These are questions that are often times asked about Business Consultant, Business Coach and Business Mentor
Why does my company need Professional Consulting services?
Being in business can be an extremely lonely place.
You try and figure things out for yourself, observing what others are doing in the market place, and you then try and emulate them.
But you might not understand why they are doing certain things and you may be modelling yourself on the wrong person.
Having a professional who understands your business needs, means you have somebody to bounce ideas off and share their insights.
They can also identify quickly where things are going wrong.
Using the services of a business consultant helps you to fast track your success.
It no longer is that lonely place, and it means you achieving far greater results, improving your income and having more time to spend on your business.
How can a Business Coach help me to get more customers?
A Business Coach can only help you increase your customer base if they themselves know how to get more customers.
This is an area that I have successfully specialised in during my professional career.
There are several ways you can do this without costing you any money. Here are some ways of getting started
Pick a niche market – you have to specialise in what you do. There is no room in today’s market for generalists.
Have a clear business marketing message – your customers are only interested in results that will improve their lives.
Have several lead generating systems – if you are relying on just one or two systems e.g. business networking meetings, referrals, leaflet drops; then add to your business as many other ways as possible so that you make it easier for your potential customers to find you.
So think about what new methods you can use, make a list of what you are going to do and take action now, don’t leave it till later.
What are the six things you need to know before hiring a Management Consultant?
Their qualifications and specific area of expertise and does is match with what you need?
Are they a member of an accredited management consultancy body?
Are they visible in the market place?
Also find out what it will cost you, Business Consultants work in different ways.
Are they going to work on a time spent basis, so that you end up paying them for every hour you work with them, or do they work on a value basis.
Find out what exactly they’re going to do for you and your business?
What will a Business Mentor do for my company?
A Business Mentor is there to help you with ideas and strategies.
He’s there to listen and guide you with difficult choices and in making decisions.
He is there to work with you and to see you succeed.
A mentor is there to inspire and motivate you. He’s your own personal `cheer leader’.
He doesn’t necessarily need to know your business intimately, but he needs to understand your business.
The purpose of having such a mentor is to know what needs to be done when things get tough.
He’s there to help you drive your business forward and achieve as much as you can possibly achieve in a shorter period of time.
As a Business Mentor, I’ll uniquely tell you where your business can go and give you the confidence to take the right path specifically for you, with the knowing that it will work.
How do I grow my business and get new clients?
Why wait for clients to come to you?â€¨As a business owner, you create your own economy.
Waiting for things to change in the economy outside of your own business will take a long time.
Have conversations that sell – many people have plenty of meetings but there’s no purpose to the meetings.
You have to ask for the business – otherwise you’re wasting your time and energy.
Have a referral system – over your career you will have met hundreds of people who know you well and like you.
Make sure you have a system in place that keeps these people updated as to what it is you’re doing, and ask them to refer business to you.
Explore opportunities with all the people you have done business with in the past, and are currently doing business with. Have regular conversations with them and dig for opportunities.
What are you avoiding doing? – if you’re currently spending a lot of your time avoiding selling, by doing things like accounts, admin or other distractions, then delegate these activities.
Spend more time on business development and don’t fall into the trap of not asking for the sale.
Work out how many lead generating systems you have. There are many ways in which you can bring customers to your business. If you’re relying on just one or two systems, for example networking meetings and referrals – add more lead generation systems to your business so that you make it easier for your potential customers to find you. There are several ways you can do this without costing you any money.
Set an action for yourself for the next month to implement just one new method of engaging potential new customers.
Can a Business Consultant help me with my cash flow issue?
Some Business Consultants can help with sorting out cash flow difficulties.
However, not all Business Consultants are trained as accountants.
Those who are, have a much better understanding of all the factors when it comes to managing cash flow.
It’s not just simply about getting paid by your customers.
Managing cash flow is an integral part of any business, but there are other factors involved too.
Here are some tips for tackling cash flow,
Think about cutting back on your stock levels as a way to kick-start your cash flow.
Ask your suppliers to buy back stock at cost and only order supplies when needed.
Many businesses are so busy selling to new clients that they forget to invoice for work already done.
Each week, review what is to be invoiced and get the invoices out.
Look at ways that you can raise interim invoices and get paid before you even start to do the work.
More importantly make sure you discuss how you are going to get paid by your customers before you even supply your goods or service.
Remember it’s not a sale unless it’s paid for.
A Business Consultant with an accounting qualification and preferably a management accountant, can certainly help sort out your cash flow difficulties.
How long do I need to use a Management Consultant?
Depending on what is required in your business will determine how long you will need to work with a Management Consultant.
I’ve worked with businesses and turned them around within an average of six months.
Whatâ€™s important is to agree the duration of the project. In this way both of you are clear about the parameters.
I’ve continued to work with some clients over many years after dealing with the initial business issues, enabling them to move up different levels of business growth.
I’m constantly developing my clients and bringing them value, we have an on-going relationship and desire to develop their business.
Once you are bringing value to a business as a Management Consultant, then there is value in having that Management Consultant work with you for a longer term.
