Business consultants take analytical approach

Helping business owners improve productivity and reach goals is all in a day's work for business consultants.

And while the consultant's approach may vary by the type of business, the objective is the same: to maximize efficiency and profitability.

Consultants may focus on a particular industry, or provide services suitable to a range of different businesses.

For example, J. Michael Krause, accountant/consultant with J. Michael Krause & Associates, 5741 E. Meadow-mere, has a clientele composed exclusively of local dentists.

Rick Jackson, CPA, owner of Business Achievement Group and Jackson & Jackson PC, 3249 E. Ridgeview, takes a broader approach, consulting with different types of companies in all sizes.

Industry-specific consulting

Krause started in the dental industry in 1963 at Krause Dental, which later merged with Healthco, a dental supply company out of Boston. Krause worked as store manager for Healthco for more than 20 years.

He went back to school to get his CPA certificate before going into the consulting business full time.

Krause said he feels his accounting knowledge broadened his capabilities, and his experience in the dental industry gave him insight into the business.

As a consultant, "you have to have the background and know something about the business you're dealing with," he said.

Accounting services and payroll analysis are two ways Krause assists clients.

He can gauge how a dental practice is doing compared to other practices, both local and national, and how the dentist's fee structure compares with other practices.

Krause helps each client establish goals and develop a plan to reach those goals. He also creates a personnel manual for the client.

The manual, by law, must include a sexual harassment policy a mandate of which many people are unaware, Krause said.

Dentists haven't been especially successful with Web page advertising as a way to get clients, Krause said, but a great number of them have Web pages because they enjoy the Internet and want to be a part of it. Krause used the Internet for research and communication and has a Web site at www.jmkrause.com.

Krause said he knows of nobody else in the Springfield area who specializes in dental practices. He gets the majority of his clients through referrals and sometimes calls on local dentists at their office. He also is a member of the Society of Medical Dental Consultants.

General business consulting

Jackson said he brings an unusual blend to the table when he consults with a client: He is good with numbers and details, which helps with the structured side of business, and his creative side allows him to step outside the confines of spreadsheets to come up with new ideas.

"Our goal is to teach the business owner how to spot problems and trends so they can manage effectively," he said.

Jackson added that he considers himself an accountability partner, ready to assess what the business is doing and keep it on course.

The objective, he said, is to set the company on the right track to the point that a minimum of outside help is needed after the initial consulting work is done.

"In the approach we take, I don't think we have a lot of competition," Jackson said.

The first thing Jackson does for a company is to divide it into components so management can see what it needs to focus on first.

He helps the business owner set up a business plan and a marketing plan to ensure future success.

"Our approach is to teach so that the business owner does not have to depend on us," he said.

From an accounting standpoint, the company may need a specific product to gain efficiency. Or it may need something as simple as a more efficient way to use the system it already has in place.

Sometimes concepts can be taken from one industry and applied to another, Jackson said.

Because of his experience with different types of companies, he is able to spot areas of business practice that overlap from one industry to another and use that knowledge to the business owner's advantage.

Jackson works with other vendors when necessary, for example, to help implement a new software package or a new phone system.

He can help train employees to use certain accounting programs, and he has specialists he can recommend if the business needs a new system installed.

Like Krause, Jackson uses the Internet for research and to keep in contact with clients through e-mail.

He belongs to the American Institute of CPAs, the Missouri Society of CPAs and the Springfield Area Chamber of Commerce.