What You can Expect When Working with a Talented and Experienced Business Consultant

If the Business Consultant is worth his salt, then the fees paid for the consulting will more than pay for themselves in the extra generated business net profit. Ask the consultant what his or her process is, it will tell a lot about their capabilities and experience. Hiring a business consultant is an investment in the future success of your business but be sure to hire the right one for your type of business and need.

As Business Turnaround Consultant with many years experience helping companies to succeed, I have refined my business consulting process for best business results. This post will detail what good business consulting is all about and what an effective consulting process is. You will know what to expect from a good business consultant by reading this post. As a business owner, you will also see how going through a good business consulting process is very beneficial to your company or to a venture you are considering. Experienced and effective business consultants have a business consulting process that entails the following…

This article will detail a business consulting process for an existing/growth business and for a start up stage company.

I. Business Consulting Process for an Existing Business

– Learning about the Business

• Tour the Company’s facilities
• Read all the company materials
• Meet with the Board of Directors, all executive heads, founders and owners, Department Heads and Key Employees.
• Understand the product or service
• History of the business
• Business track record
• How the business is run
• How decisions are made
• How problems and opportunities are handled
• Company process, trade marks
• Company’s competitive advantages
• Financial track record
• Banking and finance connections
• How the company is organized quality control
• Employee incentives, benefits, and wages
• Meeting the company’s advisors and consultants

– Identifying Problems

• Problems seen by ownership and management
• Problems/ issues identified by the business consultant
• Business consultant granted unrestricted access to the company so that problems can be identified
• Identify revenue points and expense ratios for all products and services
• Understand tax implications
• Key: open, clear communications between the consultant and the company’s people.  Trust is vital.

– Identifying Opportunities

• For every problem/issue, there is a hidden opportunity
• Opportunities seen by ownership, management, and key employees
• Opportunities discovered through the business consultant’s process
• Understanding margins, sales history, and sales growth
• Understanding and identifying new products and services

– Analysis

• Business consultant break downs the identified problems and opportunities while keeping in mind, a clear understanding of the business
• Business consultant decides which problems and opportunities are important and which are not
• Identify probable future problems
• Identify symptoms of problems provide certain conclusions and facts based on the analysis
• Provide certain conclusions and facts based on the analysis

– Solutions

• The Business Consultant provides Business Planning Process which has detailed solutions and identifies key opportunities.
• Business consultant illustrates how certain expenses can be reduced and how certain profit areas can be maximized

– Feedback / Adjust Plan

• Business Consultant receives feedback from the business and its advisers on the proposed Business Plan
• Business Consultant oversees implementation of the business plan
• Business Consultant tracks progress of the plan
• Plan is readjusted as necessary moving forward
• Business Consultant ensures plan is integral to the Company and intertwined into the fabric of the company.

II. Business Consultant’s Business Start-Up Analysis

– Analyze and Evaluate the Opportunity

• Opportunity timing window
• Profit potential for an decent return?
• Can the opportunity be expanded?  variegation options?
• Obstacles
• marketplace needs

– Develop a Business Strategy & Model

• Effective Barriers to Entry
• Identify and Define Customers
• Supplier Relationships and Buyer Conditions

– Resource Audit

• Skills and Resources Existing
• Resource Gap Management Plan
• Internal Skills and Resources Needed
• Lacking Resources to be Out sourced
• Unique Aspects of Business Model
• Cost minimization Strategies for Resources
• Regulatory Compliance
• Critical Milestones which will minimize the Ventures total Risk
• Contingency Resources

– Acquiring & Leveraging Needed Resources

• Control Mechanisms
• Motivations of Resource Providers
• Incentives
• Will opportunity incur an adequate return?

– Venture Deployment

• Management Systems
• Attracting and Retaining good Employees
• Role of Entrepreneur
• Management Delegation

– Acquiring and Distributing Economic Value

• Harvesting Options: Be Acquired, Merger, IPO, Secondary Offerings, Sell Company, Liquidate or Distribute
• After Tax earnings Considerations
• Factors triggering a Harvest
• Factors preventing Harvest
• Consideration of Company Participants:  Creditors, Investors, Partners, Owners, Founders, Key Management & Employees, The Entrepreneur

For more about my business consulting process, please see my  Business Plan Books.

About The Guest Blog Author

Frank Goley is a Business Planner for ABC Business Consulting. He is an expert in business planning, marketing, strategic planning, business turnarounds, online marketing and search engine optimization (SEO). Frank has written over 150 Business Success Articles and E-Books. He is author of a Business Plan Book and writes the Business Success Blog. Frank really enjoys helping companies to start, grow, turnaround and succeed!

Related posts:

1. Using a Business Consultant
2. Benefit from the Expertise of a Business Plan Consultant in Writing a Business Plan
3. A Good Business Consulting Process for a Startup Company
4. How Working Hard On Your Company Can Offer Lasting Rewards
5. Business Plans Only Finds Success If Implemented