Good Business Advice - Does it exist?
Discussion
I've always been quite reluctant to pay for advice in the past, however it's something I'm semi-considering.
I run a signage and commercial vehicle branding company. We have 3 directors and 4 additional staff and have been operating for 10 years. Turnover has been consistent over the past 3 years but profits are down. Growth wise, there hasn't really been any. Irritatingly our main accounts seem to fluctuate their spends year by year so if one is doing well another one drops off. We have something in the pipeline that is fairly unique to our industry which will trigger growth but this is taking longer than I would have liked to develop and I feel that we have relied on this too much over past months.
I'm therefore considering speaking to a business consultant and letting them take a deep dive into our operations and sales. As I said at the beginning I've always been reluctant to do this as I don't like the idea of 'letting anyone in'.
I wondered, if anyone has any previous experience with hiring a consultant and what the outcome was?
I run a signage and commercial vehicle branding company. We have 3 directors and 4 additional staff and have been operating for 10 years. Turnover has been consistent over the past 3 years but profits are down. Growth wise, there hasn't really been any. Irritatingly our main accounts seem to fluctuate their spends year by year so if one is doing well another one drops off. We have something in the pipeline that is fairly unique to our industry which will trigger growth but this is taking longer than I would have liked to develop and I feel that we have relied on this too much over past months.
I'm therefore considering speaking to a business consultant and letting them take a deep dive into our operations and sales. As I said at the beginning I've always been reluctant to do this as I don't like the idea of 'letting anyone in'.
I wondered, if anyone has any previous experience with hiring a consultant and what the outcome was?
8IKERDAVE said:
I've always been quite reluctant to pay for advice in the past, however it's something I'm semi-considering.
I run a signage and commercial vehicle branding company. We have 3 directors and 4 additional staff and have been operating for 10 years. Turnover has been consistent over the past 3 years but profits are down. Growth wise, there hasn't really been any. Irritatingly our main accounts seem to fluctuate their spends year by year so if one is doing well another one drops off. We have something in the pipeline that is fairly unique to our industry which will trigger growth but this is taking longer than I would have liked to develop and I feel that we have relied on this too much over past months.
I'm therefore considering speaking to a business consultant and letting them take a deep dive into our operations and sales. As I said at the beginning I've always been reluctant to do this as I don't like the idea of 'letting anyone in'.
I wondered, if anyone has any previous experience with hiring a consultant and what the outcome was?
what is your main cost?I run a signage and commercial vehicle branding company. We have 3 directors and 4 additional staff and have been operating for 10 years. Turnover has been consistent over the past 3 years but profits are down. Growth wise, there hasn't really been any. Irritatingly our main accounts seem to fluctuate their spends year by year so if one is doing well another one drops off. We have something in the pipeline that is fairly unique to our industry which will trigger growth but this is taking longer than I would have liked to develop and I feel that we have relied on this too much over past months.
I'm therefore considering speaking to a business consultant and letting them take a deep dive into our operations and sales. As I said at the beginning I've always been reluctant to do this as I don't like the idea of 'letting anyone in'.
I wondered, if anyone has any previous experience with hiring a consultant and what the outcome was?
you probably don't need a deep dive to find the expense that is most impacting margins
Yes, good ones exist. We hade a brilliant chap some years back look into what we were doing ahead of a possible acquisition and he helped us to optimise the value of the business, improve various things and generally give us a bit of direction from a new perspective.
Quote a bit of what he told us we already knew - but this is not a bad thing because getting credible, third-party confirmation on things can be very powerful and empowering.
He was a very success business owner who'd retired but provided consultancy to 'avoid going stale'.
That would be my first advice; find someone who's done the hard yards themselves.
The most common issue with business consultants is not with the consultants but the company who appoint them unwilling to act upon their advice. I've seen this several times when companies have brought someone in to fix a problem, told how to fix but choose not to because 'they know their business best'.
So the second bit of advice is that if you choose to seek it, act on the advice given - even if that might be unpalatable.
Quote a bit of what he told us we already knew - but this is not a bad thing because getting credible, third-party confirmation on things can be very powerful and empowering.
He was a very success business owner who'd retired but provided consultancy to 'avoid going stale'.
That would be my first advice; find someone who's done the hard yards themselves.
The most common issue with business consultants is not with the consultants but the company who appoint them unwilling to act upon their advice. I've seen this several times when companies have brought someone in to fix a problem, told how to fix but choose not to because 'they know their business best'.
So the second bit of advice is that if you choose to seek it, act on the advice given - even if that might be unpalatable.
I think there is a large difference between these Instagram business advisors and BA of the past. IMO a LOT of them are not qualified to speak in the circles they do. Not for one minute suggesting you are looking to approach the former btw.
Without stating the obvious, and without looking at any numbers - you say T/O has remained consistent but profit is down over the last 3 years. Obviously costs have skyrocketed for a large % of companies post-COVID. Have you kept up with your prices to counter that? In my experience a surprising amount of business owners haven't done so and are then questioning why there's nothing left on the bottom line.
Without stating the obvious, and without looking at any numbers - you say T/O has remained consistent but profit is down over the last 3 years. Obviously costs have skyrocketed for a large % of companies post-COVID. Have you kept up with your prices to counter that? In my experience a surprising amount of business owners haven't done so and are then questioning why there's nothing left on the bottom line.
Good question. There are a lot of business coaches out there but most of them spout the usual generic crap because they haven't actually run a profitable business beyond a business coaching or digital marketing business so don't really know how businesses work beyond these businesses.
Anyway, as I was reading your post, I thought of Richard Woods https://milliondollarsprint.com/about-richard-wood... ISTR he bought a failing plumbing business and dramatically turned it around. Worthwhile contact him.
I've spoken to and attended workshops and training from so many business coaches that I can work out what someone's technique/style/system is based on and whether it's worthwhile listening to them or not.
Anyway, as I was reading your post, I thought of Richard Woods https://milliondollarsprint.com/about-richard-wood... ISTR he bought a failing plumbing business and dramatically turned it around. Worthwhile contact him.
I've spoken to and attended workshops and training from so many business coaches that I can work out what someone's technique/style/system is based on and whether it's worthwhile listening to them or not.
Edited by Hoofy on Tuesday 2nd September 15:00
What’s wrong with it that marketing doesn’t fix?
You’ll get a consultant who’s no idea how to grow it they just look for problems you’ve missed.
You’ll describe lack of growth so expand in your niche or find a parallel niche.
I’ve a rope access client that wants to dominate the sector, he can do it’s just awareness / marketing and not being crap
You’ll get a consultant who’s no idea how to grow it they just look for problems you’ve missed.
You’ll describe lack of growth so expand in your niche or find a parallel niche.
I’ve a rope access client that wants to dominate the sector, he can do it’s just awareness / marketing and not being crap
Gassing Station | Business | Top of Page | What's New | My Stuff