Working With Consultants
Updated: May 16, 2018
There are a multitude of talented consultant specialists in the Charlotte area who range from increasing sales productivity, top line growth, marketing & advertising, human resources/leadership etc. In many cases we partner with many of them to solve our clients profitability issues. Virtually all consultants share one thing in common: Aiming to increase sales or profits either directly or indirectly.
Any new strategy chosen by an biz owners thru the help of a consultant specialist should be tied to a broader financial plan to determine the profit implications. Why? For one they need to be quantified and track to determine if the strategies return on investment (ROI) was worth it. More importantly, to determine how the cost of the new strategy will affect profitability today and in the future so the additional profits can be allocated to most efficiently to grow the business. Would it make sense to launch a marketing campaign only to finding it strains cash flow to the of not making payroll? Or would it make sense to emphasis a product line or service over another via sales & marketing if that product wasn't the highest profit center product? Formal financial statement forecasting ties all aspects of spending or revenue enhancement strategies so the business owner can access its impact on overall profitability.
The lesson is help from a consultants is very useful, but should be not done in isolation. Unfortunately, often it is and is not measured to determine its success & impact on the business. Lastly, before a strategy gets executed a business owner must understand how & where a business earns their profits or else the new strategy may fail to improve profitability. To gain from our insights please contact us or sign up for email updates via https://www.charlotteconsultantservices.com/news-update.