As talk of recession intensifies, small businesses need to reevaluate their strategy for the path ahead. A good strategic plan will help you know what to watch, both inside your business and the market around you. Now is the time to consider outsourcing strategic expertise.
MLA provides fractional, or outsourced expertise in finance, strategy, and solutions. Our team has a broad range of industry experience. And our collaborative approach means you get the best of the team and not just the best advisor. Contact us to learn more.
Businesses are still dealing with the disruption of the pandemic, and the lingering supply chain and labor shortages it caused. Partly as a reaction to these developments, says Seth Morgan, MLA Founder and CEO, there has been and continues to be an upsurge in the use of “fractional” expertise.
Fractional advisors are outsourced, or freelance knowledge workers, highly skilled specialists who provide expertise on a part-time basis to more than one client company. One position often filled by a fractional employee is that of a strategic advisor. Many businesses rely on older, more experienced employees for wisdom in hard times. But many of those employees are leaving as part of the “Great Resignation.”
“It is essential to remember,” says Morgan, “that in times like these, a business needs to reassess its strategy more often—to make sure all parties understand where the company wants to go and how to get there.” But that experience is hard to hire. And new employees will lack the wisdom that can help them through tough times.
But that’s where a fractional strategic advisor can fill the gap. Morgan suggests that an outsource strategic advisor can greatly help a small business in these critical times. Business owners, he says, tend to get sucked back into doing the same things when they get a little bit of margin.
Someone with an objective perspective who has earned your trust can provide invaluable feedback. That person can ask you, “Is there a better way to use the resources you have?” By thinking through this question, you can avoid repeating what you did before, you can solve the problem at the source.
Are you ready for a new perspective on your weaknesses and strengths? Contact us to get the conversation started.