Traditionally, small businesses are used to calling the shots and making all the decisions regarding their business growth. But when you oversee all aspects of SME business development and operations, there is a tendency, sometimes to miss the larger picture. This is where a business consultant or a mentor can make all the difference. From boosting revenue to managing cash flow to streamlining processes, management consultants and business advisors can guide small businesses towards faster growth and accelerated revenue. Here’s how:
1) Business planning
Undoubtedly, one of the most challenging elements of running your own company is figuring out how to nurture and expand it, making it more profitable. Here, an SME expert or business mentor is well-placed to help in business expansion or increase market awareness, enter the international market, make new product or service additions, set up franchise deals, etc. A business advisor is, in effect, a strategy consultant who helps in mapping a well-charted growth plan (or changing the business structure), acquiring a new venture, and merging with another business.
2) Daily operations
If you’re concerned with solving operational and efficiency problems within the organization, look no further than business advisors and mentors. They can help you, deep dive into the execution components of tasks, resource allocation, project workflows, revision of supply chains, etc.
For traditional manufacturing or e-commerce businesses, SME business experts can help proprietors establish the most effective workflows in aspects like production, warehouse management, shipping, and logistics.
When it comes to an agency, experts can investigate the proper in-team management aspect because the staff salaries are usually an agency’s most expensive component and help create processes for meeting scheduling, feedback reviews, daily assignments, and identify retention opportunities and efficiency paradigms for optimizing output or in-between time between projects.
3) Cash flow and finance:
Small business owners often find themselves in choppy waters when it comes to accounting operations, cash flow analysis, etc. Financial consultants can be of great assistance in this regard. They can pinpoint where to cut back spending, help you with better tax planning, advice you on how to set up an emergency fund, retirement accounts, and so on. They can also give their inputs on investments portfolio, financial planning and financial projections and estimates (both short-term and long-term).
Whether you are in the B2B or B2C space, small and medium businesses have immense growth potential. Availing business advisory can boost sales and help you become more profitable. Business mentors for SMEs can assist in building a strong in-house sales team, streamline internal sales processes, develop and improve the funnel process along with the marketing team and refine product pricing.
The ‘no fees, no equity’ Wadhwani Advantage program has a repository of business advisors, consultants and mentors, and curated experts who add great value to businesses. These are domain experts who have successfully transformed businesses. You can avail their services by applying to the Wadhwani Advantage program, which builds capacity to accelerate the revenue of businesses by 2x to 10x.
(Businesses with INR 25 Cr+ revenue and employee strength ≥ 100, intent to grow 10x and a commitment to learn can apply)