Over half of small businesses fail within their first four years. Many of these business owners experience success within their first year or two, but then they can’t sustain that growth. business owners who hire a small business consultant at this stage learn the crucial skills they need for their business to survive and thrive for decades. Below are four ways a small business consultant takes your business to the next level.
Identifies The Crucial KPIs To Track In Your Industry
What KPIs do you currently track for your business? Some business owners waste their time focusing on the wrong KPIs. The only KPIs goals that should dominate your attention are the ones you need to get a complete picture of the daily performance of your business.
Other business owners don’t check their KPIs regularly at all. If this sounds like you, you run the risk of discovering problems when it’s too late to fix them. A small business consultant identifies the specific KPIs that need to be tracked in your industry and builds a KPI dashboard for you to keep track of them daily.
Creates A KPI Dashboard That Gets Sent To You Daily
Imagine what it would be like to drive your car but the windshield is completely covered and you couldn’t see anything coming. That is what running your business without a KPI dashboard is like.
Your car dashboard is actually a great example of a KPI dashboard that you interact with daily. All of the things on your dashboard give you important information about the performance of your car. They all have minimum or maximum levels that set off “alarms” when they need to be checked.
The KPI dashboard for your business should function exactly like the KPI dashboard for your car. It should include the 5-7 most critical KPIs that tell you the performance of your business, as well as a minimum or maximum number for each one that sets off an alarm when it is hit.
A small business consultant teaches you how to read your KPI dashboard as if it was a treasure map, as well as how to dig further and find the root cause of any issue.
Increases The Efficiency Of Your Business Systems
One of the biggest reasons small business owners fail, especially when they try to scale, is they don’t have efficient business systems. You should optimize all the systems within you business. From sales to human resources, efficient systems create opportunity for the business. As a result, you will have a lower overhead and shorter lead time to deliver sales. Moreover, the right information can give your decision support system to make the most of your day to day operations.
A good small business consultant knows how to diagnose bad systems and replace them with systems so efficient you could take vacations for weeks at a time and still get results. They will make sure each step of your sales funnel is being tracked with the right KPIs and is operating at peak efficiency.
Helps You Identify And Sell To Your Ideal Clients
According to Arman Sadeghi of Titanium Success, you might think you know your ideal client well enough because your sales are decent, but there’s a good chance you’re leaving revenue on the table.
A small business consultant makes you work through a detailed ideal client questionnaire for every single product or service you offer. This information allows you to create highly targeted landing pages and marketing campaigns, which increases revenue while decreasing waste in your marketing budget.