Enterprise improving businesses provide services that specialise in improving a business.
They include could include entrepreneurs who buy a struggling business, investors who exploit untapped potential or coaches and mentors who work with a business owner to overcome problems and strengthen their performance.
Scope of Work
The work of business improvers can involve:
- Information gathering - finding and compiling factual information; financial, operations, logistics, assets, etc
- Analysis and assessment - determining strengths and weaknesses in current business activity
- Planning - identifying changes needed, determining actions, developing change plans, budget planning
Business improvers can operate in different ways, including:
- As a consultant or advisor - coaches, mentors and consultants all provide advice. Some based on a fee for service.
- Some mentoring schemes provide advice at minimal or no charge
- Investors may buy a share (%) of a business -providing increased financial liquidity; with or without an influence over operations.
- Taking over - sometimes, the best solution for a business can be new ownership. Some entrepeneurs will buy into part of a business but others are better geared to buying the entire business then restructuring it.
- Business improvers need to be matched to the needs of the business being improved.
What You Need to Learn
- Project Management
- Consumer psychology - motivation
- Research Skills
- Marketing Foundations
- Financial Management
- Law and Ethics
- Business Operations
Starting a Career
To be a successful business improver requires knowledge, skills, experience, contacts and an entrepreneurial attitude.
You don't start a "business improver" career by simply studying a course; or by working in business for a number of years.
This type of career evolves from other careers in business; usually prompted by being in the right place at the right time to help someone else move their business forward. After one success, others may follow; and the career of a business improver will emerge naturally.
To get started on this career path; commence by starting out on any other business career path, develop a taste for success, nurture a diversified variety of interests in the world of business, and keep watching for opportunities.
Progressing a Career
Never stop building your knowledge and awareness.
Stay involved with the world of business. Attend seminars and shows. Be active in professional bodies and on social media.
Embrace opportunities to influence other businesses.
Learn from mistakes as well as successes.
Become measured in the risks you take on; but do not be so risk averse that you do not take on new projects.
Build a reputation as you build a portfolio of assets or list of successes.