Fresh EyesFebruary 21, 2018
If your company has hit a plateau and isn’t growing like it once was, you might consider bringing fresh eyes to examine your business.
Whether it’s inviting a new member to your board of directors, hiring a consulting firm or scouting a prospective senior executive, a fresh pair of eyes can bring new wealth to the company. Even the most skilled executives should welcome feedback from outsiders because it can be so beneficial.
Granted, a fresh pair of eyes might uncover some unpleasant realities about your business. For example, you may discover that cutting staff is a necessity or you may need to make a greater capital investment than you had anticipated.
On the other hand, fresh eyes could identify new business opportunities you had not considered. A new business line could boost sales to meet your targets and allow you to expand your company.
Choose Your Counsel
Letting an outsider examine your business is no small matter. Obviously, it needs to be someone you can trust.
For example, allowing outsiders to view your financial information and corporate strategy could put your business at risk. Consider using a non-disclosure agreement before letting anyone review your company’s operations and financials.
Still, be sure that fresh eyes looking at your business aren’t pandering to you. You seek honest opinions of your business, not false reassurance that you’re doing everything right.
Be sure to ask your counsel to provide solutions for what they perceive as a weakness or opportunity. A fresh pair of eyes should have years of experience they can draw from to craft strategies for your business.
Outsider Looking In
While an outsider may have deep business experience, you may consider someone who has no direct knowledge of your industry. A fresh pair of eyes from outside your field may bring new ideas that you or your competitors have never considered.
For example, if you are in the retail sales business, you might consider a fresh pair of eyes from the information technology industry. A software expert may give you insights on streamlining your operations and boosting e-commerce sales.
Or you might consider someone with human-resources expertise. They might recommend ways to attract top-notch candidates to help you grow your business or find staffing inefficiencies in your operations.
Qorval’s team has decades of experience bringing fresh eyes to corporate clients, bringing an objective view of your business and delivering measurable results.
- A furniture manufacturer engaged Qorval as it faced a worsening financial and profitability situation. Qorval helped the company close an underperforming factory, implemented a quality initiative at other factories, secured new financing and worked with sales to open new accounts and strengthen existing ones.
- A boat manufacturer hired Qorval to be the “chief integration officer” to merge an acquisition because the management of the company needed outside perspective to make objective decisions to optimize the restructured organization, improving both top and bottom line.
- A public health system hired Qorval because it was hemorrhaging money and was headed toward financial disaster. The health care organization needed significant financial and operational restructuring.
Qorval’s experts have decades of experience assisting firms in a broad range of industries. To schedule a conversation with us, please call 239-430-0303 or visit us at www.qorval.com