At White Rock Consulting & Communications, our goal is to assist you in the professional development of your business idea- whether you are starting from scratch or a small business seeking growth.
In our experience, there are certain attributes of a successful entrepreneur-consultant relationship that lead to positive results. Read on to find out what helps foster a positive entrepreneur-consultant relationship and why adopting a practical mindset is integral for success.
Level of Commitment- The level of commitment between an entrepreneur and their consultant of choice will directly determine the results of a project. The more engaged both parties are, the more clarity, transparency, and understanding are present throughout the process. Conversely, a project can suffer if one side is more engaged or in-tune than the other. To ensure this doesn’t become a barrier, setting goals up front and determining the responsibilities of each party is important. This directly leads to action items and a positive step forward in the right direction.
Time Management and Communication– Many entrepreneurs these days have full-time day jobs and are approaching their new business idea with a “side hustle” mindset. This isn’t necessarily a bad thing- we believe that people are capable of managing many different facets of their lives- but all the more reason why communication and time management are crucial. Whether it is a business plan, funding application, or marketing strategy, regular communication and openness with your time constraints will help ensure you’re attaining the best value possible.
Setting Realistic Goals– The process of becoming an entrepreneur and achieving your business goals can be overwhelming. A consultant can help you break down this process into small tasks and stages along the way. We’ve found that the most successful projects have been tackled in small parts. The added benefit of this approach is that it gives the entrepreneur a sense of accomplishment once a small goal is realized. Even if the end goal is still out of sight, and the highs and lows are frequent, achieving milestones along the way can help you stay focused and committed.
Understanding Funding & Financial Assistance Programs– In Newfoundland & Labrador, there are many organizations and programs that exist to help entrepreneurs and small businesses grow by providing financial assistance. These programs can help cover the cost of business plans, marketing campaigns, website creation, creative design, equipment, leasehold improvements, hiring, training, and much more. When accessed and applied to correctly, these organizations help make the growth of your business a reality rather than a pipe dream.
Financial assistance organizations & programs have eligibility requirements that must be met in order to move to the next level. The preparation of the necessary documents and paperwork are key ingredients, and is something that your consultant will be able to guide you through.
However, these are not the only pieces to the puzzle. Most funding organizations require the entrepreneur to commit a certain level of financial contribution to their project in order to access grants and other non-repayable levels of funding. This means that the entrepreneur must be able to identify their source of funds, whether through their personal/business income or bank assisted loans. It’s critical that any applicant applying to any organization understands how the process works.
The most successful applicants are the ones who view funding organizations as an aid to their business, but not as the sole provider of the funding they require. They are then well-prepared to rationalize how much they have available for their project and how much they are seeking from a funding organization.
If you’d like to learn more about White Rock Consulting & Communications and how we can help you or your business, please contact us.