All entrepreneurs think that their business ideas will rain profits from day one. Unfortunately, in most cases, after the opening day the reality hits. Merchandise isn't moving. Expenses are too high. Profits are too low. They're not sure what went wrong or how to fix it. Suddenly they're in panic mode.

Many start-up crises can be averted by seeking expert guidance in the planning stages, long before leases are signed or business cards are printed. Like a savvy career counselor or financial planner, the right advisor can help you build a solid foundation as well as steer you through choppy waters once you open your doors.

Entrepreneur who has never coped with problems like weak repeat business, poor cash flow, flawed order tracking or fulfillment systems is more likely to find himself in such a “dead-end” zone. Getting help from outside experts can mean the difference between smooth sailing and a sinking ship, both at start-up and as your business matures.

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So, where to seek for help?

• Books, seminars, and self-help materials- useful and affordable for any entrepreneur
• Business coaches are long-term advisors who can help polish your initial business plan and offer strategic problem-solving skills moving forward.
• Consultants are short-term advisors hired for their tactical expertise in specific areas such as computer networking or employee recruitment.

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Which one is the most effective resource?

Don’t assume that these options are mutually exclusive. Each kind of resource serves a different purpose and a mix of these three types of assistance can not only prevent mistakes at startup, but also provide valuable ideas and tools for shaping and growing the business. It takes various specialists to shepherd a small business through the start-up phase.

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1. BOOKS & SEMINARS– Reap the benefits of good informational resources such as business book, DVD, CD, workshops run by SBA's Small Business Development Centers or seminar to inspire, teach and save you from the kinds of missteps that come from inexperience. These resources:
a. Convey basic business principles and examples,
b. Provide general advice in areas such as writing a business plan or marketing by direct mail.

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2. BUSINESS COACHES- deliver one-on-one mentoring specific to your business and challenges.

How much they cost? Coaches usually charge a monthly retainer that includes a defined number of hours and a specific program plan.

What is their role?
- To analyze business models
- To pinpoint flaws
- To suggest improvements
- To identify and troubleshoot day-to-day problems
- To fine-tune areas ranging from sales and marketing to hiring and team management.

For instance, if sales are slow or customers are complaining, the Business Coach will figure out why and formulate a cure. Unfortunately, the new business owners are simply too busy minding the store and usually too inexperienced to solve these problems themselves.

How to choose a Business Coach?
- look for a local person who can see your operation firsthand, provide training assistance and be readily available,
- your personalities should mesh,
- make sure he or she has specific systems and methodologies to help you run your business properly,
- select a coach with a broad business background rather than someone from your industry,

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3. BUSINESS CONSULTANTS

When to turn to them? Consultants are used usually for tactical challenges, for instance: setting up accounting systems, reducing the money and time waste, developing a system for operational efficiency.

How much they cost?- The consultants typically charge an hourly fee and should be able to tell you upfront what they will charge for the job.

How to choose a Consultant?
- look for someone with specific expertise in the area in question,
- get referrals or recommendations from clients with projects similar to yours whenever possible
- get a firm estimate of the time it will take to do the job
- be sure that the company you hire will supply documentation allowing you to retrace their steps if necessary to solve a problem or duplicate their work at a later date.

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So, what is the return on your investment or simply what you get for the money you pay?

Sure, it cost you money! But in the long run, the right guidance can:

- save you from months of poor performance and other budget-busting scenarios;
- get you expert advice at the right time to avoid costly mistakes at start-up, from sales forecasts that are too optimistic to poor marketing strategies;
- facilitate mid-course corrections necessitated by customer feedback, changing market conditions or problems within your organization itself.


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Please share with us your comments and questions in regards to the information provided in this material. I would love to hear from you!

Also, do not forget to forward the WealthBudget Small Business Growth newsletter to your friends and business partners, because……

We have the tools to jump-start Small Businesses! We help them grow their profits! We offer superior quality at affordable service fees delivered by professionals with master degrees in business administration and years of business management experience.

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Business Plan Writing •Strategic Planning • Financial Projections • Marketing Research • Long-term Business Coaching • Outsourced Finance and Business Management Services

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WealthBudget Executive Partners LLC
1845 Kempsville Crossing Lane
Virginia Beach, VA 23464
Phone 757-692-3210
Email: gkouzman@wealthbudget.com
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