Do you know who to go to if you want a consultant to help you in your business? Nicki Morris, a business start up expert who focuses on working with people who have the passion to start their own business, talks with Yeukai Kajidori on this episode of Enlightened Entrepreneur about three business consulting mistakes as well as other tools ans strategies every business owner needs to know about.
Key Questions Asked:
- What is the number one mistake that business owners make when it comes to choosing who to work with in their organization?
- What sort of tools or strategies can business owners use to help them to gain that clarity?
- What is the best mindset for business owners to have when they are going in to consult with a business consultant?
- Knowing what she knows now about running a business, if she were to do it all over again, what would she do differently?
- How did Nicki identify the right price for the value that she brings into an organization?
Highlights of Lessons Learned:
Mistakes to Avoid
- The number one mistake that Nicki sees business owners often do is not having clarity around what their actual business challenge of problem is, which is supposed to define what they need a consultant to take care of.
- This leads to the second mistake which is: business owners can’t budget because they don’t know the value of the solution.
- The third mistake is not having very clear expectations with the scope of work of the consultant.
Tools and Strategies
- There’s a variety of different tools that business owners can use to asses the health of their business. Nicki usually recommends organizations to break it into internal factors and external factors.
- Two of the most common tools business owners can use are SWAT Analysis (Strength, Weakness, Opportunities and Threat) and PEST Analysis (Political Economic Social Technology).
- When hiring a consultant, business owners need to be open minded. They need to go into it with an open mind towards improvement and be able to accept constructive critiques toward their business.
- Business owners need to show their vulnerable side and need to be honest with their consultant.
- Your business’ success is based on your relationships, not only with your customers but also with your competitors and others.