Does your business have the check engine light on? Here are 3 ways to fix it.
The warning lights in our cars are there to give us advanced notice of something that is going to happen. Many people actually call them “Idiot Lights” the urban dictionary defines an idiot light as “An indicator light or signal, usually colored red, yellow, or orange, on a vehicle dashboard intended to convey a condition of which the driver should be aware. Most frequently, it indicates a system malfunction or a potentially dangerous condition.”
Unfortunately businesses don’t have warning lights but they do have warning signs. Is your Business beginning to give you signs of trouble in the near future? Signs such as losing clients, dwindling profit margin‘s, staffing issues, difficulty in the marketplace and compliance hurdles? Then why not bring it in to the shop and get a tuneup?
We all know the car is not running correctly but all of us don’t know how to diagnose the problem. Often problems can be disguised inside other problems or they are hidden all together. It takes a professional to see the symptoms and suggest solutions. The biggest issue that most of my consulting clients have is that they have been working in their company for years, decades or likely they grew up in dads collection again or law firm. The companies knowledge base is very limited to the knowledge contained within the 4 walls of the executive office.
So what’s needed is a fresh look, process or idea that is not within those 4 walls. It has to come from the outside, most people get that knowledge in one of three ways. The first is to hire a new CEO or COO from another company in your industry. This person has been successful in the same task so he or she will have perspectives that will be new and provide change and growth that could not be accessed before. The issue with this strategy is you may be giving up control of your company and you will definitely be paying a price in the form of compensation to they new addition to the management team.
The second way to gain new perspective is much cheaper in terms of money and much more intense in the form of time. You must self teach by talking to many people in the industry sometimes your competitors, you must attend many conferences and conference sessions, you must also consume lots of content on the internet from bloggers, industry sites and searches. This takes time and will consume your life.
The last way is to hire a consultant which is really a combo of the first two options but with quicker results and only a short term commitment in compensation and your time. Consultants have been in many different shops and have a wide experience and knowledge base. Consultants read and write the industry content, in fact consultants and other vendors control most of the industry internet content.
Lighthouse Consulting has been consulting with the ARM industry since 2001. Let’s talk and see if what I have to say makes sense to you and your companies needs. Call me at Phillip W. Duff 904-347-5901
