Do You Need an Exit Strategy for Yourself?

One of Group50’s specialties is Exit and Transition Planning. As we talk with business owners, we remind them that there are two strategies that need to be developed for a successful exit or transition

1. Your personal strategy
2. A business strategy that supports it

All business owners and professionals like yourself recognize that there is another life after they exit and what that looks like needs to be considered carefully. All of us plan on retiring, but what does retirement mean in today’s world? The answer to that question willbe different for all of us but for most baby boomers full retirement at 62 or 65 isn’t in the cards. Everyone should have an exit strategy.

One of the things we often hear is: “I am not going to stay in the corporate America pressure cooker until I am 70!”. I fully understand that, which is one of the reasons I left corporate America 12 years ago to reinvent myself as a consultant. After spending 30 years in corporate America, it seemed a shame to just abandon what I knew best. I also knew that I needed an exit strategy.

I wanted to:

• Stay professionally relevant
• Share what I had learned with other companies
• Have the flexibility to work when I wanted to
• Be able to decide what activities and projects I wanted to pursue
• Continue to be around people and business
• Have an additional revenue stream

Shortly after I started Group50, I ran out of projects to work on that came from my corporate contacts and realized that if I was going to do this long term, I needed a consulting presence. Starting Group50 Consulting was a first step, but I also needed a business strategy for Group50. I had to answer the following questions:

1. Where would Group50 play?
2. What consulting services would I offer?
3. What would my sales pitch be?
4. What marketing did I need to do and how would I go about that?
   1. Vision, mission, website, marketing collateral, etc. etc.
5. Do I need case studies to showcase my capabilities?
6. On bigger projects, where would I get help?
7. Did I need strategic partners in Legal, Finance, IT?

I got to work and spent over 1,000 of hours developing all of these things and many hours and $'s every year keeping them current. Those hours took away from my consulting time and ended up costing me a lot more money than I anticipated. I founded Group50 12 years ago and have never looked back, but I sure do wish there had been a platform I could have launched my business from. I have achieved all of the objectives that I set out for myself and have now decided to make what I have done available to professionals like you who are thinking about consulting as their exit strategy.

If you have thought about consulting as an exit strartegyansition out of the corporate America pressure cooker, begin to wind down and provide yourself a lot more flexibility, think about leveraging what you have learned by joining us. Group50’s licensing platform will save you most of the front-end work I had to do and allow you to quickly make the transition through our Professional Transformation™ program. Think about it. We will provide you with all the tools you need to get started within 30 days.

If you have an interest, you can email us at joinus@group50.com, call Bruce Dougan at (513) 508-0351 or request more information here. If you just want to think about it and keep see how we leverage our consulting expertise, consider subscribing to our blog. We are in no hurry and you shouldn't be either.

About the author: Jim Gitney is the CEO and Founder of Group50^® Consulting. He specializes in the development and implementation of manufacturing and supply chain strategies. Jim and the Group50 team are all former executives with well-known manufacturing and distribution companies who understand what it takes to put together and manage the implementation of a successful strategic plan. Group50 has designed strategic planning methodology, a series of strategic assessments, workshops and strategic execution tools that refocus companies and their critical business processes on cash flow, working capital and profitability. You can Jim (909) 949-9083, or send a note to him at info@group50.com.

How Can You Become A Business Consultant?

Learn the key secret to becoming a consultant and improving your consulting practice.

When you brainstorm to make a career change to consulting, what you need to understand is not only its definition, but also the responsibilities a consultant has.

Being a consultant, you are expected to offer your skills to other people or businesses. You would be required to give suggestions, solve problems, make recommendations and provide specialized work so as to streamline the process you provide consultation for.

If you think that anyone who knows a thing or two about a certain process would be able to provide consultation, with all due respect, you are wrong.

Actually, what separates a good consultant from a bad one are passion, knowledge and drive for excellence. A person who has in-depth knowledge about the subject can only be able to provide insight into a certain process.

This is the difference, isn’t?

If you are transitioning to consulting, first you need to understand the things you should consider prior to making your first move towards your goal.

What licensing and certifications will I need?

Depending upon your expertise and profession, you may need specific certification or a license before you start providing your services. Let’s say, if you long for consulting for manufacturing and distribution companies, you need to have a license from a trusted organization or a consultant licensing platform.

Am I qualified enough to be a consultant?

Before approaching one of the consulting groups for small and medium size enterprises for license or training, what you need to do is a self-analysis. This would help you ascertain whether you hold the traits that a consultant needs to succeed or are able to provide error-free deliverables.

Do I have my long-term and short-term goals in place?

If your goals do not align with the time, energy and expertise it takes to start and maintain a consulting business, your chances get significantly lowered to make it big. Approach a consultant providing expert consulting for manufacturing and distribution companies to understand what goals you should strive for.

Here are some fields a consultant can join

Lean manufacturing

To become a lean manufacturing consultant, you need to become at home on all areas related to lean manufacturing process – a process incorporated into a production process to eliminate waste, thereby ensuring efficiency.

A lean manufacturing consultant is expected to provide a good piece of advice to key decision makers in large corporations and non-profit organizations on how they can minimize or eliminate waste to attain maximum production. You can approach one of the well-known consulting groups for small and medium size enterprises to understand the nitty-gritty and get a license to start your own consulting firm.

Human resources

As long as businesses need workforce, a human resource consultant will be high in demand. A human resource consultant would help a business – for example a software development company – to create essential department and hire qualified candidates as well.

Marketing

A marketing consultant needs to chalk out an efficient marketing plan to help a business reach out to its targeted audience. In order to churn out such a plan, you need to be efficient enough to understand a business’ product, target audience and how an advertisement campaign of the same would be executed.

Along with this, there are a wide range of professions you can choose from to be a consultant for.

Listed below are the reasons why a company hires a consultant

A business of any size and nature needs to be backed by a consultant in order to execute every business operation in such a way that it generates positive returns.

We are providing you some of those reasons why a consultant is important to any business.

A consultant is valued for:

• Expertise over the subject matter
• Ability to identify the problem and rectify the same
• Ability to act as a catalyst
• Ability to provide much-needed objectivity

If you are longing to become a consultant, join a training session provided by the reputed consultancy firm – Group 50.