Many business owners are deeply involved in their companies. They may be part of nearly every decision made at every level within the business. Still, however, the business may not be able to turn a profit. Sometimes it may still be unprofitable even when all the evidence suggests it should be. In that case, it may be best to call in an outside party. Below are four signs your business could benefit from a third party analysis.
1. No One Is Buying Your Product
If your product or service simply won’t sell no matter how hard you try to market it, it’s probably a good idea to call in a third party. This process is sometimes known as corporate due diligence by companies like Lucintel. During this process, the firm you hire will make a close examination of the market demand, your customer pool, your products and your business plan. The firm will then make recommendations on how to adjust your company to make sure you do actually have customers to sell products to.
2. Workers Continually Get Injured
According to the AFL-CIO, 4,584 people died due to workplace accidents in 2013. If you have had multiple injuries in your company’s workplace, you will certainly need outside consultation. It may even be forced upon you by the government via OSHA inspections. Overall, if safety is a concern in your company, bring in workplace safety experts that can supply you with recommendations on how to change your worksites and training procedures to increase safety.
3. You Have Been Sued by Employees Multiple Times
Another cause for alarm is being sued multiple times by employees. This could suggest serious problems with your training procedures, company culture, management and more. Bring in lawyers with experience in the area that is producing lawsuits to help you solve the issue. For example, workplace sexual harassment may be prevented with better training and more specific rules for acceptable workplace behavior.
4. You Are Bleeding Money
In certain cases, a company may have strong revenues. However, all that revenue may be squandered due to out of control expenses. Management may not even know why. If that is true, bringing in a consultant to examine your business processes is a good idea that may help you cut out a lot of fat from your operations.
Overall, seek help for your company when you need it. Being too proud to ask for third-party assistance and consultation may result in your company closing instead of recovering.
