Why and when would your business benefit from consulting service? There are many potential answers for why. Business consultants can help you plan for future growth, ensure you won’t experience painful consequences for inadequate accounting practices or inaccurate tax preparation, offer options for lowering your operating costs or develop solutions for a dozen other potential business challenges.
The “when” varies depending on the business. Some businesses seek out consulting services when specific things start happening. Maybe you started to struggle with client churn, you’re having difficulty retaining top talent or regulatory or supply changes in your industry have put your continued solvency into question. Some new business owners, especially those who don’t have a lot of experience starting or managing a small business, may work with a business management consultant right out of the gate.
Business consultants are a way for you to get expert advice and an actionable plan based on data and proven results without needing to invest on in-house experts.
Even a successful business can run into unsustainable problems with cash flow. There isn’t necessarily just one thing you can do to improve cash flow. There are more than a few potential solutions that you might not have thought of on your own.
Some businesses can incentivize their customers to pay early through the use of discounts. SMBs that usually buy supplies and equipment can switch to a lease model. There may be inventory management strategies you can implement to avoid sinking cash into products that aren’t moving quickly. Even changing something as simple as when you mail invoices might, when combined with other business modifications, be part of a cash flow improvement plan.
Working with a consultant who can develop a detailed and thorough budget of your business expenses might open your eyes to things like:
You could discover scenarios in which your variable expenses aren’t decreasing enough given drops in revenue, or that certain fixed costs are proving to be particularly problematic.
A business management consultant might also be able to help you identify:
Strategic business planning is a great way to safeguard your business from an uncertain future or shore up potential weaknesses today that might lead to issues tomorrow.
A business consultant can:
Getting financing or a line of credit for your business might not be as easy as getting an auto loan or mortgage. Small business owners who might not have any experience working with commercial financing institutions might also make avoidable mistakes like failing to shop around their options or omitting pertinent information that might improve their chances for approval.
A business consultant can help you with financing applications and make sure you’re applying to multiple lenders to ensure you’re getting the best rate and terms possible for your needs.
Accounting businesses can help with your bookkeeping and tax preparation, but some of them are good for a lot more than just outsourced accounting services. Business management consultants can help with everything from forecasting and financial statement analysis to helping you adopt accounting principles that will be beneficial for your bottom line.
State and tax laws aren’t static, especially right now. Having a proactive tax plan, especially one that takes into account your strategic business plan or your other cost cutting measures, can help you make the most out of deductions and credits. The team at H&H Accounting Services excels at business tax preparation and would be happy to discuss ways in which we can help minimize your business’s tax burden.
Whether your business is just getting started or you’ve been operating for years, the team at H&H Accounting Services has relevant advice to provide. We combine accurate data with experienced analysis to help your business prepare for the future and optimize operations today.
Call us at (480) 561-5805 for your free, one-hour consultation. We’re happy to come to you.
