Owner Strategies

Top 5 Reasons Business Consulting Engagements Fail

Many business owners (and business consultants) don’t get what they want out of business consulting engagements. To help you avoid that, we put together a list of the top 5 reasons consulting engagements fail, and tips to help you investigate your options and make wise choices for your business.

  1. Dependency Trap – increase your skill at running your company versus letting the consultant take the ball and run with it
  2. Expensive Experiment – some consulting firms are unclear about their impact to the bottom line.
  3. Smoke and Mirrors – watch out for fuzzy answers, vague outcomes, and hazy systems and timeframes
  4. Empty Suit – make sure your consulting firm does it all: teaches, listens, advises, focuses, motivates, and gets things done efficiently
  5. Eternal Leach – you want a clear beginning and end to the engagement

What about our employees during COVID19?

The current global health crisis is shifting the way businesses are able to operate. Many are having to adjust their practices and strategies, and are facing abrupt and devastating changes to their financial stability. There’s been a lot of  concerns from our clients about what they should be doing with employees during the COVID19 pandemic. Employers have a few options, which we’ve explained here.

Different options when it comes to payroll during COVID19 – reduction in hours, layoff, furlough, keep on employing people and apply for a loan – not sure what’s right for us and our employees. If we reduce salaried or hourly employees to below FT (below 32 hours/week), employees could lose their benefits What should we say to our employees? How to manage sick leave – what’s mandated, and what should we do? Are business owners eligible to receive unemployment?

Importance of a valuation for your business during a crisis

98% of small business owners don’t know what their business is worth. You don’t plan for retirement a few months before you retire so why wait until a major life event to plan the future of your business?

When planning for the future, it is easy to feel overwhelmed by the unknown. You might not know how much your business is worth, when you should sell, where to find the right buyer, how to fetch the best price, or even how much insurance to carry.

Turning around sales, profits, and the business overall

We ran lean so we could take cash out for personal needs. Recently, we’ve seen a significant drop in net income. Think we need to spend money to get things moving forward profitably, but we’re going to be short on cash. What should we do?

Thoughts of the Day: Building a successful business takes planning for good times and for bad. Focus on sales and marketing first. Look for quick turnaround opportunities to boost cash from existing work and customers. Going forward, remember that if you take care of the basics of the business, it will take care of you.

Managing Risk – Consider all the options

We have a huge opportunity, and we’re going to be taking a huge risk to go after it. This is the kind of risk and debt could destroy everything I’ve worked for because it involves a ton of debt and if we get into a log jam we may not be able to pay for other things I need. We’re using all of our savings and then more, this is the big play. Got any suggestions?

Thoughts of the Day: Managing risk is a step by step process. You’ll have to choose from some imperfect options. As you think about what to do, keep things in perspective. Look for ways to minimize the consequences.

Employee Empowerment

Letting Others Step Up

It’s hard to teach others how to do an exact act that you want preformed. I struggle with handing things over to others because I know how its done, how I want it done, and it often seems that…

It’s All On My Shoulders

I try to take on everything, fix everything, and I can’t keep doing that. I don’t see my family enough. I’ve become the roadblock to so many things at work. But if I don’t check in or step in…

Get off the roller coaster of entrepreneurship

“After a few years of owning my own business, I feel like I’m living on the edge. I see opportunities and jump on them. I ride a roller coaster of ups and downs. I put some wins on the board and try to leave behind the things I wish I could do over. At the end of the day, it all seems like such a gamble. Is this what business ownership is all about?”

Thoughts of the Day: For many owners, running a business becomes a thrill ride of excitement, adrenaline rush, let down, and re-charge. Look at behaviors linked to entrepreneurship. There are obvious warning signs and success markers. Survive the roller coaster ride of small business ownership and make more money while doing so.

Growth by acquisition

  “We’re trying to do an acquisition, but as we get into the opportunity there’s one surprise after another. Seems like it’s always something else, and not necessarily good. Should we keep on pursuing this deal? Is there any…