Indianapolis Business Consulting

Remember a while back when we addressed the value of walking a mile in someone else's shoes to gain fresh perspectives that might help you run your business better? Well, it appears some CEOs have actually done this - as a recent Fortune piece highlights. The participants, Maxine Clark (founder and CEO of publicly held Build-a-Bear) and Kip Tendell (cofounder and CEO of the privately held Container Store).

And yes, just as we anticipated, these retail veterans found they gained a great deal from the experience. Spending time in someone else's realm, dealing with their daily challenges shook things up and while dealing with employee issues, product questions and in-store management issues, they found themselves continually stumbling across ideas and inspiration that they could incorporate into their own operations.

Here's a peek at a few of their takeaways:

Clark, for instance, appreciated how the Container Store acknowledges sales associates for a job well done with Post-It notes left on lockers. Kendell, meanwhile, liked Build-a-Bear's "Strive for Five" technique, which is designed to sell each customer five items. (via MarketingProfs.com)

True leaders know that real ideas must come from a variety of experiences, sometimes you need to take on something completely new to move to another level. Innovation comes from so many places, from crazy situations to mundane tasks, maybe even, from spending time working in a different industry.

To me, the above insight is part of the beauty and value that our Indianapolis consulting services team here at Milestone Advisors brings to our clients. We have worked in a variety of industries, been tasked with an array of projects. Outsourcing bookkeeping, we've done that. Providing market research forecasting for a new business plan or endeavor, we've done that too. What about building a technology architecture to streamline a company's work flow and make them more efficient? Been there. With or staff's diverse backgrounds, we've done it all which better equips us to advise and inspire. What can we do for you and your operations?

Last Wednesday we had the pleasure of hosting some lenders from a local bank chain. We invited 15-20 folks over to our offices to enjoy an ice cold beer, munch on some artisan cheeses and meats and simply get to know each other on a more personal level.

Now, business interests are at the heart of the invitation we extended, but at Milestone Advisors we believe in making business personal again. We'd like to know the bankers, lawyers, marketers and technology experts that we do business with. We believe our network is full of real people who face real challenges every day. The better we understand the challenges those we work with and for are facing, the better equipped we are to help them with their struggles directly or bring business propositions their way that can will benefit their business.

When we establish genuine connections and nurse these relationships by getting together like we did last week, we become top of mind for those people. We also continue to clarify what we do and how we can help others.

Next time one of these bankers is sitting with a business owner expressing that they need market forecasting or a revitalized business strategy they will recommend their associates - the Indianapolis management consultants who they shared a drink and chatted with last week and our networking will result in new business for the firm.

Here at Milestone Advisors we offer advice, insight and guidance to CEOs, business owners and entrepreneurs to grow their operations. They're obviously smart, passionate and driven individuals if they're in these positions of leadership, why do they need our help?

Being incredibly close to a given business or operation can be both a blessing and a curse. Knowing every detail can help one navigate through different situations and challenges but it can also contribute to a kind of tunnel vision that can cripple certain decision-making processes.

Having a consultant whose livelihood isn't directly tied to the success or failure of your company can provide you with an unbiased prospective, ultimately benefiting your strategic planning or business plans.

Interim executives or an Indianapolis business advisor can help you achieve your goals 20 times faster, according to research conducted by Corporate Insights Unlimited. Why you ask?

- They have well-rounded expertise in specific practice areas
- They're unhampered by office politics or emotions involved when there is a history with a company
- These individuals make no assumptions about the office or work and work hard to establish credibility
- They are uninhibited to get to the heart of many issues that may be road blocks for company growth
- They conduct extensive research before walking into an engagement
- They are self-aware and get things done rapidly

If you're facing some difficulties, tough decisions or just feel like your business has plateaued - consider speaking with an outside consultant or a C-suite level executive to bring your business into its next phase.

Sometimes I am completely overwhelmed by the constant deluge of information flowing at us from all directions. I think it's fantastic that we live in a time where literally any question can be answered by clicking in the Google search box and that we so readily share information with each other. Tips, tricks, trends, criticism and advice are being conceived, developed and published every minute. How do you sort through all the information and adopt quality strategies?

