Entrepreneurs are in the business of taking risks, whether investing in a start-up or reinvesting in an existing business. Without a silver bullet for success, mitigating the day-to-day can present unforeseen challenges. The job description of CEO can quickly become “jack-of-all-trades” and “expert-of-none.”
There is inherent and undeniable value in finding a good advisor(s) who can provide not only strategic direction but tactical assistance in moving the business forward. An external strategic firm with in-depth industry knowledge and a diligent focus can be an indispensible ally for an entrepreneur, SMB, or large firm. It can prevent failures in strategy or uncover important insights to ensure success.
Management consultants can provide information, resolution, implementation, and overall organizational effectiveness to move a business forward. In order for the relationship to be successful, entrepreneurs must remember to:
Trust – Finding the right relationship with an advisor is critical. Without trust, the relationship could prove to be detrimental and result in less than effective results.
Engage – Collaborating with an advisor is a key ingredient to the success. Entrepreneurs must continue to engage and actively get involved with conversations regarding the business.
Execute – Listening and learning are important. Success, however, lies in the execution.
Understanding the value of consultation with a strategic firm can be a crucial step towards building or furthering a successful business. The proper course of action for bridging strategy and execution differs greatly for every business, and can be a difficult path to discover. Rather than play a guessing game, business owners should free themselves from the extreme demands of the “jack-of-all-trades” cliché, focus on driving the business forward as the CEO, and let the consultant handle the items that they don’t know.