Small business owners are multi-taskers. They have a fundamental working knowledge of every aspect of their business, from employee acquisition to customer service to payroll. They’re responsible for every decision, whether that means complex strategic planning or deciding what soap dispensers to install in the bathroom. Sometimes those responsibilities get to be too much. When you find yourself missing opportunities because you don’t have time in your day for one more thing, hiring a consultant might be the answer.
Common Consulting Activities
There are some tasks you just can’t delegate, but not everything requires your personal touch. When you were first starting your business, your administrative tasks might have been much smaller than they are now. Small business owners commonly hire consultants in the following areas:
- Accounting and bookkeeping – As your business grows and you need to focus on other tasks, it makes sense to turn accounting over to a consultant. Financial professionals can keep records, send invoices, complete your payroll, and take charge of tax documentation. The right professional can often save you money on taxes as they stay updated on laws and help you get ready for changing legislation well in advance of when it is required.
- Information technology – Most businesses require more than a laptop and a cell phone to operate. As time goes by and you add more devices, often managing compatibility and updating software requires a professional. An IT consultant can help you manage computers, mobile devices, point of sale systems, business software, and operating systems. They’ll also make sure your data is secure in case of emergency or cyber-attack, and may train employees as you install new systems.
- Human resources – Some small businesses use a consulting firm to recruit, interview, hire and maintain their work staff. Doing so often results in higher morale and lower turnover.
Consultants Help with Planning
If your business is in the foundation stages, Diversified Management Services can help create and implement a business plan. New businesses often struggle with the following issues:
- Deciding whether there is enough demand for the products and services they intend to offer
- Creating financial statements that detail the cost of business creation or expansion
- Choosing whether to structure their business as a Limited Liability Company, Sole Proprietorship, S Corporation or other entity.
Creating a formal business plan sets you up for success because it helps you clarify your goals and think realistically about facts related to your future growth. It’s helpful when you meet with partners, investors or financial institutions to line up funding.
A formal business plan helps you create a strategy for daily, monthly, and quarterly tasks, and identifies measurable objectives. Set milestones for returning to your plan and reevaluating goals to experience continued growth.
A consultant can ask the targeted questions that allow you to plan strategically. Work with someone who has experience helping startups find the path to success to avoid common mistakes and start drawing in revenue as soon as possible.
Whether you’re looking to turn over the headache of accounting, bookkeeping and payroll or you need a qualified professional to help create a formal business plan, Diversified Management Services can help. Get in touch to find out more.