We all know making the wrong decision can be costly.
Nobody knows it all, so when making tough decisions, they say two heads are usually better than one.
This is true when it comes to business. The bigger the company, generally speaking, the wider the expertise on offer and the more equipped they are to make informed decisions across a wide range of specialities.
Making an informed decision – no matter what the issue – is harder when your company is smaller and you don’t have experts in-house across a range of specialisms. The wrong decision can also be harder to bear.
Regardless of size, the best business leaders know that asking for expert advice is a strength – not a weakness.
Whatever the issue, if you’ve a difficult decision to make, a turnaround specialist is a good place to start. As a facilitator I tap into my network of specialist contacts, including those that evaluate process, costs and management issues through value stream mapping.
What is clear from adopting this approach is that it’s easier to see the bigger picture when all the financial cards are on the table. I can then provide meaningful support and assist businesses to arrive at the best decision.
Recently, I was engaged by a business which decided to save costs by consolidating two production sites into one. However the business hadn’t taken enough steps to understand the impact of its decision in the long-term or weighed up other options.
While the obvious solution for a business operating below capacity may appear to be to consolidate – there are other factors to consider such as plans for growth and what happens when the limits of a single site are exceeded.
For any business looking to grow, invest and win new contracts, the benefits of seeking expert advice in the first instance far outweigh the costs of doing so after a wrong decision has been made.
If you would like advice for your business please contact Andrew Cawkwell on 0191 211 7957.