Willa Plank of the Wall Street Journal asserts you do so by following trends, not fads. Her three key reflections are below:

1. Listen to customers, and make minor tweaks, not major alterations.

2. Try new technology on for size.

3. Consult in-the-know colleagues.

These may not be what one would call revelations but they do insert some pragmatism in an age where we can easily get caught up in the excitement of a new fad or tool we see being used (the 'everyone's doing it' syndrome).

Listening to customers is necessary, but subtly incorporate their suggestions in your marketing plan or business strategy by adding a new tactic. Don't rework the entire thing.

Technology is the great equalizer for many companies. Pull out your old technology architecture and identify areas where you can upgrade or try something new (SaaS anyone?)

Get in touch with those who have gone before. Speaking with strategy consultants or management consultants (Indianapolis business consultants to be exact). They've often launched or led their own operations and enjoy helping others do the same.

After all, following fads can lead to some bad things.

Every CEO knows the value of planning. Whether high-level strategic planning or the more tactical business plan, organizations become much more focused when planning has been completed. But let's face it. Time is just as scarce within entrepreneurial companies as any other resource. So how far do you have to take a plan in order for it to be effective?

The management guru, Peter Drucker, once said, "The plan means nothing but planning is everything." I find this statement to be very true. There's very little value in creating a pretty document that becomes a paper weight on your desk. The value is in the planning itself - the discovery process, the organization of your thoughts, the dispelling of incorrect assumptions, the alignment of the principals and the management team, and the focus on the "big objectives" that need to get accomplished.

Do you have to take your business plan to a level where it's ready to be published? Unless it's meant for readers outside your organization, I would say no. An outline that clearly defines executable action items to support the big objectives can be just the right tool for you and your team to expand your business at the pace that you expected. In fact, the more that it resembles a project plan, the more likely you are to accomplish your goals.

Have questions? Milestone Advisors is one of the only Indianapolis consulting companies that is focused on the many different strategic issues that CEO's of entrepreneurial companies face. We would love to help you!

Here at Milestone Advisors, our Indianapolis consulting firm, it is one of our firm beliefs that anyone in the working world should have basic understanding of economics. If you're a business owner, leader or even a part time CFO, grasping economics is essential to understanding how we consume goods and, distribute wealth and build/use resources. If one is not familiar with the basic concepts and theories, they are not fully informed to make crucial decisions to grow a business.

We love this video created by George Mason University economist Russ Roberts, 'Fear the Boom and Bust'. It might aid in your understanding of Hayek versus Keynes theories and how they affect our markets today.

Understanding the basic concepts that drive the way we spend as a nation and how that trend then relates to everything else will enhance your business strategy and position you to navigate unseen variations in the market and still remain profitable.

In this month's Inc. I was delighted to find yet another fantastic piece by Meg Cadoux Hirshberg, 'Bed and Boardroom'. Hirshberg has been given a regular column dubbed Balancing Acts where she tackles the abundance of issues family members of entrepreneurs face and em pathetically shares her first-hand experiences learning how to smile through the trying times.

In February's story she recounts instances of employees in her home at all hours of the day, using she and her husband's private facilities and the overall lack of boundaries there were both literally and figuratively with regards to employees, work and personal.

She shares that, "One Sunday morning, Gary and I were in bed when into our room walked an unfamiliar teenager. He announced he'd been hired to clean the offices, and did we know where to find the broom?"

Yikes!

Lack of privacy is an understatement. In this instance, the concept has been completely shattered and such is the case for many passionate individuals trying to launch profitable operations. Many of our clients work out of home offices to avoid overhead costs or because they simply don't have the cash to spend on an alternate work space. One can only get so far with writing a marketing plan when your 3 year old needs help doing, well, anything. While it works well for some, it can be hell on others and their family members.

There are certainly ways to make it work, as Hirshberg points out. She had to draw some very clear lines in the sand with her husband and his employees in order to feel at peace with their working arrangements. Boundaries for home offices are important. Many families struggle to acknowledge that even though Mom or Dad work from home, they're not necessarily available.

