As a business owner, chances are that you’re quite good at multitasking. And while you may be able to juggle the ever-growing workload of running a small company, over time it’ll become much harder to stay afloat. It’s difficult to be an HR manager while you’re trying to bring a new business partner on board.
Each day you’re faced with decisions that could make or break your company. Wouldn’t it be nice to focus on these decisions and leave the other work to someone else? This is where a business consultant comes into play. Keep reading for 5 signs that your small business needs consulting.
1. You Have No IT Direction
In today’s world of ever-changing and ever-growing technology, your company needs a dedicated IT person. Odds are your company uses mobile devices, desktop computers, word processing, software, and some type of data storage. Unless your company works in the IT industry, chances are you’ll benefit from having an IT consultant. An IT consultant offers a wide-range of skills including:
Repairing hardware and software issues
Setting up new software and other computing services
Ensuring data is backed up
Providing IT training
An IT consultant will also advise on ways to upgrade your existing technology to streamline processes and improve productivity.
2. Your Accounting and Operations Are Behind
Accounting and bookkeeping aren’t the most exciting parts of running a business, but they’re an absolute must-do. If you’re struggling to keep up with your company’s financial standing or if you find that your bookkeeping is okay at best, it may make sense to hire a consultant.
Most consulting companies specialize in a core function of business operation. Whether that be sales and marketing or accounting and bookkeeping, consultants are focussed on how a business operates and
A consultant will also help with the overall financial standing of your company. A quality consultant will also find ways to cut business costs. The good news is that you don’t need an accounting and bookkeeping consultant full-time. Typically only a few hours throughout the year are needed.
3. Your Marketing Strategy is Absent or Lacking
As a small business, one of the most important factors to your success is your ability to market your company. The ability to attract and retain customers is a must if you want your startup to grow and flourish. These days, marketing isn’t as simple as having a website or handing out business cards. Marketing is a highly specialized niche that requires in-depth knowledge about marketing trends and insights.
If your marketing strategy hasn’t produced many results or if you don’t have a strategy at all, a marketing consultant can be quite beneficial. A consultant will work with you to determine your business goals, your target audience, as well as your company’s competition. With the right marketing consultant, your company can take part in social media marketing, video marketing, and other forms of highly-popular digital marketing.
4. Human Resources Services Are Absent
If you have a team of employees, offering human resources services is a must. Working through personnel-related issues is time-consuming but having a dedicated HR person can be quite costly. But, if you want to keep your employees happy, you’ll need to make room in your budget for an HR consultant. Companies with an effective HR strategy usually offer better working environments and higher levels of workforce morale. Studies have shown that these two factors lower employee turnover and boost employee retention
By outsourcing your HR functions, you’ll have a dedicated member focused on:
Dealing with workplace issues and terminations
Managing employee safety and welfare
A dedicated HR consultant will also ensure your company is compliant with local, state, and federal regulations. Knowing that your company is compliant with holiday leave standards or wage laws provides you peace of mind as a business owner.
5. You Lack Legal Advice
As a business owner, chances are you’ve already tackled certain legal tasks on your own, such as choosing a business name, creating contracts for vendors and clients, and business incorporation. While your need for legal advice is likely to be very sporadic, it’s always nice to know that you have a go-to person. Having a quality business lawyer at your side can make getting through those tough legal situations a lot easier. A legal consultant can work through share allocations, partnership agreements, lawsuits, and any other legal action that your company is involved with.
When it comes to franchising, trademarking, or selling/merging your company, you’ll want to have a legal consultant at your side. Navigating the legal web can be quite difficult on your own but an experience small business legal consultant can make the process much more manageable.
Being able to call yourself jack-of-all trades is a credible title to have. But, as your company grows and matures, you’ll likely find that you need some extra help. If you can relate to any of the 5 signs above, now’s a good time to invest in a consultant. In turn you can better manage and focus on the future of your company.