06 Mar Small Business Consulting and Why It’s Necessary
Is Your Business Growing, Stagnant or Declining?
During a radio interview this morning I was asked, “why has small business consulting grown in popularity?” Since this question is so often asked by the media I realized it must be a question on many people’s minds and decided to share some information to explain the rationale.
First, before I do…take a moment and think about your own business. Your business is either growing, it’s stagnant or it’s declining. Stop reading for just one moment. Get honest with yourself. Where is your business today?
Sadly, a large number of businesses of all types are declining or stagnant. There are not as many businesses today that have the right marketing tools for growth. Take this into consideration as I share some of the evidence that business mentoring and business coaching or consulting with a team or company that has the right business tips and marketing tools have made an impact on companies of all sizes around the world. Then imagine your own company with the right tools and resources growing and prospering.
“The Proof is in the Pudding”
Using a randomized evaluation with 758 small and medium businesses, our data showed that access to business mentoring over the course of a year resulted in positive return on investment. Our survey data also showed that owners responded that they noted large improvements in their entrepreneurial confidence as well.
Many entrepreneurs we studied had spent a lot of money in the past on marketing without the assistance of a business coach, consultant or mentor and they found that they had not been able to generate results in business growth.
So… Why Don’t More Business Use Consulting Services?
With the data that consulting for all size businesses does increase productivity, growth in employees and proves itself over and over again in cost-effectiveness it’s puzzling that business owners and firms don’t engage mentors, coaches and consultants. Just looking at return on investment alone it’s clearly worth the cost.
We were perplexed. So we conducted a second survey. In this survey we polled people who rejected consulting services prior to selecting our company and asked 211 of them why they had not hired a coach, mentor or consultant prior to engaging our services. 161 of those polled reported that the other companies or individuals did not accept payment terms.
A key reason we allow payment terms is that we understand that it takes time to generate liquidity to pay for consulting, coaching or mentoring services. The
remaining stated they did not hire other firms because they did not offer a guarantee and were concerned about the potential expenditure without knowing if there would truly be potential returns.
Stop Waiting To Get Your Business To Growth
Is it time for your business to hire a business coach, consultant or mentor? I don’t see how, based on the evidence, you could make any other decision. All businesses need to have a Guerrilla Marketing plan. This is a plan based on low and no cost marketing strategies which is done by an outside expert working with them. In addition, they need someone to help them uncover the hidden marketing assets they can not see that are right inside their business that can instantly bring them from 25% to 100% return on investment in a few months, depending on the business and the number of past patients, customers or clients and their relationships with those folks.
Your business must then have a simple one page marketing plan such as a Guerrilla Marketing Plan that has a set of tactics that can do done both on-line and off-line using hidden marketing assets based on the mentor or consultants proven experience or knowledge which is then done with and for the client or practice.
To fully understand what business mentoring can do for your business here is a case study of a client from business mentoring firm Terri Levine Worldwide. This client is a dentist who had hired his own in-house resource for business growth and marketing. Prior to that he had spent decades investing several hundred thousand dollars attending seminars and investing in coaches who never brought him a return on investment. He came to my company frustrated with the “ups and downs” in his business and was almost ready to sell his business and retire although he thought his business might still be savable. I described himself as “burnt out”.
When we interviewed his dental staff they said they didn’t want to do marketing and they weren’t comfortable with marketing. The dentist decided to hire us as his “last effort”.
He and his team agreed with our team of mentors at Terri Levine Worldwide that they needed our outside marketing expertise and perspective and a done for you and done with you program. We set a year long goals and objectives and monthly milestones. We agreed that our team would not be on site and we would use low and no cost Guerrilla Marketing combined with uncovering hidden marketing assets through our proprietary Rapid ROI Program. We provided payment terms along with our guarantee and our team approach.
The doctor told us his number one reason for saying “yes” was that we understood his expertise was in dentistry and that both he and his team has no skills nor interest in being the marketers. He realized we were needed to drive his marketing forward and really liked the fact that we would set up marketing systems that his company would have forever that would be automated to do his marketing.
His results? He began to differentiate himself from the crowd with our proprietary Core Unique Positioning Statement process. Just by creating this with him and integrating this into all of his marketing he was able to get the attention of his market. Once we used Guerrilla Marketing tactics and hidden marketing assets and our Rapid ROI System and focused his on and off-line marketing efforts he got results. We were there helping to execute on ideas and assisting to implement them. He reported he increased his prospects 22%, his patient load by 14% and his revenue by over 29% in less than our first 5 months together.
Now what do you think? Is it time for you to consider small business consulting?