This all goes back to why I believe every company must have a clearly defined business strategy to provide it with these boundaries and with clear, concise direction so that your personal and professional life don't always have to be so closely mixed.

As an Indianapolis business consulting/business analysis company, we have met with many smart individuals struggling to draw these lines and balance work, home and family. Many of us have families as well and not only can relate, but provide insight and advice on how to best operate in your given situation.

I would most certainly be remiss if this week I didn't find a way incorporate the Super Bowl bound Indianapolis Colts in a blog post. Being an Indianapolis consulting firm that works side by side with entrepreneurs and business owners to build strategic business plans, develop actionable financial models and conduct extensive market forecasting, the Colts are actually a great example of how to seamlessly run an organization, setting it on a path to the ultimate goal. While for the Colts this means heading to Miami to play for the Lombardi Trophy - for local businesses it means profitability and sustainability, two concepts you can easily learn from the leadership of the Colts organization.

They plan well - detailing what decisions should and will be made in given situations (i.e. the seamless transition from Tony Dungy to current coach Jim Caldwell). They conduct extensive research to inform these decisions (for example, look at their draft history and the outcome of last year's picks). They also know when to lead and even more importantly, when and how to delegate.

Over the past few weeks, several pieces have been published profiling the Jim Irsay and other leaders within the Colts organization including a piece in USA Today and one in Sports Illustrated. After reading through these and hearing people discuss even more, it's clear business owners can take a cue or two from Irsay and other involved with the Colts to achieve their dreams.

Now let's go Colts!

It’s something every small business owner thinks about, how do they get the word out about their businesses, products or service offerings? What method is more cost-efficient and effective, public relations or advertising?

The battle has been raging for decades and with small business owners cutting programs and pinching pennies, the war for publicity dollars has only intensified. However, the two avenues are as different as apples and oranges, each possessing clear benefits and pitfalls.

Do you want complete control over your message and where people see or read it? Advertising may be for you. Do you believe in the power of a third party endorsement? Public relations should be your strategy.

If you want the control that advertising offers, you have to be willing to pay for it. In many instances, advertising is going to cost far more than a public relations campaign. But with smaller price tags, comes less assurance. When conducting PR there are no guarantees concerning what will be written/said about your small business or how the public will then perceive what is printed.

Both public relations and advertising can bolster general recognition of your small business or brand and bolster sales. Each choice also involves some amount of time, effort and money and there are very specific trade offs. It all depends on what you want to achieve and how much money you want to spend in doing so.

However, now is not the time to cut budgets back so far that you can’t afford either. In tough times it’s more important than ever to stay in front of your customers, build their trust and elicit their interaction/purchases. Both PR and advertising can help you grow your business and become more profitable but it’s up to you to figure out which one will work for your business.



Indianapolis consulting firm, Milestone Advisors can help you analyze budgets and determine what funds can be allocated to public outreach so you can make an educated choice between advertising and public relations and what will work best to ultimately grow your profits and small business.

First and foremost, all of us at Milestone Advisors would like to extend our warm wishes for your Thanksgiving holiday. Nothing, not even running a business, is more important than family.

In honor of the holiday, I'd like to draw your attention to an excellent article in Inc. magazine written by Meg Cadoux Hirshberg who is married to the founder of Stoneyfield Farms. In her latest column, Meg addresses the stress surrounding not only her husband's foray into organic yogurt, but the fact that many of her family members, were funding the start-ups operations.

Both of Meg's brothers as well as her mother had invested in her husband's passion and dream. While there is happy ending, we all see the Stoneyfield brand at our local grocer, it was a long road getting there which made many of Meg's Thanksgiving dinners more like business meetings and could have potentially caused many a crack in their family foundation.

In one section, she makes the argument for going after venture capitalists to fund your business instead of those most willing to listen, family.


It's natural when starting a company to want to share your ideas and dreams with those you love and thus ask them to become a part of it. In fact, for many startup companies, it can be the most likely place or only place to successfully find financing. However, in an effort to protect the nature of your relationship with them, sometimes it may be best to seek a business consulting firm to identify opportunities for you, set up meetings, and formally document the transaction.

