One of Group50’s specialties is helping business owners and professionals create an exit strategy. As we talk with business owners, we remind them that there are two strategies that need to be developed for a successful exit or transition
- Your personal exit strategy
- A business strategy that supports it
All business owners and professionals like yourself recognize that there is another life after they exit and what that looks like needs to be considered carefully. All of us plan on retiring, but what does retirement mean in today’s world? The answer to that question will Continue reading Creating a Personal Exit Strategy
Executives are faced with a conundrum when they are trying to decide on when and how to hire a consultant. There are typically 5 issues that nag an executive during this decision making process. Those issues typically go along these lines:
- Consultants are too expensive; especially the top tier consulting firms and they don’t get real, measureable value
- Every professional who is unemployed or underemployed is a consultant until their next job and they don’t have the appropriate bandwidth; but they are cheap
- Finding a consultant or consulting firm who is a cultural fit with the organization
- Finding a consulting firm who has all the functional resources required for an entire project.
- When to admit that we really can’t solve the problem ourselves
Continue reading The Executive Conundrum With Hiring a Consultant
In preparation for the keynote at the 2010 Confab meeting of professional management consultants, we asked about a thousand global business leaders to respond to an online survey about their use of and experience with management consultants. When over a hundred executives responded within a few hours, I knew I had hit a nerve.
83 respondents out of 107 replied that they hire management consultants. They represent a broad range of industries from healthcare/pharma and financial services to manufacturing, retail and agriculture. Here are some of their comments, minus specific identifiers. They range in size from start-ups to about USD $120 Billion
Ninety three percent said Continue reading The Good, The Bad & The Ugly: Consulting
Over the last few years, cutbacks have significantly reduced the level of expertise in many areas. Most companies are using more and more temporary resources for their business needs in all areas of their business. This is more cost effective and provides a company the ability to strategically acquire special resources when needed. But, how do you effectively manage that process? You need to find a consulting company that has the ability to become your service provider across multiple disciplines and be with you through the entire project. All companies have outside CPA/audit firms, legal firms, insurance firms, etc. who have broad expertise in their functional disciplines.
In manufacturing, operations and distribution, your company should also have Continue reading Picking The Right Consultant