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Top 4 Benefits Of Hiring A Business Consultant

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The business world is rife with challenges. Some of the common challenges include financial challenges, productivity problems, data security issues and human resources challenges. If a business cannot resolve a particular problem in-house, then the business would be wise to hire an experienced business consultant to find a solution to the problem, especially if the problem presents a potential threat to the business. With that in mind, here are four benefits of hiring a business consulting expert:

Objective Outsider’s Viewpoint

An outsider can look at business problem objectively and offer a viable solution. In addition, the consultant would be able to stock-624712_640address even the issues that the in-house team would rather ignore. According to Chuck Williams, Dean at Butler University College of Business, this is a common problem in family run businesses where people who have worked together for years can split into highly hostile and opposing camps. This is where a consultant comes in handy because the consultant does not have a stake in the business. As a result, the consultant would be able to address a problem objectively and point out the consequences of failing to address it.

 

Profitability

Since the goal of all business ventures is to generate profits, a business consultant can help a company improve its bottom line. To achieve this goal, a consultant generally takes time to study aspects such as the productivity of a company’s employees, its financial health, competitors, and supply chain structure. The consultant then analyses this information thoroughly to determine how the business can improve its profitability. Armed with actionable and data-derived insights, a consultant can help a client address productivity issues such as low staff morale, ditch inefficient practices, improve product/service offerings, or acquire a competitor.

Recruit Top Talent Legally

Recruiting staff, especially skilled IT personnel such as programmers, has become a huge problem for many businesses. In fact, Goldman Sachs exemplifies the magnitude of this problem through its persistent efforts to prosecute a former programmer who left in 2010 to join a rival company that had offered to triple his annual salary of $400,000. In addition, Forbes reports that some Silicon Valley companies have reportedly entered into questionable informal agreements not to poach talent from each other. These examples show that hiring is fast turning into a potentially explosive legal minefield. The best way to avoid employment-related lawsuits is by using the services of a business consultant with a good grasp of the HR landscape.

Prepare for an Acquisition

Unlike in the past, you do not have to build a company and grow it for years to attract a buyer. Google reportedly bought Deepmind, a company fronted by a British deep learning expert, for more than $500 million even though the company had not shipped any of its product to market. Since acquisitions can be tricky, a consultant can help you prepare for such an event. This includes carrying out due diligence related to valuation, patents, unique products, as well as financial health of potential acquirer or acquisition target.

Conclusion

Business consulting is no longer the preserve of large corporations with deep pockets. A startup or medium-sized company can use the services of a consultant to improve profitability, get an outsider’s objective view, or prepare for an acquisition.

Business Ideas for Beginners

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If you would like to become your own boss, there are many business ideas for beginners that you can explore. The business ideas below all have a few very attractive features in common. They cost little or no money to get started and they can all be done on a part-time or full-time basis.

Sell Online

This can be done in a number of different ways. Online auction sites like eBay provide easy ways to establish online stores. Opening an online store might be easier than you think. You can make the decision to handle the product or hire someone else to be hands on, while you collect the funds.

If you are a crafty and creative person, places like Etsy.com could be the ideal online haven for you. You will be able to sell your crafts and any antique items you might have on that website. Figure out the product you would like to sell, locate a company that sells those items at a wholesale rate and just go for it. The best thing is that you never need to come into physical contact with the product to experience the growth of your bank account.

Start a Freelance Company

Right now, freelancers are in total demand and the possibilities are limitless when it comes to freelancing jobs. Pretty much anything you would like to do you can make it happen. The services you can offer on a freelance basis include:

• Information Technology
• Writing
• Editing
• Web Design
• Programming
• Graphic Design
• Social Marketing

It is quite easy to find freelance work. All that is required is a little bit of patience and a tablet or computer with an Internet connection. There are many online courses that can teach you how to get started. With this type of business you will be able to work from the convenience and comfort of your own home, the library, your favorite coffee shop or the beach. Your earning possibility is limited only by how driven you are.

Write an Ebook

These are becoming increasingly popular and best of all, if you have the ability to write, you have the capacity to publish EBooks. In fact, you do not even have to do the actual writing; voice recognition software can be used to do the heavy lifting on your behalf. You can go for a subject area that you love and transform it into a book for very little or no money at all.

It is always good to write non-fiction books. A lot of individuals are eager to pay for your knowledge on a particular subject. After the book is written and published, you can use your knowledge of social media marketing and affiliate marketing to sell it.

Learn all that you can about business ideas for beginners to help you get started. The internet is loaded with information that can assist you. Do not expect to just relax and wait for the money to come in right away. Whatever business you start, you will have to hustle.

Understanding Franchise Business Opportunities

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Franchise businesses appeal to many aspiring entrepreneurs mainly because they allow an entrepreneur to invest in a proven business concept and brand. However, it is wise to have a good grasp of the franchising industry before investing your hard-earned money in a franchise.

An Overview of the Franchise Business Model

office-336368_640In its simplest form, a franchise involves an established business licensing its trademarks, logos, and methods/techniques/practices to an independent entrepreneur. This gives such an entrepreneur the right to sell products/services to consumers of the franchisor. In return, the franchisee pays the franchisor a specified fee and other related payments. It is worth noting that the terms of payment vary across the board and may involve continuous royalty payments or an initial fee plus specified costs. In many cases, franchisors help franchisees find appropriate business locations, train employees, and offer advice on aspects such as management, expected standards, and marketing.

A Word of Caution

Over the years, some unscrupulous business people have used the franchising business model to exploit franchisees financially or used the business model to compel franchisees to carry out illegal business activities. To prevent this from happening, many countries have set up legislation governing the operation of franchises. For instance, in the US, the Federal Trade Commission Bureau of Consumer Protection is in charge of overseeing the franchising industry.

Tips on Selecting a Franchise

Product/Service Demand in the Target Market

Find out if there is demand for products/services sold by a franchisor. Moreover, determine type of demand you can expect from consumers: seasonal, cyclical, monthly, quarterly, or daily. Be wary of franchises that ride on the coattails of fads because they are unlikely to survive in the market for long.

Brand Recognition

If you have to invest money in a franchise business, go for one with a strong brand because you would not want to buy into a franchise and then spend huge sums of money running marketing campaigns. In other words, you should not waste your money on a franchise that does not take its brand seriously. In fact, the FTC warns aspiring franchisees to check the length of time a franchisor has been in business, product/service reputation among consumers, and nature of complaints if any filed with bodies such as the BBB or local consumer protection agencies.

Support

Go for a franchise that offers its franchisees great training and ongoing support services. Such training and support will help you offer your customers the same attention, service delivery, or product quality they have come to expect from your franchisor. Make sure this support does not end after a few weeks but continues for as long as you have an agreement. It is also wise to consult a professional (franchise law specialist) when filing tax returns because tax rules surrounding franchises can be complex according to the Small Business Authority (SBA).

Conclusion

Franchise business opportunities straddle every conceivable industry, from finance to food and beverages. The beauty of investing in a franchise business is it would allow you to own and run a business associated with an established brand. Nevertheless, you should consider factors such as product/service demand in target market, support, and brand recognition before becoming a franchisee.