If you have got a business, sooner or later you’re going to hear from a business management consultant. There is an old saying that those who can, do and those who can’t, teach. Here is another one: A consultant is an unemployed worker. Those are pretty harsh words, without a doubt, and not fair to the many consultants who do a good job for your company. But there are five questions you’ve got to ask yourself before you hire a business management consulting firm.
Peter Drucker, the Business growth management guru said, “Management is a practice”. The expertise in management comes only by practicing and getting your hands dirty on the field. Learning, adopting and growing in the process.
OAsk them to write down a few suggestions to make the group better. Not any formal approach, and aside from any company wide productivity plans or approaches.
The most common way to gauge your success is using systems to track everything you do in your Small Business Management. This will allow you to understand which products or services are earning the most profits and then how much cash you get to keep (your net income).
What was the outcome? As much as 90% companies started by entrepreneurs and small business went busted or failed within a year. I experienced one of the numerous busts few years back (with my cafe company ) since I don’t actually have a suitable and”the few solid sheets” known as a marketing plan.
A lot of us think of education in a limited context. We might take bookkeeping classes, Business Management courses or even business specific type seminars and workshops. What we may not consider, is just learning something different. Yes, do something unrelated. Have a course in something which grabs your attention that has nothing to do with your business.
Cash Flow – control your cash flow or it controls you. Know what is coming in, what is going out, who you owe and who owes you. Take time each month to plan ahead and check in at least once per week. Having control of your cash flow also relieves stress and lets you focus on your work. It’s a terrific reminder to get out there and build your business and a terrific way to measure your financial goals.
This is just part of what is needed to manage a small business. Are you up for all the responsibilities that will be yours? Draw on the information here in order to analyze what areas you need to work on. Discover how to manage your company directly to the top!
