We’re excited to introduce you to the always interesting and insightful Inbar Madar. We hope you’ll enjoy our conversation with Inbar below.
Inbar, we’re thrilled to have you on our platform and we think there is so much folks can learn from you and your story. Something that matters deeply to us is living a life and leading a career filled with purpose and so let’s start by chatting about how you found your purpose.
Finding my purpose took time. For years, I dreamed of being a business owner and making a difference, but figuring out what kind of business I wanted to start was tough. So, I stuck with my corporate jobs and put aside my dreams.
In my last corporate jobs, I worked closely with business owners who were either franchising our brand in their country, or buying wholesale products from us. I found myself mentoring and consulting them to help them boost sales, work smarter, increase profits, and expand. It was fulfilling to see them succeed, support their families better, and open more positions to fill in their business demands.
When I left my last job, businesses kept asking for my help privately. That’s when I realized consulting was what I needed to do, long term. Helping others thrive in their businesses felt right and I realized I could make a huge impact on people’s lives by giving them that knowledge, best practices, and experiences that could help their business expand.
Let’s take a small detour – maybe you can share a bit about yourself before we dive back into some of the other questions we had for you?
At M.I. Business Consulting, we bridge the gap between entrepreneurial spirit and corporate know-how. We bring a wealth of best practices, experience, and insights from the corporate world and combine them with the creativity, sense of urgency, and purpose of small businesses.
We offer fractional C-suite services and private business consulting. What excites us most is simplifying complex business concepts to help companies prepare for strategic scaling and become profitable.
What sets us apart is our straightforward, impact-focused approach. We ditch the suit-and-tie consultant persona and avoid buzzwords, instead focusing on real, measurable results.
We’ve just launched a new service – flash business audits. These audits focus on one area of the business and provide the business owner with a complete report – from what we looked at, to what we suggest they focus on improving and why, to how to do that. These audits will allow businesses to make quick transformations that will have a big impact on their business.
If you had to pick three qualities that are most important to develop, which three would you say matter most?
I’ve learned a ton on my journey, especially starting after running other businesses, which gave me a big advantage. Here are my top three skills/qualities/areas of knowledge:
Adaptability: The market is always changing, and it’s up to us to decide how we react. I’ve faced challenges like COVID, moving states, and shifts in consumer behavior. Instead of letting these obstacles hold me back, I ask myself: “How can I adapt and turn this challenge into an opportunity?” It’s about focusing on what I can control and finding ways to move my business forward, no matter what comes my way.
Knowing what I don’t know: I’m great with numbers and sales strategies, but not so hot with visuals, copywriting, and social media. I’ve learned not to try to do it all myself. Recognizing what I’m not good at, I made a plan to outsource these tasks and hire help. Trying to do everything alone can lead to burnout and poor results. It’s okay to ask for help and focus on what you’re best at.
Creativity: In a world full of “get rich quick” schemes, I’ve made a pact with myself to tap into my own creativity. Whether it’s working with clients or growing my own business, I avoid relying on outside tactics. Instead, I assess what resources are available and come up with creative strategies to make the most of them. You don’t have to follow every trend or do things you’re not passionate about. The key is to identify what you love and use it creatively to take your business to new heights.
What would you advise – going all in on your strengths or investing on areas where you aren’t as strong to be more well-rounded?
I believe in the often-overlooked business concept: balance.
No matter how much we strive to learn, the reality is that we can never know everything, especially because things are constantly changing. Take marketing, for instance. What we learn today might become outdated in a year. Trying to keep up with every change in every aspect of our business can quickly become overwhelming and inefficient.
So, here’s my take on finding that balance:
First, focus on your strengths. Take some time to create a list of tasks you’re great at and how these tasks can impact your business success. Then, to ensure you’re being efficient, prioritize tasks that suit your strengths and are going to have a high impact on your business.
For areas you aren’t strong in, learn how to measure the success and failure of this area, and outsource the execution. It’s okay to admit that we’re not experts in everything. If numbers and finances aren’t your forte, don’t waste time trying to become an accounting wizard overnight. Instead, learn what the success and failure of good bookkeeping look like. This will not only be fairly quick to learn but will also not likely change over time.
Leave the real execution for someone whose strengths are bookkeeping and numbers by outsourcing it.
Let me share a real-life example to illustrate the power of finding this balance. I once had a client who had single-handedly grown her business to high six figures. While she had revenue coming in, her profits were gone by the end of each month. She was barely able to pay herself.
She reached out to me because she couldn’t figure out how she was making so much money, but at the end of the month, it almost felt like she made none because she had no profits.
She thought she was doing it all, but in reality, her budgeting, forecasting, and finances were a mess because she taught herself how to do it, and she also hated doing it.
By taking it off her plate and doing it for her, we literally increased her profits by 84% within three months.
We don’t need to know and do everything ourselves. What we do need is the wisdom to recognize where our strengths lie, the courage to admit where we could use some support, and the humility to seek help when needed. That’s the secret sauce to finding balance and achieving remarkable success in our business.
Contact Info:
- Website: https://mibusinessconsulting.com
- Instagram: https://instagram.com/inbartalksbusiness/
- Linkedin: https://linkedin.com/in/inbar-madar/
Image Credits
Bailey Ashlynn Photography
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