Inospire Global, Inc. is a human resources and business solutions consulting firm based in Long Beach, California. Founded and operated by Ryan Giffen, Ph.D., Inospire assists organizations in the areas of employment law, staffing, culture, and performance management.
Recently, Los Angeles won the bid to host the 2028 Olympics, and Long Beach is slated to host several water events including, water polo, swimming, and rowing. With these new major attractions in the area, many hotels, retailers, restaurants, nightclubs, and new businesses will start planning to expand and scale for growth. Dr. Giffen sees this as a unique opportunity to capitalize on the expansion of local businesses by getting in early to offer his consulting services.
Managing the complexities of running a consulting firm and driving new business is a common challenge that is not easily mastered, especially if the business is just getting started and/or working as a one-person operation. Dr. Giffen is interested in finding an advisor that can help him market his business, scale for growth, and provide industry knowledge.
“It's hard for entrepreneurs to let their guard down to say ‘hey, I have a really good idea here, but I’m not sure how to take it to the next phase.’ It's important for me to surround myself with experienced executives who I could bounce off ideas without being judged,” said Dr. Ryan Griffen.
Dr. Giffen initially looked into joining CEO groups where you pay for a service to meet quarterly with a group of CEO executives. However, he discovered you have to be further along in your practice - making over $1million a year in revenue - to be invited to join. He also found that those groups didn’t offer one-on-one meetings, early-stage growth advice, or industry-specific knowledge.
When Dr. Giffen came across AdvisoryCloud, he thought it was a better fit. AdvisoryCloud has an easy entry point and a directory with thousands of highly-qualified advisors ready to help business owners and entrepreneurs drive their businesses. He can easily hire advisors for one-on-one meetings, project-based work, or hire different advisors based on his business needs at the time.
Working with an AdvisoryCloud account manager, Dr. Giffen established his criteria for an advisor and reviewed about 15 candidates that were selected based on his specific business needs. Next, he narrowed the selection to three candidates, which he interviewed and selected AdvisoryCloud advisor, Meg Galletti.
Galletti has a broad background in senior human resources roles across a variety of upscale hospitality companies including Rosewood Hotels and Resorts, Four Seasons Hotels and Resorts, and Six Senses Hotels Resorts Spas. Her combination of human resources and hospitality industry knowledge, plus experience leading a successful consultancy practice, was right in line with Dr. Giffen’s expectations for an ideal advisor.
“Before using AdvisoryCloud, I would have had to scour the internet and ask for help from my friends and colleagues to find an advisor. That would have been time-consuming and may not have even worked. AdvisoryCloud is a great service that takes away the hassle of finding the right advisor for your business needs,” said Dr. Griffen.
Dr. Giffen asked his advisor, Meg Galletti, to help him resolve the challenge of how to scale his business to grow for the future. As a company of one, Dr. Giffen needed help balancing all aspects of his consultancy practice from marketing and sales to managing day-to-day services.
Introduced a New Business Model
In the first three months, Galletti helped Dr. Giffen devise a more efficient and cost-effective way to provide quality services to his clients and still be able to meet with new business prospects. The concept was a monthly HR subscription service. Galletti played a critical role in helping Dr. Giffen develop a paid subscription model for his clients to receive several HR services. Galletti listened to his idea and provided constructive feedback, reviewed and edited the sales pitch and package, and provided guidance for how to get it to market. Not only did this give Dr. Giffen monthly recurring revenue, it also didn’t require him to be onsite with his clients, pulling him away from his other clients and pitching new business.
Suggested New Opportunities for Networking
The focus of their meetings then shifted away from the business model and toward networking, which included Galletti providing recommendations for how to work, network, and get new leads all at the same time. For instance, Galletti suggested that Dr. Giffen start working in collaborative workspaces where he had access to other entrepreneurs and the ability to further market his services. She also suggested specific conferences that he should attend to network and develop new leads.
Uncovered New Revenue Streams
In the following meetings, they discussed how to get new revenue streams by leveraging partnerships with referral-based agreements. Accounting firms have clients that often need HR support and accounting firms are not able to provide assistance. With a partnership with Dr. Giffen, they are able to offer additional services that are an added service to their business model. Galletti provided this idea in this brainstorming session, and it is untapped revenue that Dr. Giffen is now able to leverage.
Leveraged the Competition for Business Opportunities
Continuing to uncover additional business opportunities, Galletti suggested looking at professional employment organizations (PEOs) as a potential option. PEOs are typically considered to be Inospire’s competition. However, Galletti pointed out that PEOs only provide some basic employment training, whereas Inospire provides high-level training for culture enhancement that leads to a decrease in employee turnover and creates a more cohesive team. Dr. Giffen now provides special training sessions at tradeshows for PEOs and their clients, adding another revenue stream to Inospire.
Since hiring Galletti as an advisor, Inospire has seen tremendous revenue growth in a short period of time with an increase of 57% in only eight months.
“AdvisoryCloud is a quick and efficient solution, I found the perfect advisor for my business within a couple of months -- the benefits of using AdvisoryCloud are tremendous and my business is growing and prospering because of it,” said Dr. Griffen.
Whether you’re a startup, non-profit, or a global corporation, advisors play a critical role in helping with business challenges, exploring opportunities, and providing advice on projects or key decisions. AdvisoryCloud makes it incredibly easy to find, hire, and use advisors. Let us help you discover the power of advisors.