Business Consulting Services – How Do They Help Entrepreneurs

Business Consulting Services Cover Many Areas

Do you currently own a business, but are questioning the reason as to why you started the business in the first place? Are you finding it hard to obtain the goals you have set for your company? Does it feel as if that next level of success is unreachable? If you answered yes to any of these questions, there are several benefits of using business consulting services.

The benefits of business consulting services are enormous. If you can think back to when you first opened your business, you were probably happy and excited. You knew exactly what you wanted and how you were going to get it. The one thing you wanted for your company what for it to be successful. Once things started moving forward, you became swamped with so many different things. You had to oversee the payroll, handle all the marketing, and make sure your product was selling. You were trying to cover all areas of the business without any outside help. This became too much for you to handle, and you lost sight of what your true goals for the company were.

One of the many business consulting services focuses on all of those things. You can enlist the help of a consultant that can come in and help you with every aspect of the company. When it comes to marketing, some people just have a hard time with coming up with new ideas. When enthusiasm is put into marketing, it really helps with promoting a product. Once your marketing becomes effective and your sales increase, you will be asking yourself why you didn’t think of using business consulting services sooner!

When searching for a company that offers the best business consulting services, look for one that can help you with a business plan. When a company has a business plan in place, it helps with ensuring that goals are met. It defines the strengths and weaknesses of the company. A business plan will include ways to improve the weak areas. It is very crucial that a company develop a plan that will allow them to grow. In the business world, the competition grows daily but having a plan in place will help the company stay ahead.

It is a known fact that a business can’t operate without the assistance of customers. If a company lacks customers, they lack in sales. It is very important that a customer gain customers and keep them satisfied so that they keep coming back. If a customer leaves a business disappointed, chances are they will not return in the future. This can be really bad for business. There are business consulting services that help a company with its customers. This could be anything from finding new customers to maintain the happiness of the current customers.

Also, in some instances, business consulting services may consist of customer service and customer loyalty training. This will teach the employees on how to gain and keep customers.

Business consultants are thought of as problem solvers. They look at a problem from every aspect, develop a plan to solve the problem and then put that plan into motion. This is one of the most beneficial business consulting services out there. Problems that occur in a company that go ignored or place on the back burner can be fatal to a company. Little problems can turn into big problems in no time. Sometimes the owner or manager of a company lacks time, and this keeps them from being able to focus on the matters at hand. A person can only be in one place at a time, and a consultant can help free up the owner or manager. This will allow them to be able to focus on other things that keep the company going.

In any business, it doesn’t matter what the issue is, it could be marketing, customer service, production or even employee training. There are many different business consulting services for a company to choose from. The services usually cover every area of the business, with the company’s goals being the top priority. Business consulting services that aim to help the company reach and obtain its goals are the most beneficial. Sometimes it just takes another person viewing a company from a different angle or coming up with fresh ideas. Either way, the company benefits and it leaves the owner with a sense of pride. Instead of coming to the company feeling like it is a job, they will begin to regain that feel of ownership. Business consulting services are available to businesses of any size. The company can be relatively small but still reap the benefits of the business consulting benefits.

How to Set Up A Business in 6 Easy Steps

There are a lot of business ventures that one could get into. Myriad of opportunities had been opened due to the dynamic technological innovations. With the catalysts of business just on our fingertips, doing business transactions would seem be as easy as counting one to three. However, it is not an assurance that just because you know how to sell something, your business would become productive. There are several factors that should be considered before putting up your own business.

1. Have a feasibility study

This is the best initial step. Don’t jump off a cliff unless you know where you’ll land. Having a good research study on the current trends in business and the demands of the private sector would give you a definitive idea on what you business should be like. Here are some questions you might want to ask yourself when you are about to do some research: a. Who are my target clients? b. How many people could my business cater to? c. Are there other similar businesses? Is the business saturated? d. Is my product a need or just a luxury? e. How much would my business cost? f. Is there anybody who would like to have a partnership with you? These questions are seldom times ignored, thus macro and micro businesses tend to be pushed into a wall due to very minimal customers.

2. Have a decent capital

No money means, no business. You have to know what you have and how you would attain it. You have to make a business plan and make a financial estimate of your expenditures as your business initially grows. If you are looking for investors, it is a good idea to have a good and well established business proposition. The proposition must be clear and understandable. Give your investors the idea that what they are investing on is something that they will not regret.

