Frequently Asked Questions about Business and Management Consulting
Here is a list of answers to some of the common questions we have received about our business and management consulting services and related topics that we hope you will find useful. If you have any other questions, please Contact Us.
What sets Singh Consulting Group apart from other consultancy services firms?
We will challenge you and/or your key executives to look beyond your perceived limitations. You and your key executives are encouraged to identify any goals and objectives that you may never previously have dreamt of.
What is your firms experience?
Our business and management consultant is the “principal” of the Singh Group of Companies.He has the designation of the internationally recognised Institute of Management Consultants (IMC). As well as being an expert business and management consultant, he is also an economist.
What legal aspects do I need to consider?
Because licenses, permits, zoning laws and regulations vary from business to business and from state to state, you will need to consult your solicitor for advice specific to your industry and area.
How does the consultancy process work?
All though every business or organisation is unique, there is a fairly common process that should be followed. For example we will but not limited to:
- Conducting an initial discussion to help us understand your basic needs;
- Reviewing your existing statements and material information (e.g. your business plan, financial statements, market research material, and competitors research material, etc.);
- Conducting several in-depth discussions to help us to better understand the details, develop strategies, and agree on all major elements of the business plan; and
- Conducting follow-up discussions to help us to clarify details and agree upon the scope and fees for the project.
What is a Business Plan?
Your business plan defines your business or organisation, and identifies your business’s or organisations goals and objectives.
Why do I need to define my business or organisation in detail?
When defining your business or organisation you need to ask yourself, “what is the purpose of your business or organisation?”. Put simply, clearly defining your purpose will give your business or organisation a true sense of direction.
How can a business plan help me?
Your business plan serves as your business’s or organisation’s resume. It will also help you when you have to borrow money and you have to tell the lender/credit provider:
- Specific information about your business or organisation, and
- How you will repay the borrowed money.
Why should I hire a consultant to write my business plan?
You can very easily spend countless hours preparing your business plan and your financial forecasts/projections. However, this is also the time that you should be spending on your business’s or organisation’s customer/client base as well as the distribution channels for your products and services. You may find hiring a business and management consultant can:
- Provide you with independent, third party insights into your business or organisation; and
- Raise some questions about your business and organisation that you may not have thought of.
How much money do I need to start-up a business?
To provide you with accurate information on your needs for start-up capital, you will need to work closely with your accountant to estimate your cash flow needs.
What do I have to do to get a loan?
When applying for a loan, you will find that the lender/credit provider will ask you a number of questions such as:
- How will you use the loan proceeds?
- How much do you need to borrow?
- How will you repay the loan?
You will also be asked to provide:
- Your projected financial statements and projected cash flow analyses;
- A clear description of your experience and management capabilities, as well as the expertise of other personnel you employ; and
- A well thought out and clear business plan which supplies, the name and location of your business or organisation, legal structure, marketing and sales goals, and your operating plan.
What does marketing involve?
Marketing is your most important operational concern. It is much more than just advertising or selling as it involves researching your customers/clients needs to ascertain:
- What do they want?
- What can they afford? and
- What do they think of your products or services?
Is it better to lease or buy business premises and/or plant and equipment?
You need to consider this question very carefully. Leasing does not tie up your cash however, a disadvantage of leasing is that your business premises or plant and equipment have no resale value as you don’t own them. You should prepare a cost analysis and also weigh up the alternatives.
Disclaimer: This article is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.