By Ruta Gabalis, Founder, AeroBlue
There are many reasons business owners may encounter challenges when attempting to run a successful, flourishing organisation. Whether this be difficulty in enhancing finance management, employee retention or customer service, setting up and sustaining a business is certainly no easy feat and often involves a lot of trial and error.
Business management specialists can help to establish clarity and focus, providing opportunities for growth and improvement. However, as it has been reported that more than one-third of businesses today will not survive the next ten years, it may be argued that many business owners do not fully appreciate the advantages of utilising an expert’s experience and know-how when attempting to rejuvenate a struggling company.
Recent news has been plagued by stories of industry failings, with large, infamous companies such as New Look, KFC and Debenhams facing a multitude of imminent store closures and a serious decrease in sales. In such a sensitive business climate, it has never been more important to secure a business’ progression, seeking help where necessary.
There need not be apprehension when hiring a business consultant. When a company hits a rough patch, even the most talented of business people can benefit from hands-on, strategic support and refreshing objectivity to keep control of costs and ensure their company scales appropriately.
Here, I outline some advantages of utilising a third party to ensure sustained, profitable growth:
- Access to extensive experience:
The most significant benefit to hiring an outside transformation consultant is access to his or her own experience. Having often worked across different industries assisting with a variety of company concerns, these experts are able to fill gaps in a management team’s skill set, developing and implementing a plan that has worked in similar situations within other organisations. These individuals know what works and typically boast a reliable track record of success. Rather than simply creating an impressive looking document that sits on the shelf, their aim is to develop a detailed, effective action plan that can be executed and sustained whether the challenges are affecting operational, financial, or team performance.
- Difficult decisions made easier:
Using a third-party and their services will help to prevent conflicts which may arise during a sensitive turnaround or restructuring process. These experts will be able to assess the situation from an entirely objective perspective and are less inclined to become involved in office disputes than internal managers. For example, if it is felt that one department are more responsible for the business’ struggle than another the situation will be assessed and dealt with impartially.
Also, to maintain the integrity and success of the process, the consultant needs to ask tough questions which may make internal managers feel uncomfortable and may even be personal. However, these are critical and may shed light on key reasons for the company’s poor performance. External consultants are able to remain detached, professional and rational. A company’s performance cannot be improved if management is not prepared to discuss changes needed, let alone implement them.
- More accurate financial projections:
It is essential that a company regularly monitor their financial situation to avoid further mistakes and rectify any pertinent issues. All too often, owners will outsource certain financial tasks so may not be fully aware of what is going on at all times. If you are making rough estimates of what is coming in and what is going out, you will continue to leak cash and make the same mistakes. A business management specialist will help shed some light on the situation and put plans in place with the aim of getting you back on track.