Milestone Advisors helps small companies or entrepreneurs with just an idea to identify the best means for obtaining funding or capital, especially if you are drawing family into it. Milestone analyzes your current financials and creates projections that allow you to determine how much money you need and when. We will work with you and your potential investors (friends and family, angel investors, or venture capitalists), set up meetings, and attend them as your advocate. We will also assist in developing a complete and comprehensive business plan or business strategy to use as framework for such a meeting, ensuring your success.

Duane Draughon's military experience trained him to be loyal, under any and all circumstances, to his original mission. And in a recent article in Fortune Small Business, he claims that training is the only reason his small business has survived.

Draughon's story is one of quick success and then a series of unfortunate events that crippled his business and caused his net worth to plummet. First Draughon's business partner made an unanticipated exit from the company, a devastating loss as he was one of company's best sales people and also served as a crew chief (Draughon's company builds patios). This also meant all the day-to-day responsibilities of running the business fell on one person's shoulders, the result? Draughon began to mismanage costs for the company and before he knew it, he and the company were broke.

Duane's position is one that thousands of entrepreneurs have found themselves in. Just by its very nature, starting a business or running a small company involves massive amounts of risk. Unexpected issues constantly rear their heads whether that be disagreements with business partners, malfunctions with product production, legislation interfering with operations or turmoil in financial markets.

A part time CFO would have helped Draughon a great deal. Being able to sit down with someone who has knowledge of the financial markets as well as the background to offer accounting advice would have helped furnish Duane with the perspective and financial expertise he needed to still manage the business well.

Eventually, Draughon did meet with a management consultant and a financial expert to assess where his company  stood and create a business strategy to move it forward. Outside help boasts expertise the business owner may not have as well as an impartial third party who isn't emotional about the success or failure of the venture. Both of those aspects make business consultants a great option when seeking a way out of a sticky situation.

A recent article in the Wall Street Journal estimates that the U.S. has roughly 30 billion small businesses. It then goes on to discuss what the new health-care bill will mean for these small businesses.

Some believe the legislation and its employer mandates and taxes will cause many small businesses to cut jobs, causing an even further increase of the frightening unemployment rate that already towers at a 26-year high.

Others are hoping tax credits will be enacted to alleviate the cost of paying for 100% of their employees’ health-care expenses. One bill (currently in the Senate) from the Committee on Health, Education, Labor and Pensions plans to award such tax credits to employers who pay over 60 percent of their employees’ premiums.

Some small business owners don’t believe the rebates will be enough to offset the high costs of ensuring all their employees are insured while others believe providing coverage for all is a must and welcome any government assistance to alleviate the burden.

Regardless of what side of the argument you stand on, as a small business owner it’s imperative to research what this pending legislation could mean for your operations and for the sake of all those you employ.

It may be wise to meet with a business advisor or consulting company that can help you evaluate how changes in small business legislation will affect you, your company and your bottom line.

Indianapolis management consultants, Milestone Advisors can provide companies with strategic planning and corporate finance recommendations that allow organizations access to the highest quality information, ensuring you can make decisions that will lead to profitability and success for your company.

You've probably heard the saying that, "Flat is the new up in today's market." I hear it all the time. I've talked with many CEO's who say they are happy to just be holding ground given the turmoil in the economic markets. But should you be comfortable or satisfied with no growth even in this economy?

Inc. magazine has an interesting article this month entitled Slow Growth = Slow Death? The author, Joel Spolsky, provides some interesting math when considering your company's growth rate:

Meet our marketing guru, Jeff Chapman. A runner, father and an avid photographer Jeff has been a welcome addition to our team of Indianapolis business consultants as a senior level advisor.

Buying a business or adding services? Jeff can help you create and plan for a new product, conduct marketing research and analysis, strategically bring said product to market or oversee your outsourced creative – streamlining your marketing efforts and managing your brand.

Jeff has worked for over twenty years in marketing departments where he regularly oversaw new product/service development, new product launches, brand identity and management campaigns and strategic planning/business development. His Indianapolis strategic planning extends to such companies as Thompson Consumer Electronics, Brightpoint, United Healthcare and the Indianapolis Motor Speedway.

