This article are provided for information purposes only, and are not intended as legal advice.


How can an advisor help your business?

August 12th, 2009

You are a business owner and your business has been growing, are you able to handle the growth.  Your business was very small and now it is growing in leaps and bounds.  Do you try to figure out how to cope with the growth or do you ask a business advisor for help.  Business advisers can help with a strategic  plan, assistance in financing, streamlining production of the manufacturing process, looking at outsourcing for additional capacity, outsourcing can be both administration – i.e. bookkeeping and accounting to outsourcing manufacturing to another country.  Do you have critical mass to import in from the other countries?  If you have significant growth, your cash flow will be very tight, large amounts will be needed for inventory, ordering minimum quantities and you may now have to obtain bank financing.  If you have never received bank financing, you may need help organization your accounting records and deal with the bank.

 

All too often, the entrepreneur buys an accounting software package and thinks that they are an accountant.  The numbers look totally strange, the bank does not accept the information but the entrepreneur thinks that the accounting program should be able to figure it out.  Software programs are great if you know how to use them. But garbage in will result in garbage out. 

 

Entrepreneurs need to look at what they know best and stick with it.  You cannot know everything.  You can hire staff, you can hire a person to set up the system for you.  If you are starting up, it is difficult because business consultants want to be paid for their work and you have no money therefore you do not hire one and 6 months to a year later, when you have done things wrong, it is more expensive to fix then than to have hired a consultant in the first place.

 

Know your strengths and use them, hire someone who can help with your weaknesses.  If the business is slowing down and you do not know what to do, do you ignore it, hire someone to analyze what you are doing wrong or hope that things will improve by themselves?   Spending money on business advisers may be well worth the money!!!


Filed under: Business strategies — Gary Landa @ 8:16 am


No Comments »


No comments yet.


RSS feed for comments on this post. TrackBack URL


Leave a comment


You must be logged in to post a comment.