3. Find a good bookkeeper One common error that entrepreneurs make is that they tend to hire accountants that don’t have any idea regarding taxation. Accountants are there to provide you with tax planning. Your accountant is like your overseer in the business since he knows how well or how badly your business is going.

4. Hire a good lawyer

Find an attorney who has good experience in putting up new businesses as he could give you inputs regarding document reviews and helping you to have a better business network.

5. Have a good business name

This is one of the most important decisions you’ll make when putting up a new business. The name of your business will be the one that will carry your business across people. Make the name simple and easy to remember. Stay away from names which are hard to pronounce. Make sure the name itself can attract customers. Once you have made 4 to 5 names, make sure you research if there are businesses with the same name.

6. Have all important documents

Make sure that you have all the important documents related to your business (licenses, permits, receipts) and put them on a file cabinet. These are initial undertakings when putting up a new business. Keep in mind, that not all businesses attain what they want to attain. It will take more than selling skills to have a successful business

Why an Appraisal Is Critical to a Seller When Selling Their Business

The best approach when selling your business is to make a list of all the items so there is no confusion about what is being sold. This includes isolating and reporting individually any real estate, inventory, fixtures, furniture and equipment, leasehold improvements, as well as assets that are not part of the sale. Additionally, consider making a list of the current liabilities of the business and against that list, note whether it will expire when the business changes ownership, stays with the seller or will transfer to the buyer. Also, a better idea is to completely remove any personal or special items that will not be sold as part of business. This removes any ambiguity and becomes one less tension point in the transaction.

Once this is done, one of the first steps to selling the business is to get an appraisal on the business as a going concern. If you’re the owner of the business you may have an opinion about what the assets are worth but that opinion will not be acceptable to a genuine buyer. The best approach is to have a third party perform the appraisal for you.

There are a number of reasons to use a third party appraisal and these include that it provides confidence about the value of the business and the asking price. It provides an informed opinion about the business value so the seller can decide if the asking price will be enough for them to sell the business. Most sellers think their business is worth more so the valuation keeps the seller real with his price expectations and hopefully won’t take the business to market if they are not going to get a price that works for them. A business valuation also helps the seller see the business strength and weaknesses from a third party’s perspective and understand their tax situation. That is, the price the seller gets when he closes escrow doesn’t mean they get to put all that money in their pocket. The IRS wants their tax piece from the business sale and the business valuation helps informs the seller.

Another two reasons for a business valuation is that it puts one less strain on the transaction. There are often many deal points between the buyer and seller in a transaction. The more deal points and the more tension in the transaction the greater the chances it will not close escrow. As price is normally one of the biggest items, having a reasonable purchase price eliminates any tension and allows the focus to move to the terms and conditions of the sale. Also, if the business transaction requires the buyer to obtain third-party finance, the business valuation will help all parties work through that scenario. Some lenders will require their own appraisal that they order; others will work with the third party appraiser if the skills and certifications of the appraiser meet their standards as well as the quality of the appraisal.

Some final good reasons for an appraisal are that it also helps and gives confidence to the buyer about the business and any advisors the buyer chooses to use. The buyer is always the most nervous party in the transaction as they have the most to lose personally, financially and professionally. The greater their confidence the more likely they are to continue with their inquiry. Sellers forget that buyers have many options including just saying no and not buying a business. If you are a business buyer and you find two businesses that are of interest to you and one has done a valuation and one hasn’t; which do you think would be more attractive to make further inquiries about? Same question but instead of being the buyer, put your feet in the shoes of a lender. A buyer brings you two businesses they want to buy and need a loan with one having a business valuation and one not, which business do you think the lender will spend more time considering for a loan?

A business valuation is an important aid to all parties in the transaction. A business valuation normally refers to the appraisal of a business as a going concern. If the business includes real estate, this would be appraised separately from the business. If the business is not currently profitable, it can still have value if that value is couched in the assets of the business such as fixtures, furniture and equipment and /or inventory. To appraise these assets a Machinery and Equipment Appraisal would be used; not a business appraisal.

An appraisal is a great asset to a business transaction. There is cost and time required to put the proper document together but this should far outweigh not getting this done.

Andrew is a 5-time business owner that helps entrepreneurs exit or enter business ownership. His services include helping owners sell and/or buyers purchase an existing business or consult on purchasing a franchise. He also provides certified machinery and equipment appraisals and business valuations.