Agency experience is another facet of Jeff’s resume setting him apart from other marketing experts. He has represented a vast array of clients in retail, manufacturing, health care, insurance, banking, distribution and technology.

This exposure to the marketing needs of both business-to-business and consumer companies gives Jeff a unique prospective that often provides our clients with a significant competitive edge.

Here at Milestone Advisors, we recently announced the expansion of our suite of services to encompass business consulting in the additional areas of marketing and technology.

The decision to do so has been made possible by several industry experts joining the Milestone team, one of whom is Doug Allgood.

The addition of Doug to the company will equip Milestone Advisors to provide strategic planning and execution as they relate to technology initiatives. Doug brings with him extensive experience in technology architecture and design, product and portfolio management, acquisition and integration of companies as well as business plan development and implementation.

Doug has held leadership positions at various corporations leaving substantial footprints in terms of positive change. At Ontario Systems LLC, Doug restructured their professional services division, brought 5 new products to market in less than 2 years, improved profit margins by 40 percent and left the organization with a new technology architecture in place to sustain future product development.

While Doug's past achievements are incredibly impressive, we are excited to witness the positive impact and results he will no doubt produce for our clients.

We’re growing by leaps and bounds, adding both staff and offerings to our current suite of services.

We will continue to offer consulting in part-time accounting and corporate finance; however, we can now supply clients with expertise in technology and marketing to continue to improve and enhance their overall business strategies.

Arriving at the decision to expand our services has been a natural progression. Over time, our clients had begun to ask additional questions concerning functional areas of running a business other than accounting and finance. They ranged from such basics as how to draft a marketing plan to more complex issues addressing how technology strategies should be handled or tweaked during time sensitive stages such as early start ups or mergers and acquisitions.

As a result, we have developed a comprehensive list of service offerings that now boasts market research and analysis, management and operation services, human resources and technology strategy. Our goal is to become a ‘one-stop-shop’ for Indianapolis strategic planning. It's our desire to become the premier go-to resource for the small business owner or entrepreneur seeking senior level expertise to help grow their operations and become profitable.

To support these expanded services, we have made valuable additions to our team that include seasoned experts who are veterans in various business disciplines. We couldn’t be more thrilled about the impact they will have on Milestone and the goals they will help our clients achieve.

As we grow our company in terms of both capability and size, we look forward to continuing to nurture and grow entrepreneurial ventures as well family-owned and small businesses throughout the state of Indiana and beyond.

Do you know someone who owns a family business? Surely you do. They are all around us - from the restaurants, dry cleaners, and retail shops (the places we affectionately refer to as "mom and pops") to the largest privately-held conglomerates all across our nation. Here are some facts recently shared in the Indianapolis Business Journal that should make you stop and appreciate those family businesses owners:

• More than 90 percent of the 20 million businesses in the United States are family-owned.
• Six of 10 jobs created are in family businesses.
• 59 percent of our U.S. gross domestic product is created by family businesses.

Maybe you are one of those business owners. If so, thank you! Or maybe you are thinking of making the leap. If you are putting together a business plan to start a new business venture, you'll know that you are in good company. There are business owners near you who can provide you with lessons learned and share their insights into running a business. While many view entrepreneurship as risky and uncertain (and ownership contains both), putting your future in the hands of someone else, especially in these turbulent times, can prove just as risky or uncertain.

So for that start up, map out your business strategy, complete your financial projections, bounce the idea off of successful business people and business advisors like those in our Indianapolis consulting firm, and get on your way!

Some small-business owners in need of accounting help to balance their books and guide them out of a financial black hole are renting CFOs rather than hiring them. The strategy comes at a time when the deep recession has forced small companies to look for money-saving alternatives that can yield good returns yet avoid substantial overhead costs.

"They're looking for ways to streamline and be efficient as they can," says Glenn Dunlap, a co-founder of Milestone Advisors LLC, a small-business consulting firm in Indianapolis that provides CFO services.

