There are many scenarios where outside business advice can make a big difference. In today’s fast changing world of business, many companies are struggling to stay afloat. Many find it difficult to do so, and even more difficult to operate confidently when the media and water cooler talk all revolves around doom and gloom.

Should you avoid the doom and gloom talk? Yes and no. Yes, you should be well aware of what’s going on in the world, in politics, in your local economy, and especially in your industry. But, if the news is getting you so down that you’re having trouble functioning, it’s time for some fresh perspective. Many business owners have decided that they don’t want to participate in a recession. They’ve taken the opportunity to use slower times to their advantage — to reinvent their unique selling proposition.

A business consultant can provide you with a fresh outlook on your business. This might mean a few minor tweaks to help you compete with the companies that have market share in your industry or in rare circumstances it could mean an overhaul of your business. Very often it takes just a few tweaks to make a big difference. In any case, the right business advice could help you see past the bad news and look confidently toward solvency and even profitability.

Staffing changes, supply chain tweaks, or implementing other process improvements could make a vast difference in your ability to serve your customers well. Today’s customers want a good product and they want value-add as well. You need to know what your value added proposition is and to stand apart from your competition. Sometimes a business person can’t see the forest for the trees because they’re too close things. An outside observer who has a solid understanding of business can often provide business advice that helps a business owner migrate quickly to profitability.

Who can give you business advice?

Many businesses who are either in trouble or who see potential trouble on the horizon will look for a professional business consultant to help them look at their business structure. Recommendations can target a specific problem area in the business or can look at the business as an entire entity. While there is going to be a cost involved in getting a consultant to help you, this can be a great investment in the future of your company. When so many businesses are ]facing tough times, you can use down time as an opportunity to reinvent (or even just to tweak) your company so that you do not become obsolete.

In this business tv show,Ian Coleman, Partner, Head of emerging markets, PricewaterhouseCoopers UK, Tony Dickel, CEO, MRI China, and Oliver Massmann, Partner at Duane Morris Vietnam LLC, recount instances in which businesses were saved from making terrible mistakes. These stories are a clear illustration of the issues you must be aware of when doing business in emerging economies. Ian Coleman: We were approached by a client that wished to enter a food market in the food industry in a particular emerging market. Had done a huge amount of work to understand the market segmentation, what were the buying characteristics, what were the income points, was this something that could be targeted at high income people or was it a mass market proposition or so on. Were about to make the investment but had not addressed the fundamental question, do you need a licence to actually do this? Turned out we did and it was a two year process to actually get approval and saved themselves about 15 million in advertising launch costs which would have been wholly ineffective because they wouldn’t have been able to supply demand for two years anyway and that is where a little bit of care can have a really big pay off. Oliver Massmann: So what are the dangers? You as a foreign investor have to look out for if you want to come to Vietnam. Let me tell you a war story here. One day at an official function I met one of my clients and he told me just by chance that he had the intention to buy a …

Important business advice from Billionaire Venture Capitalist N. Paul Todd.

Incoming search terms for the article:

• n paul todd

Business advice from billionaire Richard Branson, Chairman of the Virgin Companies.

Have you been toying with the idea of hiring a consultant to give you business advice? If so, you may have wondered exactly what you can expect from the experience.

Particularly if you have never worked with a consultancy firm before, you may need to determine if the benefits are truly worth the cost. What a business consultant can offer you, as the owner or principle officer, is a new set of skills or insight into the market specifics of your particular industry. This can truly be considered invaluable. Take a look at the various departments and tasks for which a good consultant can provide help.

Business Organisation and Structure

Consultants take a look at the overall running of your business first to determine what particular areas may need special attention. This will include analysing the structure, organisation, systems and applications, and management specifics of the company. Along with the business aspects, the operation of the firm is another key area a consultant will analyse. The effectiveness, quality, value and cost benefit derived from the company’s operations is certainly a determinant of success.

Finances

For a struggling company, the focus of business advice from a consultant may be geared toward finances first and foremost. After all, without a solid financial footing, most businesses cannot survive, particularly in the current economic situation. A consultancy company should perform a detailed analysis of the business plan, overhead costs, ratio of costs to profit, market trends, and an in-depth look at the products or services, market pricing, and profit potential.

Processes

Another area a consultant can offer business advice on is processes and how they are managed. Whether your company offers a service or a product, or is a manufacturing concern, it most certainly involves several key processes to make it work. A breakdown of the manufacturing plan, organisation of the management structure, order cycling, document flow, systems applications, materials procurement, transactions and records, and safety concerns are all processes that a business consultant will consider.

Customer Satisfaction

On the other side of the coin is how customers perceive your business. No amount of business advice in the world can help a firm that does not enjoy the satisfaction of its clients. Your business consultant should take steps to determine this through feedback, analysis of the delivery, order, and billing processes, how and when customers are serviced, and the development of a cost to service ratio for the addition of sales personnel.

When it comes to getting excellent, spot-on business advice, hiring a business consultant to delve deep into your company’s business structure, finances, processes and the perception of customers can be quite beneficial. This is often very difficult for an insider to achieve and that is why a business consultant is usually the best choice.