. It might seem as if growth is always good, but this isn’t the case. Responsible growth is good; irresponsible growth is a killer.

Find And Eliminate Waste

Businesses are at their most efficient when everyone focuses on their tasks. When the owner attempts to do too much, it gives them less time to make sure that everyone is doing their job.

A lack of focus at the top of your company leads to waste. Employees waste time if they don’t have proper direction and have to go back and redo work. That time costs your company money in labor, paper costs, lost time recruiting customers, and more.

The problem for owners is that they often have too much going on. They attempt to be a jack of all trades, and important things start falling through the cracks. It’s best to trust your employees and take an oversite role.

Taking some work off of your plate allows you to give employees direction. By allowing employees to take on more work with you guiding the ship, you empower them. They make decisions and feel a sense of ownership over the company’s success. This helps build morale and develop future leaders within your ranks.

You can also look at your business structure and see where you’re bleeding resources and wasting money. Figure out where to direct your time and resources, cut waste and save money.

You might think that waste is a problem that only affects the bottom line, but it also impacts morale. Employees want to feel that what they do matters. Waste takes away from that.

You might think your company has a problem with waste, but the reality is that all companies have waste problems. Denying it makes the problem worse.

Two of the most common causes of waste are having too many employees and not tracking expenses. Financial consultancy services see these problems and pinpoint solutions to them. Maybe the problem isn’t that you have too many employees, but that you aren’t utilizing their talents correctly.

When you’re on the inside of a business, it can be hard to see these things. Sometimes you need a fresh perspective to see things as they are and not how you imagine them to be.

Do You Need a Fresh Perspective?

Most business owners don’t like to admit it, but sometimes the best thing they can do for their business is to do less.

It seems like an oxymoron, but it’s true. By focusing on the big picture, you allow your employees to grow personally and professionally. You also allow them to develop new skills that help your business long term.

The best part is that you’ll save money while working less! Your employees are smart and dedicated. Why not let them come up with innovative ways to cut waste and grow your business? Sometimes a new perspective is all you need to enhance an already strong business.

If you need a new perspective and a fresh set of eyes, we can help you.

If you would like help grow your business and want more information on how a business consultant can grow your profits over 25%, contact us today!