It can be very exciting and rewarding, running your own business. Most new businesses, however, run into their fair share of bumps in the road, and many struggle during their first couple of years of operation. Depending on your location and your industry, it may be more difficult for you to establish your company.
If you have encountered some challenges in your business, and you’re not sure what to do next, you may wish to hire some outside help. There are many experienced, savvy professionals out there, who can offer valuable guidance for your business, including business consultants or financial advisors. Here are a few signs that may indicate it’s time to hire one:
1. Your books never line up
If you continually run into accounting discrepancies, and you can’t figure out why your bookkeeping doesn’t add up, an experienced advisor can help. Sometimes having another set of eyes on your paperwork can identify the issue.
2. Your overhead is outrageous
For some companies, high overhead costs can eat away at revenue and prevent future growth. If you constantly feel held back by your overhead, a qualified consultant can help you find ways to reduce those costs and make better investments.
3. You haven’t found your ideal customers
When first starting a business, you often take any clients you can get, but over time, identifying your ideal demographic is key to sustainable success. A business consultant can help you get clear on who you want to work with, and how to reach them.
4. Your revenue is shaky
While it’s normal to have up and down months, depending on your industry, if you’re a year or two in, you should be seeing more consistent income. Working with an advisor can find your weak spots, and build a stronger revenue base.
5. You’re stretched too thin
Many entrepreneurs try to do it all- sales, marketing, accounting, R&D, daily operations, etc…and end up burning out. Learning to delegate is key, and hiring outside help can keep you afloat. An experienced business consultant can help you make the most out of your time and energy.
Ready to learn more about the benefits of working with a professional business advisor? Get in touch with us at S.J. Wick & Associates today!