Getting the Most Bang for Your Buck: Why You Should Consider Outside Consulting Advice

Getting the Most Bang for Your Buck:  Why You Should Consider Outside Consulting Advice

I know what you’re thinking. Why do I need a consultant?  I know my own business better than everyone else.  An outsider has no clue what I deal with!  And then they’re going to charge me money to learn my business. And if I do choose to work with a consultant, how will I know if his or her ideas will work?  And will they keep things confidential?

These questions, comments and concerns may sound logical, but the truth of the matter is, top businesses in every field engage consulting services.  And guess what?  That’s why they are the tops in their field.  They realize several things:

  • We all become very subjective in our thinking and get used to things the way they are.  We are afraid to get out of our comfort zone and into our challenge zone.
  • Consultants will challenge the status quo.  They will ask you smart questions that will get you to think about why you do the things that you do, and the way you do them.
  • Successful consultants have been engaged by a variety of firms in their chosen field.  So, they have seen what works, what does not work and what may work for you.
  • Every catering company has issues that have gone on way too long.  These issues are costing their firm lost revenues and bottom line dollars.  No firm is exempt from this.
  • There is no harm in admitting that we can do better.  I’ve been catering and producing events since 1968, and I know that the biggest room in the world is the room for improvement. I have worked with a consultant in the past three months who gave me amazing advice which has saved be tens of thousands of dollars for only a $1,000 fee.
  • Also, there are issues that you cannot discuss with your team, and if you’re like me, I don’t like involving my family. Who else can you talk to and get good, objective advice?

If I were to ask you to invest $1,000 if there is a 75% probability that a consultant could either increase your revenues by $10,000 in a year or save you that amount, would you move forward.  I know I would. That’s somewhat of a no-brainer.  And that is a normal rate of return for businesses who invest in consulting services if they hire the right consultant and can identify their challenge.

Every firm should consider allocating funds for consulting services in their annual budget.  The return on investment can be off the charts.  For example, if you are a $1M per year catering firm and you budget half of one percent for consulting, which would equal  $5,000 for the year and you would reap a return of $50,000 in increased revenues or decreased costs, would you think that would be a good investment?  That’s up to you, but it’s something to think about.

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