Here are some typical questions that the Best Practice Consulting team are asked by business owners and managers.
How much is this all going to cost me?
Your investment will vary depending on the size and extent of the project. Most assignments are quoted on a fixed fee basis and you´ll find it´s just like having a business development manager, financial controller, trainer and a corporate consultant, all for one nominal investment. Our fees usually represent a small portion of the additional revenue and profitability generated – so it is not as much as you might think! Alternative structures can also be considered depending on the work being undertaken. For example, a business coaching assignment might be based on an hourly rate whereas other regular work may be based on a monthly fee. We are more than happy to discuss what fits your needs and budget.
Why shouldn’t I just employ someone full time to sort out my problem?
Stop for a moment and think about how much a full time employee is going to cost you. For someone with the equivalent managerial skills and expertise, we would estimate in excess of €70,000 – €80,000 per annum plus other benefits such as a car, mobile phone, etc. In addition, there is the cost of recruitment, induction, insurance, training and development which keeps the costs escalating. With an employee you are tied to the individual for a period specified in their employment contract (usually 1 to 2 months notice) and they may not work out. By getting involved with Best Practice Consulting your engagement costs are considerably less, the added “benefit” costs of leave, insurance, cars, phone, etc do not exist and professional fees are often much less than hiring a full time staff member. Finally, we pride ourselves on our results for clients, so if you’re not completely satisfied – the relationship can be wound-up much quicker than with an employee.
I think I can make all the changes myself or my accountant can help me!
Most business owners who make these statements have not considered the real cost of doing it all themselves. Think for a moment what it will cost for you to affect all the changes at your hourly rate and add to this the opportunity cost lost of not seeing clients or making sales. These costs are often more expensive than engaging a coach or a consultant. The role of the accountant is to manage your revenue, expenses and taxation liabilities on a year by year basis. Many accountants are often reactive to situations rather than proactive in managing ALL aspects of your business.
Are there any guarantees?
We can´t promise any specific results, nor will we guarantee the goals you set will become a reality. This is because we don’t have full control over all aspects of your business. We can guarantee to provide the best service, advice and support available, to answer your questions and challenges promptly, honestly and be fully committed to helping you become successful.
Why use a business coach?
Having a business coach is no longer a luxury, it has become a necessity. Clearly you can survive in business without the help of a coach, but it´s almost impossible to reach your maximum potential without one! When you are running a business it can be lonely, particularly when you are running a business as a sole director or proprietor. Sound business advice from a business coach comes with a different perspective and it is objective which is vital for business growth. Whether you’re working alone or on a board of ten, a non-emotional insightful perspective can be just what your business needs.
How long is the business improvement process?
We believe long-term success is not gained by just scratching the surface and then doing tasks for you but rather by doing tasks with you, showing you how to do it, working alongside you, and creating success together. Obviously, the size and complexity of the project determines the time required. Often this involves a commitment on a month by month basis so that you´ll not only see your goals become reality, but you´ll have the confidence, knowledge, and skills to make it happen, again and again, even after your initial program is completed.
How can I be sure this will work in my industry and in my business?
We´re experts in the areas of financial and operational performance of businesses which include planning, business development, business management and we possess many different revenue and profit-building strategies.
Will this just mean more work for me?
Initially it might seem like more work, but no one ever said that attaining your goals would be easy. In the first few months, it´ll take some time and effort to adjust and learn new ways of working, but the further you get into the program, the less effort you´ll have to make overall. In fact, you will be amazed at how focused you´ll become and how much you´ll accomplish. With your focus, our coaching, and most importantly, our processes, you´ll be achieving a great deal more with the same, or even less work than before.
This all sounds too good to be true – how does it really work?
Following an initial information gathering exercise conducted over the telephone and via e-mail – a meeting is arranged where we can discuss your business issues and concerns at more length and agree on the strategies and solutions that best suit your needs. Subsequent to this meeting we will arrange a proposal which will fully inform you of what the work will involve and on what basis it will be carried out – this is both from a commitment point of view and a proposed fee structure point of view. You are therefore made fully aware of the way things will move forward.