You might have a brilliant idea, the resources necessary to make it work, years of relevant experience, and yet you may find that things are just not working out the way you want. This is where small business management consulting can play a significant role in steering your business towards the right track.
You may have heard of large firms, but few people understand what consulting firms do and how management consulting can help a business succeed.
What is small business management consulting and how can it help you?
Management consultants are business experts who can help strategize and improve on specific critical processes and aspects within an organization. By working in areas such as finance or operations management, management consultants allow you to focus on the core areas of your business where your input is more valuable.
Typically, management consultants will have obtained business degrees in fields such as business administration, management, accounting, finance and sometimes engineering, and often possess advanced degrees such as an MBA. When you hire a management consultant, you can expect that they may perform some or all of the following roles:
Accounting and finance management
A great alternative to hiring a full-time accountant or finance manager is hiring a management consultant. From setting up your chart of accounts to performing audits, handling payroll and tax preparation, a small business management consulting service can help make sure your accounts are in order.
From feasibility studies to project planning and implementation, small business management consulting covers all these aspects of project management. You will, however, need to decide whether you want consultants to only provide advisory services or have them actually perform the work. Whatever the case may be, a seasoned small business consultant will be capable of taking the lead on any project.
Marketing planning encompasses everything, from initial research to pricing, determining what distribution channels to use, promotion and countless other elements. Depending on their area of specialization, a small business management consultancy can create a marketing plan with clear, actionable steps for your staff to follow, and if needed, they can also execute the plan for you.
There are other services management consultants offer that may not be needed by the average small business, such as operations management, logistics and supply chain management, quality assurance and so on.
Why hire a management consultant?
Reading through the above list of services small business management consulting covers, you might consider handling things on your own. However, doing everything yourself might not be the smartest decision, and is one pitfall entrepreneurs and small business owners should avoid. Here are a few reasons why hiring a management consultant is a more intelligent idea:
As a business owner, you may need to wear many hats and you may not have enough time or the level of expertise necessary to efficiently perform all functions of your business. There is finance, marketing, operations, supply chain, the list goes on. Hiring a management consultant may lead to a lot less stress and more time for you to focus on areas where you really shine.
An important second opinion on crucial decisions
Businesses, large or small, succeed through proper planning, execution and situation handling. Even if you prefer to take the lead on every development, having a management consultant at your disposal means you can get second opinions and tap into their expertise to better handle various challenges and discover new opportunities.
Manage expansion safely
Growth may sound exciting but comes with considerable risk to any business, particularly small ones. A small business management consultant is likely to have overseen several expansions and can provide much-needed guidance and strategic help for your business to set the right foundation for scaling now, and in the future.
How we can help you
At Park City Bookkeepers, we have years of experience with small business management consulting and offer a range of services that will help streamline your business processes and achieve your goals. Here are some of the services we offer:
Professional bookkeeping services: Our bookkeeping services go beyond mere data entry. Our bookkeepers are professionals experienced in categorizing expenses, managing accounts payable, bank reconciliation and more.
Customized one-on-one service: We pride ourselves on our promise to deliver a service that is carefully tailored to meet the needs of our individual customers. We will not just make sure your books are properly kept, we ensure that they reflect information critical to your growth.
Integrated solutions: Our approach, adopting the Lean Six Sigma methodology, will help your business significantly increase productivity and lower costs. We can streamline your processes for maximum efficiency, alongside managing your cash visibility, capital allocation processes, venture capital matchmaking and even helping you obtain financing.