The average annual salary for a full-time CFO in a small- to medium-size businesses ranges from $94,250 to $175,750, according to a 2009 Salary Guide by Robert Half International Inc., a Menlo Park, Calif., staffing services firm that serves the accounting and finance fields. Renting one can be significantly cheaper.

Entrepreneur Bob Compton, founder and chief executive of Vontoo Inc., an Indianapolis-based voice-messaging company, says he has rented CFOs for six companies he has started or been a lead investor in. "To hire a CFO in the early-going is a waste of money," Mr. Compton says. "It's much better to invest that money in engineers and sales people."

For Vontoo, he pays $5,000 a month for the CFO's strategic advice, bookkeeping services and accounting expertise. "It's a tremendous cost-saving," he says.

Click here to read the full article or follow the links to our webpage to learn more about how Milestone's business consultants can complement your management team in all aspects of your business.

 

Six years ago on August 1, 2003 Tom Gabbert and I founded an Indianapolis consulting firm based on a growing need we had identified in our business community – many small businesses and start-ups we had come across were in need of expertise but didn’t have the necessary resources to gain access to this essential, but seemingly elusive knowledge.

The bottom line is that many small businesses and start-ups haven’t assembled the senior management team to navigate through the business’ early stages. In many cases, they don’t need a full time C-level executive. Instead, the companies need access to strategic level advisors who can help organize the business and keep it moving in the right directions.

We thought, “why not fill in these gaps for entrepreneurs by providing a service to meet their needs, regardless of what stage they happen to be at?” And with that idea, Milestone Advisors was born.

Today, our original two-man operation now includes a third partner, Jeff Good, has grown to 25 employees and has helped over 350 Indiana companies meet their goals, deal with obstacles and most importantly, grow. Originally opened and billed as a ‘Rent-a-CFO’ shop, Milestone now boasts a comprehensive list of strategic-level services covering most functional areas of business from market research and analysis, to management and operations, and finance and accounting services – all targeted to provide assistance to our clients as they grow and put their plans into action.

We are proud of what we have achieved, and nothing gives us more satisfaction than seeing our clients succeed and thrive. Tough economic times have forced all businesses to examine their current models and operations. This has given us the opportunity to work with new companies at the strategic level and assist our clients in navigating these difficult and uncertain times.

As we look to the future, we hope to reach more companies with the desire to grow their businesses by helping them define their goals and map out clear strategic plans to achieve them.

Our passion has always been and will always be getting the best, most complete information in the hands of the decision makers for small companies and start-ups. These businesses, built out of passion and ideals, are an integral part of entrepreneurial and capitalist America. Here at Milestone, we will continue to do whatever we can to ensure they continue to survive and prosper.

We are grateful to all of our clients and staff for the past six years and we look forward to the next six years and hope they will be full of new challenges and even more solutions.

Cheers!

At Milestone Advisors, we complete dozens of business plans for our clients on an annual basis. Over the years, we've developed our own process that we follow when developing the plans. We start with the market and opportunity assessment, marketing plans, management and operations, and finally the financial projections. But from time to time, our Indianapolis business consultants are asked to start the process by developing the financial model first. Our response is typically, "Based on what?"

The Economist released an article about business planning that emphasized the importance of working your way through the tougher elements - market analysis, market planning, team development, etc. - before spending too much time on the financials. Here's a snippet:

In an influential article in Harvard Business Review, William Sahlman, a professor of business administration, suggested that business plans “waste too much ink on numbers and devote too little to the information that really matters to intelligent investors”. What really matters, suggested Sahlman, are four factors that are “critical to every new venture”:

• The people;
• The opportunity;
• The context;
• The risk and reward.

A great business plan, Sahlman suggested, is one that focuses on asking the right questions about these four things. It is not easy to compose, however, because “most entrepreneurs are wild-eyed optimists”. In any case, as he says, “The market is as fickle as it is unpredictable. Who would have guessed that plug-in room deodorisers would sell?”

Our business advisors would agree whole-heartedly with the areas of focus for a business plan. While we believe in the importance of sound financial projections, they need to be supported by a great deal of research and analysis. If you are struggling with your corporate strategy, give us a call. We'd love to help you with our consulting services!