Thursday, December 1, 2016

When Should a Business Owner Seek Outside Help?

Business is tough with hundreds of different avenues and choices but limited resources of time and money to get the necessary things they need done. As the work piles up, business owners often get dragged into a world of endless choices and possibilities that could make them ineffective. At this point, it is beneficial to seek outside help to find a focal point for their energies and resources to earn the highest Return on Investment. 

Business owners are often the expert and it can be tough to ask someone for help to evaluate all of the different different avenues and decisions. For some, this could be a big ego buster as nobody knows the business as well as they do. Because mistakes can be costly it is beneficial to seek an outside perspective and advice to help evaluate possible strategic choices in an impartial way (Plenda, 2016). 
One of the important ways in which consultants can help is through processing and capitalizing on the owner's previous experience and then hedging that with their own to create a stronger strategic direction. They can encourage owners to reflect on their own experiences, evaluate the alternatives through an objective lens, and then integrate that knowledge into more lucrative activities (Lansberg & Gersick, 2015). 

As an owner, If your unsure of what direction to take or don't have a solid idea of how to formally and impartially select among multiple opportunities then it is time to consider an outside perspective. Business owners are often great at producing the product or service they sell to their customers but can use help in setting an appropriate direction to maximize their return on time and resources. Outside counsel helps them make decisions that help fit within owner's personal perspective and values in a way that reaps the greatest financial and personal rewards. 

Lansberg, I. & Gersick, K. (2015). Evaluating family business owners: The fundamental intervention. Academy of Management Learning & Education, 14 (3). 

Plenda, M. (2016) Setting goals and plans. Who advises the boss? Business NH Magazine, 33 (11).  

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