The Value of Business Consulting Services
If you’re a business owner, the chances are good that you’re in business because you’re particularly skilled at something. That “something” could be anything from restaurant or hotel operations to one or more of the trades (plumbing, electrical, HVAC, carpentry) to retail or wholesale sales. While you may know some “old hands” who have been in your business for decades and are respected for their experience and wisdom, all in all, there are few people who can teach you much about the fundamentals of your vocation. Whether you recognize it or not, there are areas of your business where you could definitely use some expert advice. That is where the value of business consulting services becomes clear.
Specialized Expertise Is Needed More and More
While we don’t want to sound like anyone’s father (or grandfather), once upon a time things were much simpler. But changes in the business environment in the past half-century or so have made business consultants a necessity. For example, we recently examined the true length of the U.S. tax code, which in 50 years has more than quadrupled in length—from less than 500,000 words in 1955 to over 2 million in 2005. Moreover, just in the past 10 years Congress has made about 4,000 changes to the code. Needless to say, attaining true expertise requires dedication to a very narrow focus, which is why tax consultation is a thriving business.
To pick another example that caused business owners consternation in recent years, the Affordable Care Act generated almost 10,000 pages of regulations—and that’s a conservative account. And as you may recall, the law was implemented even as the administrative rules were still being written! Between the costs of coverage and the penalties for not having any, the potential impact on small businesses in particular was massive. Finding a consultant—often an employee benefits specialist—who understood the direction the law would likely take and how to cost-effectively meet its requirements became a priority.
Business Complexity Is Everywhere
Dealing with some of the more technical government regulations obviously requires highly specialized consulting talent. Yet even relatively mundane aspects of business operations usually include pockets of complexity. To take an example that’s near and dear to our hearts, let’s consider accounting and finance.
The day-to-day processes of business bookkeeping and basic accounting are relatively straightforward. While different types of businesses certainly have nuances, the fundamentals are understood by any accounting professional. However, ask your bookkeeper or staff accountant about subjects like succession planning, market analysis for expansion, or options for raising capital—to name just a few—and you’ll most likely get either a blank stare or a deer-in-headlights look. The competencies for dealing with such issues aren’t widespread because they arise for the typical businesses only rarely. That is when you need the expertise of a business consultant.
Hire an Experienced Business Consultant Today
BroadCreek has professionals who can step in as needed and provide expert advice on a wide range of specialized accounting and finance matters. Whether your challenges include some of those highlighted above, long-term tax strategy, or complex financial modeling, our consultants have the knowledge and experience to guide you when only highly specialized expertise will do.
Contact us today for a demonstration of the value of our business consulting services.