What You Should Know About Working With A Business Advisor

The Key Challenges Almost All Entrepreneurs Face

Entrepreneurs have to navigate countless challenges, especially in the post-pandemic era. Profitability, for example, remains a major concern as many businesses struggle to get back to the baseline revenues they were experiencing just a few short years ago. From confusing profit and loss reports to monthly and quarterly statements, it takes a special eye to find out where your business is falling short – and to determine what you can do to fix it.

Another common challenge comes in the form of labor, particularly in the state of California where the minimum wage is consistently on the rise. As of August 2023, LA County saw a minimum wage hike to $16.78 per hour, with the expectation of further increases to follow.

This has led many entrepreneurs to go so far as to close their businesses – just because they struggle to meet these wage requirements. Clearly, it's more important than ever to have a solid grasp of the way that labor costs impact your business’s overall profitability. Unfortunately, some people just don’t have the ability to do that on their own. The good news is: You don’t have to.

A major trend at Big Catch lies in delving into the financial aspects of the client’s operations. During most sessions, we go deep into the examination of profit and loss statements, labor expenses, and overhead costs. This allows us to create a roadmap toward profitability.

Rather than take my word for it, allow me to illustrate this with an example of a client who was trapped in a predatory lease and buried in her debt. When I reached out to her, she had a few outstanding loans that she couldn’t repay and was considering bankruptcy, so suggested that we try to find an alternative solution.

To my delight, after only four months of working together, she started reporting an increase in her profitability. How? Because we took a deep dive into her finances and found out that she was paying extremely high amounts in labor costs, which weren’t optimized for peak business hours.

Of course, we were only able to discover this by performing a meticulous analysis of her sales reports and financial data. This allowed us to identify areas where making simple operational changes saved her from leaving money on the table. I'm happy to share that, today, she's on her way to resolving her debts by taking this added income and applying it to the past dues.

This example underscores the importance of closely monitoring a few key areas that so many entrepreneurs miss:

• Profit and loss reporting
• Operational efficiency
• Management structure
• Labor allocations
• And more…

This strategy can be applied to restaurants, businesses, distributors, and any business that has to worry about their net profitability on their bottom line.

In any case, the moral of the story here is that my client didn't give up. She faced challenges and tried a number of approaches to expand and increase her revenue stream that didn’t work. But she remained determined and passionate about her business.

These are exactly the types of clients that I admire and prefer to work with: People who are solution-oriented and willing to take on an active role in making the best out of their situation. People who are ready to roll up their sleeves and say, “I’m ready to do whatever it takes.”

In my view, these are the partnerships where we can work together to achieve truly great results. I’m ready to go to bat for each and every client – and it’s the clients who are ready to come in and find a solution together that see the results they need for their businesses to thrive.

We’re Successful Because We’re Like You: We’re Hungry To Win

The majority of the time I spend outside of helping people with their actual issues lies in following up with clients and helping them stay accountable to their goals. If a client is facing a time-sensitive issue like a debt application or avoiding bankruptcy, the clock is ticking. Of course, I’m fully committed to supporting you, but it’s crucial to understand that the relationship between a consultant and an entrepreneur is a two-way street.

Naturally, clients want to know that their consultants, advisors, attorneys, and accountants are there to protect their interests – and this network of professionals relies on their clients to communicate so that they can provide the best support. If a client doesn’t communicate, it becomes incredibly challenging to address their needs.

This level of accountability forms the foundation of an effective partnership, which is part of the reason why I believe in being straightforward and candid with the entrepreneurs I partner with. It’s critical to address the situation openly and be specific about what needs to happen for things to progress, even if it’s not always the most comfortable conversation. Ultimately, the goal is to get results, not just to play nice.

In my experience, many of our clients appreciate this bluntness because it gives them necessary insights into things that they haven’t considered. These are people who aren’t daydreaming about their ideals. These are people who, like us, understand that if it doesn’t make dollars, it doesn’t make sense.

A consultant who only tells clients what they want to hear won’t lead them to any meaningful progress. The right client is someone who will genuinely seek honest help and is open to receiving constructive feedback. The right advisor is someone who can look at the client's situation as a whole and provide that feedback in the form of a clear plan of action.

Today’s Entrepreneurial Landscape Is A Difficult One

There’s a predatory nature to certain aspects of the business landscape today, particularly for smaller business owners. From unreasonable fees charged by third-party delivery apps like Uber and Grub Hub to predatory lease agreements and indemnification clauses, many entrepreneurs find themselves facing an uphill battle.

These roadblocks are precisely why so many innovators have to do what they do best and adapt. You can point to this flexibility as a major reason for the rise in ghost kitchens, food trucks, and remote work. Many people have found that they can operate more efficiently and profitably by embracing these changes because there are just too many entities out there trying to take advantage of entrepreneurs through traditional avenues.

In this landscape, there’s a critical need for a safe haven where small business owners can seek guidance from a trusted source. Even better, from someone who understands their pain points and has navigated similar challenges firsthand. Fortunately, that’s where we come in.

At Big Catch, you can find support from someone who has gone through these roadblocks countless times. I am prepared to use my experiences as an entrepreneur to identify the appropriate strategy and apply it to your business. I’m ready to take a look at the numbers, dial it in, and get it done. That’s where my passion lies, in empowering individuals like you to navigate the pitfalls of the modern business world so that you can bring your offerings to the people who really need it.

What Sets Us Apart

Whether I’m speaking with a business owner, the person who preps the food, rings up the customer, or deals with distributors, I’m prepared to have a meaningful conversation. My ability to relate to people across various roles in a business is a significant asset, but it didn’t come from thin air, it’s because I've personally worn all of those hats myself.

As a business owner who started out on my own, I know what it’s like to not have the luxury of an operations manager, shift manager, or general manager. I understand that starting a small business means that no matter what needs to be done, you’re “the guy”. You have to open the store, prepare the food, settle the books, submit payroll, distribute the paychecks, take the role of HR, perform maintenance, and get the construction permits. Essentially, you’re everything.

Having filled all of these roles as an entrepreneur myself, I can understand the challenges you face on a personal level. What’s more, I have the experience of working through countless challenges under my belt, so I’m prepared to help you get through to the other side no matter what you’re facing.

In fact, just recently, a client reached out to me about a filing that was made several years ago concerning their liquor permit and new construction. They discovered that the county had made an error in the assessment code years ago and is now asking them to pay thousands of dollars for an authorization variance.

Can you imagine getting that email as a person without experience in these matters? You’d likely enter sheer panic mode. Fortunately, I was able to quickly email the client back and remind them to take a breath – the numbers didn’t look right, we’d be able to take care of it, and everything was going to be okay.

It’s exactly these kinds of experiences that keep me doing what I do. Regardless of what the outcome might look like, having someone there to remind you to take that breath is invaluable. Certainly, that level of reassurance is something that I wish I had in my early days as a business owner.

When you work with me, you’ll never have to feel like you’re on an island. My role is to walk you through any hurdle that you might face and remind you of the most important thing: You can do this and you’re not alone. 

For more information on How To Find The Right Business Consultant, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (310) 218-5875 today.