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10 Reasons Your Business Needs External Advisors

10 Reasons Your Business Needs External Advisors | Business Growth and Operations | Scoop.it

Far too many business owners baulk at the perceived costs of engaging external advisors to assist them to improve the performance of their businesses.


In the long run, this reluctance to invest in external advice generally proves detrimental, to the profitability and sustainability, of their businesses.


As a questionable but understandable cost saving measure, many owners of established businesses tend to rely on web-based information sites or Government Small Business sites in preference to engaging external advisors.


Whilst accessing free advice from reputable online sites is a step in the right direction, the main problem with this approach is that often, the key link between the advice offered and the skills available in the relevant business to successfully apply the advice, is missing.


Sometimes, less experienced business owners, access information from sites where the business information on offer is not only of poor quality but is often wrong, and acting upon such advice, can create additional problems.


The other aspect which limits the value of free online advice is the assumptions made by the business owners or their managers, as to the actual problem that they are seeking information to help them to resolve.


It is often the case, that a symptom of a problem is being addressed, where a more complete, focussed and analytical investigation by an experienced external advisor, would establish the real underlying problem, one that must be resolved before the business can move forward.


Aligned to the perceived cost of external advisors being a barrier to greater engagement between businesses and external advisors, is a poor understanding by many businesses of the benefits that external advisors bring to any assignment, and the real return on investment that building a short term or ongoing relationship with an external advisor, can provide.


The real benefits that external advisors bring to any business which has the foresight to engage them include;


1) Fresh and different perspectives


External advisors are usually very experienced, well qualified, and through interacting with numerous businesses in a variety of industries over many years, they can look at your business from multiple perspectives, as distinct from your own limited perspective.


2) Unbiased viewpoint


An external advisor is independent, unaligned to prevailing points of view within a business, and can call it exactly as they see it, usually without fear or favour. They are able to resist filtering information via the cultural bias of the prevailing culture, and as such, can readily spot the obvious.


3) Greater and often more up to date expertise


Good external advisors generally hold relevant business related tertiary qualifications, are usually continuous learners, and generally hold memberships of relevant professional bodies that assist them to stay up to date with current business thinking, and relevant technological advances.


4) Broader experience base


External advisors in general, work from a base of extensive experience, often across many industries, and most have held senior positions in listed and unlisted companies, as well as private companies, before becoming business advisors. They also come with an extensive base of contacts that they can draw upon depending on the situations they encounter.


5) Time management


Your time is vital, and the more of it you can spend on areas which utilise your strengths, the better off your business will be for this focus. An external advisor, by focussing on what they do best, will complete assignments much faster that you can, and the results they deliver will usually be time effective in implementation, thereby saving you even more valuable time.


6) Level of analytical skills


To survive in the business world, analytical skills of a high order are a pre-requisite for any professional business advisor. The skill to ask the right questions, of the right people, and analyse the information provided, before making recommendations or assisting to rectify a problem, is a skill not easily, or quickly, attained.


7) Add more weight to management change initiatives


Any management team attempting to introduce change initiatives, will find that support for the changes in the form of well justified recommendations coming from an external advisor, will assist greatly in selling those changes into the rest of the business.


8) Transference of skills and methodologies


External advisors undertaking assignments in any business will interact with key employees, who will observe both the skills displayed by the external advisor, and the methodologies they utilise as they proceed.


9) Stakeholder evidence of your mindset


All businesses have stakeholders and whether they are shareholders, vendors, suppliers, customers, clients or employees, they will notice the engagement of external advisors. The mindset of a business owner or manager who is willing to engage external advisors, is different than that of someone unwilling to do so, and engaging external advisors is a clear and positive mindset indication.


10) Profitability enhancement


To build a successful reputation, leading to future engagements, an external advisor is very conscious of the need to deliver tangible and measurable outcomes. As a consequence, the usual outcome of the involvement of an external advisor, are changes which once bedded down, positively impact on bottom line performance.


Clearly understanding the range of benefits that an external advisor can bring to a business, allows a business owner to conduct a more balanced assessment of the potential return on investment available, from engaging a suitable external advisor.


In most cases, a balanced assessment will establish that the returns on offer will fully justify a business owner’s decision, to advance down the path of engaging an external advisor.