What is the difference between a Business Coach, Business Consultant and Business Mentor?
* A COACH is there to stretch you and help you achieve your goals,
* A CONSULTANT will recommend different courses of action to take, while
* A MENTOR will guide you with the best thing to do right now for your business.
Having worked with over 500 business owners and leaders, I have found what works best is a blend of all of these – a COACH, a MENTOR, and a CONSULTANT – as each situation and circumstance will require different skills.
Firstly, you need to know what specifically you are looking to achieve – and then determine if that is what your Business Coach, Business Consultant or Business Mentor specialises in.
Secondly, there needs to be good rapport between the two of you and that you respect each other.
Your company may be at a particular stage in its growth and will require a certain approach.
Make sure your Business Coach is able to help you, regardless of what stage your business is at.
When determining the help you need – it should never be about the cost.
If your focus is the cost, then you’re not going to get the right person for your business.
Engaging the right consultant is an investment in your business and will deliver excellent value and results.
How much and how quickly can I expect to get a Return On Investment by hiring a professional Business Consultant?
When hiring a professional Business Consultant, the return on investment is going to be different for each business; and what you are looking to achieve from hiring the consultant in the first place.
There are many benefits from hiring a Business Consultant that you can’t necessarily put a financial value on.
For example, you will achieve growth or project completion, a lot quicker by using a consultant.
There will be emotional, security and confidence benefits as a result of working with a Business Consultant.
Staff will be happier – safe in the knowledge that things are going to improve as a result of getting an external consultant on board.
None of these can be quantified in cash terms.
I can only give you examples of returns on investments that I have achieved for my clients.
On average clients I’ve worked with have tripled their fees,
they save one-fifth of their working week,
they implement systems that bring them more clients on a continuous basis,
and they receive over ten times their investment back within the first year of me working with them.
and whatâ€™s more â€“ my clients continue to benefit year after year from what weâ€™ve implemented.
Why should I use Davis Business Consultants?
My name is Paul Davis and I’ve been running my own consultancy business for over ten years.
Unlike many other Business Consultants, I’m a Management Accountant and a Certified Management Consultant.
I specialise in working with business owners to develop their business, improve their customer base, increase their revenue and allow them to have more time developing their company.
I have a unique ability to identify where a business needs to be developed to make it a success, identify what needs to be done immediately, and guide the individuals within that business to reach their purpose and maximum potential.
When I’m working with my clients, what is important to me is absolute trust, respect for each other,â€¨reliability and integrity.â€¨I want my clients to get results andâ€¨to be a success in what it is they are here to do. In my career as a Management Consultant I’ve implemented systems that bring a steady stream of clients and I’ve turned around every loss making business I’ve worked with.
My clients have achieved on average ten times return on their investment in the first year of us working together.
It’s about getting results for my clients and getting them to where they’re supposed to be in business.
Does a Business Consultant need a special license or certification?
The Business Consultancy market is not regulated in Ireland.
It is very easy for an individual to set up as a consultant but they tend not to last very long.
There is an accredited body called the Institute of Management Consultants and Advisors, which assesses, interviews and constantly reviews the professional standards of its members.
Your Business Consultant should be an approved consultancy practice of this institute.
Ideally they should also hold an accounting qualification, and be a member of the Chartered Institute of Management Accountants and are therefore regulated by that body.
It is important to check that whatever Business Consultant you are working with is approved, and holds the required level of professional indemnity insurance.
When should I hire a good Business Consultant?
The best time to hire a good Business Consultant is when your business is going well.
That’s when there is less pressure on you and your business, and there is more time to be pro-active and to plan your business growth.
If you are happy with where your business is at right now, then you don’t need a Business Consultant or Business Coach.
But if you want toâ€¨move your business forward,â€¨increase sales,â€¨increase your income,â€¨spend more time on your business than in your business, then you need a Business Consultant.
Some people unfortunately leave it too late. Their business is in a mess and the people who could sort it out can no longer help them.
Don’t ignore the issues in your business. There’s plenty of help out there for your business.
What is the one thing I can do right now to improve my business?
Firstly you need to ask your customers what they want and need.
Listen to them.â€¨Ask your customers, what could you do differently?
Even better, ask past customers – people that for some reason stopped buying from you.
In this way you will learn exactly what your customers want, and what you can help them with.
It no longer becomes a sale if your business marketing message conveys exactly what your customers are looking for and you are able to fulfil that need.
Increase your customer’s perception of value.
Value is not the same as price. It’s not about dropping your price, it’s about adding more value for your customers.
Can a Management Consultant help improve my executive team?
A Management Consultant can greatly improve your executive team.
An effective consultant will be able to determine the strengths and weaknesses of your team, and have a clear view how each of their strengths can be best used in developing your business.
A Management Consultant will take an independent view of your business, free of past history, but with an understanding of personalities and sensitive issues.
He is impartial in the decision making process but has a vested interest in the success of the business.
Working with each of your executive team members, he can make sure everyone is on the same page and aiming at the same target.