simple small business consultant?

[Squandered Halfpints]

I will be graduating with my B.S. in Financial Services next year at San Diego State University. I have learned, and I'm continuing to learn, a great deal about general business concepts and practices which are widely used by large companies; however, I don't think they're being applied, as they should, in a large part of the small business sector.

The reason I believe this is because of my father. He owns and operates a successful online clothing store (Faux-Fur Coats and Faux-Fur Throws by Silk & Sable) that is rapidly growing. I think I could potentially save him thousands of dollars with some of the knowledge I've gained in school. Here are a couple of very basic examples of things which I know he isn't doing, that could save him $$$.

Accounting - Mainly for his inventory. There are methods of inventory accounting (i.e. FIFO/LIFO) which would drastically change the amount he's reporting as net profit. He would be paying much less in taxes if I were to control his inventory accounting.

Inventory Management - He has his products manufactured in China. He places very large orders w/o using any type of system. I've leaned that large companies use models such as the EOQ (economic order quantity models). This could help him reduce his holding (carrying) costs, ordering costs, and shortage cost.

Expansion/Incorporating - He has been approached by multiple people who are interested in investing in his business. I have told him about some of the different approaches that could help him expand his operations and limit his liability. Along with this, he wants to incorporate for the obvious benefits.

*I think he needs some help. These are just some of the things I've learned in my core business classes, so there has to much much more. So here's my question: I really want to try and captilize on this, even though I know very little. But I'm willing to take the time to learn all I have to. But it may be in his best interest to hire a professional consultant ASAP. Are there any suggestions to what I should do. Again, keep in mind that I want to try and both help him, while partaking in the benefits myself

[meaghannf]

I'm a little confused - are you trying to become a consultant and start with your dad, or are you going to work for your dad's business and you want a consultant to confirm your classroom work before you apply it in the real job setting?

Either way, I think you're right to a least wonder about how to use the information from school - I'm still in college myself but I've had enough work experience through internships and part time jobs to know that what you learn in business class doesn't necessarily play out exactly like you imagine in a work environment.

If you hire a consultant, you might, when going through the hiring process, as if you can either shadow or intern with them to learn about their work.

Not sure if that really answered your question at all, but interesting topic!

[latinolive]

I am confused to after reading your post. If you are trying to help your father, a great resource that a client of mind referred me to is a company named Innoventum, Inc. Its a company of attorneys that have created a business tool kit, the "how to". They provide free articles and videos. I can't remember the website so you may want to google them.

Carlos

[Squandered Halfpints]

I'm a little confused - are you trying to become a consultant and start with your dad, or are you going to work for your dad's business and you want a consultant to confirm your classroom work before you apply it in the real job setting?

Either way, I think you're right to a least wonder about how to use the information from school - I'm still in college myself but I've had enough work experience through internships and part time jobs to know that what you learn in business class doesn't necessarily play out exactly like you imagine in a work environment.

If you hire a consultant, you might, when going through the hiring process, as if you can either shadow or intern with them to learn about their work.

Not sure if that really answered your question at all, but interesting topic!

I'm sorry. I guess my question is a bit confusing. I guess the question that I'm really dancing around is if my new found business knowledge is worth a damn. And from your experience, it sounds like no. I guess I really wouldn't know until I start trying to do some calculations using these methods.

[rogercbryan]

Education + Experiance is what you need to become a consultant. Go to work with your dad for a few years. No one will hire an independent consultant that is fresh out of school with no real world experiance. Find a niche- learn it and you'll have a chance. Your new business knowledge does have value when applied to gaining experiance.