If you are a business owner in or near the Southeast Wisconsin area, it’s a good idea to work with someone that has been where you are and has the expertise to help you through any uncertainties that come your way. Of course, you know that you need time and energy to launch a business- but you also need seasoned insight to ensure growth. Unfortunately, many entrepreneurs avoid spending money on a consultant.
In this article, we’ll explain some clear indicators that suggest you could benefit from a business consultant. Additionally, if you are located in the South Wisconsin area, consider working with Nolan Accounting. We can help you with bookkeeping, tax prep, accounting services, and payroll services.
10 Reasons You Need a Business Consultant
Running a business isn’t always something you can do alone. You are likely to find yourself in a situation where you need some help. This is where a business consultant comes in. Below, we will explain 10 reasons you need to hire a business consultant to help with your business.
1. Your Business is Not Growing
When you look at your business, you feel like you’re doing well. Unfortunately, the financials indicate that you’re not doing as well as you think. There seems to be something wrong, but you just can’t put your finger on it. The problem is, you’re too close. A business consultant will be able to take a more objective view and see the big picture. They will find out what is going on and help you fix it.
2. You’re Not Meeting Your Goals
You set goals, but unfortunately are not achieving them with your internal team. In this case, it’s time to hire a consultant. Let’s say that your internal team has been giving you ideas for strategies to implement but these strategies are not paying off. This means that it’s time to hire someone from the outside. Sure, it may cost a bit of money- but your return on investment (ROI) will be phenomenal.
3. You’re Not Able to Keep Up with Emerging Trends
Current trends and new tech developments can have a significant impact on your industry quicker than you are able to research or understand them. When you find yourself in a position where you are trying to keep up, but are over your head, you should consider hiring a consultant that is knowledgeable in your industry and the latest trends and tech developments associated with it. This can help keep you from feeling anxious and prevent FOMO (that is, fear of missing out) from having an effect on your business decisions. This is going to require you to find an expert that you can trust and rely on their guidance.
4. You Lack Inspiration and Perspective
Business consultants have been exposed to a plethora of situations that are not available in the private industry. Therefore, they can offer fresh ideas or inspiration and help you manage change and your expectations. Hire them to reassure you that you’re headed in the right direction or to improve in any way. A consultant can help you validate your gut feelings and to help ensure you have the information to back up your decisions. In fact, even consulting firms have their own consultants. Consider them a strategic partnership.
5. You Need an Objective Opinion
In some cases, you may see things differently than your partner or your team on key issues. This is an ideal time to hire an expert to give you an objective opinion. Since business consultants are experts on strategies, they can bring in a perspective that you, your partner, or your team may have missed. They can help you with the thought process, get past the internal politics, and offer solutions that make sense.
6. You Have a Time-Sensitive Project
If you have a time-sensitive project that you’re struggling on, it may be a good time to hire a business consultant. After all, it’s hard to work on something if you’re not sure where to start. A consultant can buy you some time and also give you some advice that can help ensure the project is successful. Ideally, you need to find someone that has experience in the industry that comes with lots of references. You want to avoid the “fakes” and only work with those that have verifiable, real-world experience.
7. You’re Stalling on a New Idea
If there is something that you’re putting off because you don’t feel like you have the appropriate expertise in-house, it’s time to hire a consultant. They can give you some guidance and help you get that new idea started as soon as possible.
8. You Can’t See the Big Picture
You have been working on an issue for so long that you feel like you can no longer see the big picture. A consultant can help transform your business. They have expertise in a given area. Many times, consultants have worked in the industry and become experts, so their next logical step is to start consulting and sharing their experiences. It can be quite helpful to have a fresh set of eyes to look over any ongoing issues that won’t go away. A consultant can offer advice and a fresh view that you don’t have because you’re too close to the problem at hand.
9. You’re Outside Your Realm of Expertise
Everyone has strengths and weaknesses, and the best use of your time is to focus on your strengths. However, there may be times that the things that will impact your business most fall outside of your realm of expertise. This is one of the best times to consider bringing on a business consultant that specializes in that area. Ask yourself a few questions to determine when it’s time for outside help: what can they do better and what would they enjoy doing that you don’t care for?
10. You Don’t Have the Required In-House Resources
If you are in a situation where you lack the in-house resources that you need, it may be time to hire a business consultant. For example, if you need a Marketing/HR strategist and don’t have one, you should hire an expert in that area instead of trying to figure it out yourself.
If you are a business owner in New Berlin, West Allis, Milwaukee, Waukesha, Greenfield, Muskego, or other areas in Southeast Wisconsin, consider hiring Nolan Accounting. We can help you with your tax prep, payroll, accounting, and bookkeeping needs. If your business is not growing and you feel like you’re at a stalemate, you may need to bring in a business consultant to get things moving again.