As a small business holder, your business is bound to grow at some point in its life. Most small businesses are caught up in the start-up phase and are not able to grow beyond this stage. You need to examine your small business so that you are able to realize growth. Once you have come to this realization, you need to enlist the help of a consultant to help you manage this process. Small business consultants are able to help you manage your business at its infancy. You however need to transition quickly from this stage.
A growth consultant is able to help you transition from the start up to growth phase. They will help you employ strategies that will help you meet your business objectives. If you do not have a strategy for growth, they will help you craft one. Your business has to grow. You cannot remain in a start up condition for long. Such consultants are able to review your business model, tear down certain assumptions you have about business and help you rise above your peers in the same industry. With their expertise, your business will have a new approach and strategy to achieve unparalleled growth.
The following are some of signs that you need to shift form a small business consultant to a business growth consultant:
1. When you need to improve your bottom line:
Your business exists to make profit. There are ways to improve your bottom line and this includes opening new channels of business, improving your product line and signing up franchises. When your business first breaks even, assess the possibility of turning a profit quickly and project how that will increase otherwise you may not be in business for long. You need to hire a growth consultant to help you explore the best avenues that will maximize profitability without injuring your equity. Improving your bottom line is more often than not a strategic objective. This needs to be carefully weighed and explored with the keen eye of an expert. Such a move will be advantageous to your business in the long run.
2. Your customer base is increasing and you can’t cope up:
When you initially started, you might have had fewer customers. Your sales quota was very low and you did almost everything, from product pitching to order delivery, by yourself. When you notice that this is increasingly becoming harder for you to do, and that it requires more staff to assist you, then is the right time to hire a growth consultant.
Depending on the nature of your small business, you will definitely know when your customers are becoming many. Sole proprietors or individual business people are able to know this quickly. Small and medium sized businesses are also able to judge this based on the volume of business registered. They can for example know that their customer base is growing if they are not able to fulfill all orders like before. Business growth consultants are needed to assist you match this need with a solution like introducing metrics that will register customer satisfaction. They will develop for your small businesses a strategy that will enable you expand your business.
3. Customers are asking for value added services:
This is a very good sign that your business is growing. For customers to ask for value added services separate from your offering to them is an indication that you need to add more products or services. Your product line is the determinant of profitability for your small business. Since this is an aspect of growth to your business, a growth consultant will help you to craft value added services for your product line. This they can do through a focused market research and save you the hassle of guesswork. Growth consultants are able then to create a revenue model for your business where you previously had none.
Most businesses that are growing do not have a revenue model. Statistics show that majority of small businesses and entrepreneurs do not know what the most profitable channels of their business are. A revenue model will help you to do away with or cut unproductive channels of your business. This is definitely on the resume of a growth consultant.
4. The market does not know you:
For you to succeed in business you not only need to fulfill a need in the market, you need to identify your target market, pitch it well and make a sale. If you are a small business holder running your business for some time, you need to have established your presence in the market. The more you are known the better the chance you have to succeed in business. Starting out as an entrepreneur or a small business individual with a novel idea, product or service is hard. After having established and created a loyal customer base in the market and you still discover that you are not largely known, you need help. It is the role of a business growth consultant to help you create a unique value proposition. This value proposition will set you apart from your competition. Expert advice will enable you to approach the market in an objective manner and focus on ways that will increase your presence before potential customers. Take the time to asses this situation with a growth consultant and work with them to so you can have a legion of followers raving about your product or service.
In conclusion, a business must not remain static in a given stage. Growth is essential for all business and you must make sure that your business is growing every year. Just like plants need nurture so they can grow, your business also needs nurture. Business growth consultants come with a lot of expertise and experience necessary to grow your business. You will benefit by periodically enlisting their assistance and working with them to steer your business to new frontiers of growth. Periodically network with fellow business people and get referrals as to the available growth consultants in your area.