Whether you’re a first-time entrepreneur or a seasoned owner, you know that your small business problems don’t feel small at all—and that’s because they’re not. They’re what you deal with every day, which can be more than challenging. As the leader in Arkansas small business consulting, we can provide solutions for your unique needs.
Here’s an overview of what consulting can do for your business and how the Arkansas Small Business and Technology Development Center (ASBTDC) can help you now and in the long run.
Do small businesses hire consultants?
Yes, every day. Consulting isn’t just for those fancy suits trading on the stock market, or even for one particular kind of business; it’s for businesses just like yours. Small business owners need advice on everything—from purchasing and expansion to hiring and marketing—just as much as owners of other business sizes.
Because you’re running things on your own, you probably have a do-it-yourself mindset for every area of your work. You’ve become resourceful, and that’s why you’re the entrepreneur that you are. Still, as the saying goes, you need to work smarter, not harder. That’s where small business consulting from ASBTDC comes in.
Small business consulting services
Our one-on-one consulting services can give you specialized, no-cost advice on a range of areas within your business. We are publicly funded, so you’ve pre-payed for our services with your tax dollars. Here’s a closer look at how the ASBTDC can help give you the boost that you need for success.
Planning
Every business plan is unique. You might be tempted to see how others do it and use theirs as a model, but this isn’t the most reliable method. Your plan is your strategy for success and your map for getting where you want to go—not where others want to go.
A sound, successful business plan depends on your ability to organize it to meet your needs, despite changes in the market. Of course, this requires you to revisit your plan regularly. After all, your business is only relevant if you’re willing to keep it that way.
Remember, though, that you also can’t chart a path blindly. You need data to justify your plan, and especially any changes you make to it. The ASBTDC will provide market intelligence and data to support your growth and profitability. Small businesses like yours have the advantage when it comes to adapting to market changes, and solid data should lead the way as you do it. For that, the ASBTDC has you covered.
Purchasing
Just as solid data should guide your business plan, a solid research strategy should support purchasing a business to begin with. Many prospective business owners look at the property, imagine their name on the signage, and let the lure of a day-one income stream overshadow the realities of being the owner.
This is where small business consulting can help you. Using the ASBTDC’s buyer’s checklist, you’ll know that your research should include getting all information about the business’ finances, operations, management, and market. Be as specific and detailed as possible.
Everything from the previous federal tax returns and the existing zoning laws to the staffing requirements and market demands is yours to analyze and learn from. So, take advantage of it!
Growth
Many owners see steady growth after buying or starting their businesses. Unfortunately, however, many others don’t. This is because it takes arguably the same amount of work to grow as it does to establish your business in the first place. From planning your marketing strategy to scouting new locations, growth calls for resources that can help make the process strategic and more efficient.
So, whether you’re preparing for growth or not seeing it after trying, know that the ASBTDC can be one of these resources for you every step of the way. We offer customized market research that helps you make better, more informed decisions as you grow, and we also help you pursue outside funding if need it (or if you plan to).
Finances
Even if you’re not a “numbers person,” you know that your finances figure into every business decision. You also know that in order for this to happen, you need to regularly review your budget and financial statements. These help keep you more informed about the health and profitability of your business.
They also give the ASBTDC more information about your business and where you are versus where you want to be. Your consultant will review your financial statements with you and offer recommendations. ASBTDC QuickBooks seminars and other training events can give you additional financial guidance based on your specific needs. Together, these services can help keep your finances healthy and your business growing with the highest returns.
Arkansas small business consulting also helps you learn what outside funding you have available, including small business loans. A commercial loan can take longer to get than a personal loan, as it requires more detail and documentation, but the ASBTDC will review everything with you before you submit it to make sure you’re ready to go.
Marketing
Many small businesses can’t afford large marketing campaigns, but that’s okay; you don’t necessarily need one. You just need a well-targeted marketing strategy. You need to communicate to a specific audience how your product or service solves a problem for them.
Before you dive in, though, you need a plan that outlines how you’re going to do it. Where one business might rely more on its website and social media, another might rely more on signage and paid advertising. Marketing isn’t a one-size-fits-all effort.
What works for other small businesses might not work for yours. Success in marketing takes a smart, tailored approach, and your consultant can help with this from the start.
Tech commercialization
Because of how quickly the tech industry is evolving, what was cutting-edge yesterday could be old news tomorrow. For owners of tech or innovation-based businesses in particular, this can seem like a whirlwind.
Fortunately, our team can help. Whether you need a market for a new technology, intellectual property (IP) protection, or help applying to Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs, ASBTDC can guide you.
For more information
Business consulting can help boost your growth and profitability from day one. At the Arkansas Small Business and Technology Development Center, we know how to guide you through the process of starting and maintaining your small business so that you don’t have to do it alone.
Contact the ASBTDC today at (800) 862-2040, or sign up online to get the conversation started at no cost. We want to give you the advantage that only one-on-one small business consulting can bring.