Each business organisation needs growth and revenue to sustain its operations and flourish in the long term. Business owners look for growth avenues and employ different techniques for the same.
But then wouldn't an expert be a good choice to help business owners in their endeavours? Here is where a business consultant comes in.
What is Business Consulting?
Business Consulting is a collaborative effort between business owners and consultants to achieve growth and efficiency. It is the service of providing expert advice and guidance to businesses of all sizes, from startups to established corporations.
Consultants work with business owners and leaders to help them improve different aspects and areas of the business. Business consulting is a planned approach to achieving planned growth and reducing inefficiencies.
Who are Business Consultants?
Business consultants are experts having relevant experience and knowledge (academic, theoretical and practical). They have extensive knowledge about their specific field of work.
Generally, they work in HR, Finance, Construction, Marketing and Sales. Business consultants work on general organisational aspects. They bring their knowledge and expertise to the table.
A business consultant will give you real-world ideas and feedback. Their advice will be valuable and save you time and money. Consider them for growth and great advice.
What does a Business Consultant do?
Business Consulting aims to help a business. It aims to grow the business, evolve the organisation, and avoid problems. Often business consultants bring a wealth of expertise to kickstart growth and achieve higher RoIs.
1. Grow the business
Many businessmen are unaware of the hidden opportunities. These opportunities can bring new avenues of growth and continuous growth.
Engaging a business consultant will help you identify hidden opportunities. Newly identified opportunities can help you with more sales and revenue.
2. Evolve the Organisation
Business Consultants bring change to an organisation. This change can be in any form but it prepares the organisation to grow and handle growth effectively.
For example: Training of the manpower to upgrade their skills and provide more value to the organisation and their clients.
3. Avoid Problems
Business Consultants identify problems that act as a deterrent to the growth of the organisation. Since business owners are unaware of these deterrents, they might face a loss. Business Consultants identify and plan a way to remove these deterrents.
Why engage a Business Consultant?
A Business Consultant can help your business grow in various ways. There are many reasons to hire a business consultant. Below we have listed some of the reasons:
1. Outsourcing the thinking part
When you engage a business consultant you explain to them the objectives you want to achieve. They will think on your part as an owner and identify the process and plan for you. Since they work with different organisations, they will give you a realistic plan.
Many businessmen successfully running their enterprises are engaged in daily business activities. They are unable to focus on growth. Being busy with routine keeps them away from updating themselves. A consultant can help them with this.
Businessmen and entrepreneurs can engage one business consultant who will charge them and help them identify opportunities and pitfalls. This will save the businessmen’s time which can be invested in growth activities.
2. Manage change
If you are looking to implement new systems and processes then business consultants are the best people to handle it. They are specialists in bringing change to the organisation. Many corporations employ business consultants to manage changes.
For example: The implementation of systems and processes such as SAP and Six Sigma, is best done by respective consultants. This saves the time of the management and they can focus on daily activities without worrying about the change process.
3. Get More Exposure
Business consultants connect with people from different sectors and organisations. They have a network that is spread across organisations and regions. You can take advantage of their networks and their knowledge.
4. Teach and implement best practices
Consultants are aware of leading practices in different industries. They can help you implement industry-wide best practices. These implementations can bring your organisation to par with the leading players. Also, new and groundbreaking innovations can be implemented with their help.
5. Drive efficiency and productivity
Don't you want your employees to perform efficiently and productively? Often employees need to be trained. A specialised business consultant can impart this training. For example, if you want your employees to be trained in IT, you can engage an IT consultant to impart training.
Business consultants can help your employees stay motivated, train them and be productive. They can drive efficiency in employees through different techniques.
Case Study: How has a trading firm improved its revenue by 20%?
A trading firm having large volumes connected with us to identify how we can help them with technology. They had some ideas but they were unsure.
We studied their business and found they could leverage technology immensely and drive efficiencies. We suggested they build a custom system and an application to drive growth.
We achieved the following post-implementation in 3-6 months:
- Reduce line item cancellations by 30%
- Improve stock turnover ratio by around 20%
- Reduce delivery time from T+6 to T+2
- Improved cash flow & receivables by 15-20%
Closure
Engaging a business consultant can help you in multiple ways. In terms of time and money saved it can give you higher returns. Many corporations have in-house consultation experts who help them daily. These consultants make it easier and faster for the company to succeed.
The trend to engage a business consultant has been seen in SMBs too but with limited appeal. SMBs who want to grow will benefit from employing a business consultant. They should also understand that the results will come sooner or later. Corporate houses tend to see results within a span of a few months.
Connect with us if you want to engage a business consultant. We offer consultancy services and work with SMBs to help them with growth, daily operations and loss reduction.
