Resources Smart Owners Use To Build Their Businesses
by Richard Avdoian
Today business owners, corporations and associations are faced with financial restrictions, new state and federal requirements, and employee standards. These changes are leaving many business owners anxious and questioning their business practices.
Even the most well-established companies and business owners are exploring new resources and practices to endure these challenging times. Increasingly, CEOs and business owners are seeking business consultants, peer review boards and business coaches to shed new light on the challenges they face and to offer innovative, practical techniques and solutions to maintain viable and profitable companies.
Successful business owners are willing to:
• Take off the rose-colored glasses and see the company as it actually is.
• Recognize their role or lack of role in the present condition of the company.
• Recognize that they don’t know everything, be open to candid feedback, and be willing to implement new techniques and ideas even if they are uncomfortable.
• Invest in ongoing professional training for themselves and their employees.
Smart business owners, CEOs and other executives who want honest – sometimes brutally candid – feedback on how to effectively run their businesses and address difficult issues consider joining an executive peer board or securing the services of a business consultant or business coach.
Business Coach
Business owners and business professionals rarely if ever receive enough candid feedback to remain accountable. Either feedback doesn’t exist or they are told what they expect to hear instead of what they need to hear. Coaching is a proven, effective process that helps anyone who wants to move to the next level of success. Based on assessment, feedback and ongoing support, this process revitalizes and re-energizes individuals.
Benefits:
• Objective, reliable insights about personal and professional strengths and improvement opportunities.
• Opportunity to adapt to new responsibilities, reduce destructive behaviors, enhance teamwork and support organizational changes.
Peer Review Boards
Peer review boards, also referred to as peer advisory boards and executive mastermind groups, typically consist of noncompetitive business owners/professionals who meet once a month for a three- to four-hour board meeting. Members briefly discuss current industry events and issues. Each member is given time to address personal and business issues they are facing. Members offer practical, affordable advice and support in a structured, facilitated forum.
Benefits:
• Practical real-life advice from people who have walked in your shoes.
• A regular sounding board and accountability.
• Candid discussion with people not beholden to you.
Business Consultant
The right business consultant with the right expertise can save you money and time in the long term by helping you streamline operations, cut costs, negotiate better deals with vendors and improve company morale. Hiring a consultant is something you should consider if you are making a large purchase decision; creating buzz around a product release or other event; or even performing damage control around negative social media PR, an unfortunate mishap or customer complaints. Keep in mind that hiring a consultant you like and trust can be a lengthy process, even if your need is immediate, because you must take the time to interview and vet candidates.
A consultant’s rate typically works out to be more than you’d pay a permanent employee, but you don’t incur payroll taxes and benefit costs or have to find work for the employee once the special project is completed.
Remember that hiring a consultant or coach and joining a peer group will not be a quick fix but rather a long-term investment in your business and professional and personal development.
Richard Avdoian is president/CEO of the Midwest Business Institute Inc., a business consulting and training firm. For information about training and seminars, contact Richard at 618-972-8588 or Richard@RichardAvdoian.com.