Businesses hire consultants for 4 main reasons:
1) They require subject matter expertise that they don’t have in-house.
2) They require additional bandwidth to facilitate an initiative.
3) The business owners and/or management are seeking independent, strategic validation of a course of action they plan to take. In this case it’s about getting a second informed opinion.
4) The owners and/or management are seeking a 3rd party scapegoat for an unpopular course of action they are planning to take (“The consultants recommended this course of action”) or don’t want to take (“The consultants advised against it.”).
Ultimately, consultants are hired on the basis that they are going to provide tangible value from either a financial, operational or political nature.
Need help with your business? Want to increase performance & your bottom line? Contact us today:
Tel: (613) 263-1010
This is a common statement spoken by many struggling business owners.
Business owners work hard every day. They put their hearts and souls and countless hours into their business and always seem to be busy – sometimes too busy.
Often it feels like there’s just not enough time to get everything done. Though they’re busy, business owners may feel they aren’t accomplishing anything or moving their business forward. They may feel they are continuously struggling and frequently asking themselves, “What am I doing wrong?”. If they’ve felt like this for a while then burnout may be looming and personal relationships may be suffering. This creates a lot of pressure. They know they have to do something but they don’t know what – and they feel stuck.
The reality is, as business owners, being busy is good but it doesn’t in itself pay the bills or grow your company. Think about it – is your primary goal to be busy? Is it to grow your business? Or is it something else?
You need to figure this out. If your goal is to grow your business then you will develop a course of action to achieve this. If you’re happy with the size of your business but want to be more organized then that will warrant a different course of action. Your goal determines your course of action. And remember, it’s impossible to achieve a goal if you haven’t taken the time to set one.
Ultimately, you need to determine your primary goal. The next step is to develop a plan which will provide the framework for how you’re going to achieve it. Finally, you’ll need a system to monitor your progress.
And the real benefit? Once you’ve taken the time to set your goal and develop a plan you’ll feel much better.
Need assistance? We’re here for you. We help business owners solve problems.
For more information contact us:
Stellacon Solutions (613) 263-1010
When it comes down to it, there are only four core ways to increase your company’s revenue:
- Get new customers;
- Get your customers to buy more frequently;
- Get your customers to increase the average spend per order;
- Increase your prices.
Most companies are focused on the first pillar – getting new customers. While no doubt important, this represents just one piece of the big picture. The other three pillars focus on existing customers. The larger your customer base, the more you need to think about it. Every company needs to set it’s own strategy based on it’s goals and corporate philosophy. The key is to make a conscientious decision about each pillar and not ignore them.
Look at it this way; if you have 1,000 customers spending $100 per month your annual revenue is $1,200,000. If you increase your customer base (new sales) 10% you will add 100 customers and your total revenue will be $1,320,000. Your overall growth would be 10%.
If you were also able to develop and implement a plan to get 5% of your customers to buy more frequently than once per month, increase the average $100 transaction 5% and increase your prices 2% then your resulting compounded growth would be 23%.
Think about the pillars in terms of your local McDonalds. The average customer may visit once per month and spend $20. If McDonalds increases their prices 2%, gets 5% of their customers to come each week rather than every month (loyalty card) and increases the average transaction to $21.00 (would you like fries with that?) then that combined growth will far exceed the growth from new customers.
Of course, each percentage needs to be massaged for your particular industry but again, the key is give it conscientious thought and then develop and implement a plan. If you want help, call us.
Stellacon Solutions helps business owners and executives achieve their revenue and profit goals. Let us help you.
Visit us: www.stellaconsolutions.com
Contact us: firstname.lastname@example.org or (613) 263-1010.