A marketing consultant knew things weren’t working right in the financial area of a manufacturing client. Through a networking contact he referred us in. His client now has better financial reporting in place, dashboard systems to grasp interim results and a deeper understanding of margins. All this has helped the marketing consultant as well become more effective, as he helps the client move into other product lines and new accounts with higher margins.

So what can a financial consultant do to help you be more successful in serving your clients? Here are several ways that a financial consultant can help you and your client be more successful together.

1. Financial Reporting. In about 70% of the cases in the market I serve, clients under $100 million in revenues, I find that the financial statements are off to a material degree. It’s hard to do well if you’re shooting after a round target. A good financial consultant can make sure that not only are the numbers straight, but that the appropriate information is also displayed with the numbers.

2. Margins. The numbers could be correct and yet your client might not necessarily know where they’re really making the money in their business. A good consultant can help you get down to this level of detail and can sort this out for you. It could really influence what areas you emphasize. It could be that the client has fruitful areas different than what they’ve been thinking about.

3. Accounting. It could be that the accounting area is a bit difficult for you to deal with. A good consultant can take a look at the accounting area and streamline what’s going on there, whether it’s in their month end reporting or how they’re processing receivables, invoices, inventory or other transactions. It can make the client much easier to deal with.

4. Accounting Staff. Processes might be okay, but the staff may not have been well trained and developed. This can go a long way towards helping your role as a consultant get easier in some aspects.

5. Information Systems. Sometimes the client just happens to have a system that does not fit their industry at all. It could be too large of a system that is too cumbersome or it could be too small and lacks key features. It could be the system is okay, but they’re just not getting the kind of information they should out of their system. Perhaps, too, they may not be extracting the information the right way that you might need for a supplemental analysis. A good consultant can cut through all this and put a greater wealth of information at your fingertips for you to meet the needs for the work you’re doing for your client.

6. President Mentoring. Your financial person will get a glimpse of what’s going on across the entire organization and most likely will be having contact with the head of the company. You may have been making some suggestions to your client for improvement that they’ve been sitting on. Perhaps, by hearing it from a second voice, your client will now decide to take action since that validates what you’ve been saying to them all along.

7. Roadblock Removal. There might be some roadblocks to what you’ve been trying to accomplish. For example, there might be some breakdown between headquarters and the field. A good financial consultant could help be a catalyst to breakthrough some of these roadblocks.

8. Cash Flow. A good consultant could come in and really help improve the cash flow at your client. In particular, it might be getting better collection or streamlining inventory or being more efficient and effective in dealing with suppliers. The improved cash flow could help you become better in serving your client and provide more capital for the projects you want to do. It could also help improve the payments on your invoices.

9. Financing. The capital structure might need more of a makeover. A good consultant could help line up sources of additional capital, whether banking or equity, which can open a door to even stronger projects for you.

10. Planning and Strategy. There may not be a good planning process in the company or never been a real good financial model or budget put together. This person could do just that. With the questions he asks along with the mechanics of the model, it could lead to deeper insights on where to direct your client.

11. Sounding Board. The financial consultant could be another voice to listen to your ideas and give you guidance.

12. Network. A good financial consultant may have a vast network of people from other disciplines that can be brought in to help your client for there information technology, human resources, marketing or other areas.

13. Overall Results. This is the cumulative effect of the above points. A good financial consultant should come in and help improve the overall results of the client.

14. Positive Impression. A good financial consultant can rub off and reflect very highly on you, which could help you get additional business or better sell your ideas.

15. Additional Business Elsewhere. The consultant will become more familiar with your work and it just might open up the door where you could help out some of his or her other clients.

It can be a win-win. The client performs better and you get to shine as well. Bringing in a strong financial consultant could be the break you need to take it to the next level and grow your relationship with your client.