Via Daniel Watson
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Marty Koenig's comment, September 28, 2012 12:13 PM
Right on!
Business Growth and Operations
How business owners operate their biz more efficiently to grow their biz and make more money
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Follow My Topic. Click "Follow"

Follow My Topic. Click "Follow" | Business Growth and Operations | Scoop.it

Just click the 'follow' button at the top, right of this page.
Click 'tag' tab above and choose an area of interest.

See www.cxotogo.com and www.martykoenig.com for more information.

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Is Ecommerce Stuck In The Mud? - Curatti

Is Ecommerce Stuck In The Mud? - Curatti | Business Growth and Operations | Scoop.it
Is E-commerce Stuck In The Mud? After our first Holiday Ecommies Review of 30+ top online retailers (@Ecommies is a new ecommerce ratings, review and award site coming soon). It’s clear e-retailers are stuck in the mud.
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DJPresskits.com resumes that stand out above the rest

DJPresskits.com resumes that stand out above the rest | Business Growth and Operations | Scoop.it
Micro jobs: Short-term tasks. I will sing happy birthday
Marty Koenig's insight:

Rob Nadigel Rocks. 

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Seth's Blog: The attention paradox

Seth's Blog: The attention paradox | Business Growth and Operations | Scoop.it
Online, where you can't buy attention as easily as you can with traditional advertising, most commercial media has the imperative of interestingness built in. The assignment is to make it viral, make it something people will watch or click on...
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My advice and insights about WebMD's massive layoffs

My advice and insights about WebMD's massive layoffs | Business Growth and Operations | Scoop.it

Here's another example of the people in company leadership, resting on their laurels. Once a leader in the nascent internet business models, now a dinosaur, WebMD has forgotten about innovation and how to keep up with the competition. Or maybe they didn't think they had any competition. 


This statement blows me away:


"We have begun the process of rationalizing our infrastructure to streamline operations and reduce costs while we make the reinvestment and changes necessary to position the company for long term growth."


My questions:

1. Why are they just now beginning? That needs to be an ongoing process, not a reactive event when things go very wrong. 


2. Why are they just now thinking about reinvestment strategies? What have they been investing in? Executive bonuses? Boondoggle management trips to the Caribbean? 


3. Why did it take a significant change in their quarterly results to just now strategize about positioning for long-term growth? Isn't that what a competent board of directors is supposed to do? Isn't that what a solid executive management team is supposed to do? Have you been sleeping for the last 5 years? 


If you are in business or run a business, you may want to pull your head out of your arse and see what your competition is doing, how the industry directions are changing, what disruptive business approaches, business models, technologies and startups are on the horizon. Who in your industry is getting funded by VC firms? Might want to pay attention to those.


These days, people in the leadership chairs at big corporations need to watch carefully what's going on around them, or the stars of the past will just wither away. 


I'm sure the laid off and remaining employees at WebMD will be bolting to greener pastures to companies who remain leaders in their fields. Those leaders are the ones that remain innovative and can still move fast enough to out-compete and out-collaborate. No matter how big or small the company.


Too bad WebMD can't. 


Contact me if you want some help figuring out what your competition is up to, and what you can do about, so you can thrive. 


Marty Koenig

CxO To Go

mkoenig@cxotogo.com


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Health information provider WebMD Health Corp. is expected to announce major layoffs...

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Dionne Lew's curator insight, December 11, 2012 3:12 PM

Good analysis around leaders needing to constantly drive strategy and not rest on previous gains.

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How to Work with a Professional Coach

How to Work with a Professional Coach | Business Growth and Operations | Scoop.it
Vera L. Dordick brings us her insights on working with a professional coach, and she had many questions herself: What happens during coaching sessions? Is the coach my cheerleader? My taskmaster? My shrink?
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Cyber Monday expected to break records; 129.2M to shop

Cyber Monday expected to break records; 129.2M to shop | Business Growth and Operations | Scoop.it
A new survey conducted for Shop.org by BIGinsight shows that 129.2 million Americans...
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JCPenney marketing blunder offers important lessons

JCPenney marketing blunder offers important lessons | Business Growth and Operations | Scoop.it

Even the big companies forget to stick with the fundamentals of marketing. With a single campaign, any company, small or large, can confuse their customers and target market to the point of non-participation. When your company has an established tribe, and you try and bring in a strange, new tribe, what do you expect?

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The new marketing campaign and pricing strategy for JCPenney was supposed to boost...

