Being a small business owner comes with several struggles. Whether you are just starting out or in the first few years of your business, you will face some struggles. According to the U.S. Bureau of Labor Statistics, about 20% of small businesses fail by the end of their first year. By the end of their fifth year, 50% go under; and by the tenth year, that number rises to 80%. We want to see you succeed and be a part of that 20% that flourishes during and after the first 5 years. Below are a few of the struggles small businesses may face, and why hiring a consultant can help you avoid some, if not all, of these struggles.
Managing Cash Flow
The Challenge: Cash flow is an essential part for any business to survive. Many entrepreneurs struggle with paying the bills, nonetheless, paying themselves. Small business owners need to make sure they are keeping a tight track on where the money is coming in from and where it is going out.
The Solution: When you hire a consultant, they should help you with basic accounting and tax services, such as bookkeeping, tax planning, and preparation, and financial reporting to keep your business on track. Tax laws can be complex, so we help business owners develop strong accounting procedures and guidelines to ensure full compliance with all local, state, and federal laws. The consultant should also make sure you have the right accountant that will understand your small business, along with the risks and rewards. Cost structure analysis can help improve business efficiencies and maximize your financial investment, so the consultant will be able to set that up properly.
Hiring New Employees
The Challenge: Hiring and firing employees can be a very daunting task. Hiring can take up a bunch of your time and your small business cannot afford for you to be worrying about who you are going to hire. And payroll, who likes to deal with the payroll? What a headache. You don’t want to take time away from your business to deal with payroll either. Human Resources policies and procedures can be hard to write and the labor laws in the United States are very strict, so you need to make sure that you are compliant.
The Solution: That is why hiring a consultant agency to help with this daunting task and will save you money in the long run. The consultant will help you with making sure you are following all of the labor and employment laws. Some consultant agencies will even take care of the hiring process for you. They can do the screening, interviewing, and conducting background checks on job candidates. The consultancy should also be able to implement a payroll system around your specific needs.
Time Management
The Challenge: You are in business to make money, right? If you are not managing your time properly, your business is sure to fail. Just like money, time does not grow on trees, so you need to be sure you are focusing your time where it needs to be focused.
The Solution: What are your goals? Long and short term. If the current task you are working on does not go with your goals or someone else could be doing it, then delegate it to someone else within the company, or if it can be deleted, then so be it. A good business consulting service will allow you to focus on growing your business and serving your customers while we figure out how to support you in those goals.
Marketing Strategy
The Challenge: Whether you are just beginning or you have been in business a while, are you sure your marketing is where it needs to be? Are you attracting the right customers, your target market?
The Solution: In order to maximize your business resources with sales and marketing, we will help you identify target markets and develop marketing efforts around those specific targets so you aren’t spending money where it won’t be recouped. Something has to be said about the face-to-face interactions, so the consultancy should be able to set you up with a few trade shows in your area. Digital marketing needs to be at the top of the list as well. The world is taking everything to the web, and to mobile devices. The consultancy will be able to help make sure your website and social media are all up to date and in compliance with all the online rules.
ReachOut Business Solutions is here to help in all of the categories listed above, along with many others! Please reach out to us by clicking ➡️ HERE ⬅️ You can also follow us on Twitter, LinkedIn, and Facebook, or call us directly at 1(407)392-4806.
