There are many components that go into running a successful business, including strong operations, adequate human resources, and growing financial health. Each of these three areas may require the help of an expert to find the correct policies and procedures to implement in your business, making a consultant valuable.
Operations
The first area a consultant can help with is operations. How productive are your employees? Do you have the necessary tools to complete jobs? Are there other segments of your operations that you can improve? These are all questions you need to ask yourself.
Scaling your business relies on a strong operational foundation that promotes efficiency and effectiveness within your organization. A consultant is generally an independent third party, giving them the ability to see areas of improvement that you may be overlooking.
For example, maybe your consultant uncovers that your asset turnover ratio is low, indicating that new equipment is necessary. In this case, you can work with the consultant to budget for purchasing that new piece of equipment, reducing the monetary impact of cash on your checking account.
Human Resources
Properly managing your employees is just as important as finding efficient ways of producing your product or services. Human resources isn’t just dealing with employee complaints. In fact, human resources involves every aspect of your employees, including payroll and new hire forms.
A consultant that doubles as a bookkeeper, such as the team at Gordian Financial, not only can help you navigate when additional workers may be needed, but they can also process payroll on time, improving employee satisfaction. Accurate and timely payroll remittances produce a stronger work environment, boosting productivity.
Financial
A top area that a consultant aids with is finances. How healthy is your business? The answer to this question goes beyond the amount sitting in your checking account. Lenders and investors analyze the items on your balance sheet and income statement to determine business continuity and investment decisions.
A consultant works with you to find where your business’s financial health may need improvement and can suggest innovative ideas to tackle the issue. This can be done by producing monthly financial reports that track key performance indicators, which show how successful your business is in implementing the changes.
Another component of your finances that a consultant can help with is tax planning. Tax planning involves legally reducing your tax burden by taking tax credits and deductions your business qualifies for. One of these deductions is Section 179, which allows your business to write off the entire cost of the asset placed in service before year-end. This gives you the ability to secure much needed equipment and take advantage of tax savings.
Summary
The knowledge and expertise of consultants go beyond just the operational, financial, and human resource components of your business. In fact, most consultants can help with every aspect of running your business, from reaching new markets to finding creative revenue streams.
At Gordian Financial, we believe our experience and expertise are just what your business needs to achieve success through steady business growth and attainable scalability. Reach out to a team member today to set up a consultation to see exactly how we can help you.