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Denver company honored for best business plan - Denver Business Journal

Denver company honored for best business plan - Denver Business Journal | Business Growth and Operations | Scoop.it
AppIt Ventures was named the grand-prize winner Thursday of the Denver Office of...
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linkedin.com's audience profile on Quantcast

linkedin.com's audience profile on Quantcast | Business Growth and Operations | Scoop.it
linkedin.com's directly measured audience profile on Quantcast.com shows detailed traffic, demographic and affinity data. Follow the link for US site rank, global traffic frequency and more.
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Rescooped by Marty Koenig from CrowdSourcing InfoGraphics
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5 Principles Of B2B Lead Generation [Infographic]

5 Principles Of B2B Lead Generation [Infographic] | Business Growth and Operations | Scoop.it

The B2B Lead Generation Manifesto

#1. Thou Shalt Create Valuable Content

#2. Thou Shalt Optimize Your Lead Gen Pages

#3. Thou Shalt Market After the Conversion

#4 – Thou Shalt Embrace the Mobile Market

#5. Thou Shalt Nurture Your Leads        

 

Follow these 5 principles and you’ll start seeing an improvement in your B2B lead generation conversion rates. 

 

Source. http://bit.ly/RDm90Z


Via maxOz, malek, Jesús Hernández, Martin (Marty) Smith, John van den Brink, Berend de Jonge
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Boulder salad dressing maker wins business contest

Boulder salad dressing maker wins business contest | Business Growth and Operations | Scoop.it

A business contest for natural-foods companies has ended with Dressed Up Salad Dressing...a $45,000 win. 

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How to Setup Your Browser as the FASTEST GOOGLE CHROME on the Planet:: Eliminate Chrome Crashing by Cranking Up Your Browser Power:Amazon:Kindle Store

Amazon How to Setup Your Browser as the FASTEST GOOGLE CHROME on the Planet:: Eliminate Chrome Crashing by Cranking Up Your Browser Power
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Timeless Branding Lessons From A Young Steve Jobs

Timeless Branding Lessons From A Young Steve Jobs | Business Growth and Operations | Scoop.it
To understand how a legacy lasts let's flash back to when Steve Jobs rebuilt his own.

Via Jason Poblete
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» The blueprint to setting up your business in Australia

» The blueprint to setting up your business in Australia | Business Growth and Operations | Scoop.it
The blueprint to setting up your business
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Flowers Foods may have a hankering for Hostess - Atlanta Business Chronicle

Flowers Foods may have a hankering for Hostess - Atlanta Business Chronicle | Business Growth and Operations | Scoop.it
Flowers Foods Inc. is considered a likely bidder for Hostess Brands Inc., which ...
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Black Friday weekend shopping sets record - Atlanta Business Chronicle

Black Friday weekend shopping sets record - Atlanta Business Chronicle | Business Growth and Operations | Scoop.it
A record 247 million shoppers visited stores and websites over the Black Friday ...
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People you may want to follow | LinkedIn

People you may want to follow | LinkedIn | Business Growth and Operations | Scoop.it

Richard Branson: Founder at Virgin Group
Why aren’t more business leaders online?
Anyone who thinks new technology isn’t going to keep changing the world has got their head in the sand. We are seeing progress every day...

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Introducing CrunchGov, TechCrunch’s Policy Platform

Introducing CrunchGov, TechCrunch’s Policy Platform | Business Growth and Operations | Scoop.it
Nearly a year after citizens blindsided the government with an unprecedented protest against the Stop Online Piracy Act, Congress is at a loss for how to proceed.
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New Denver Capital Matrix identifies funding sources for entrepreneurs - Denver Business Journal

New Denver Capital Matrix identifies funding sources for entrepreneurs - Denver Business Journal | Business Growth and Operations | Scoop.it
If you’re looking for money to fund your entrepreneurial idea or small business,...
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Colorado PERA creates fund for Colorado’s entrepreneurs | OEDIT

Colorado PERA has launched a new investment vehicle that will make millions of dollars available to Colorado’s business community. The capital will be earmarked for Colorado businesses that have a nexus to Colorado and currently have the support of a financial sponsor. The new fund may also consider uniquely-structured capital formation opportunities to private equity and venture capital firms targeting Colorado-based opportunities.....

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27 A/B Testing & Optimization Posts You Shouldn’t Miss

27 A/B Testing & Optimization Posts You Shouldn’t Miss | Business Growth and Operations | Scoop.it
I believe you can learn at least one new idea to inspire you for what to test from any good blog post. Here's a bunch.
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Top 1000 YouTube Channels

Make smarter online video ad buys and view channel statistics on the widest range of online videos.
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