When you open a start-up or expand a new business, it is important to consider the requirements of the business in terms of achieving success. What opportunities are available within the marketplace? What is your market environment? There will always be a time when you might need market information such as advice, skills, strategies and techniques that do not exist in your organization. So, that’s when a business consultant comes to the rescue.
If you’ve ever considered hiring one—read a little more below about when and why you should hire a business consultant.
A business development consultant provides advice, guidance, and necessary changes in their area of expertise to achieve the profitable success of a company.
Companies hire business development consultants for many reasons. According to an annual consultant report by The Predictive Index, most of the companies hire consultants in one of five areas:
- Human resources
- Risk and compliance
- Financial advice
Consultants are hired in above areas but the trend is clear: Strategy and financial consulting are considered the most.
- What does a business consultant provide??
- Identify Profitable Sales Segments
Accelerate your growth and drive higher margins by focusing your sales activity on faster-growing, more profitable segments using the detailed market size and share analysis, some consultancies also provide advanced 5-year forecasts quantifying the evolution of future demand.
- Find & Win New Clients
Identify specific companies to target using a database of public and private companies with advanced screening capabilities, and provide an immediate response to client RFPs with detailed insight into your customer’s market, products, and competitors.
- Find & Evaluate Go-To-Market Partners
They provide detailed intelligence across multiple channels and in-market distributors, operators and licensing partners, enabling you to find the right partners and de-risk your market entry strategy.
- Enable & Empower Sales Excellence
Accelerate sales cycles and revenue growth with a just-in-time virtual sales kit including interactive training videos, dynamic Battlecards, and digital customer simulations. The reason for hiring a business consultant is many, but you have to see the profits your company will make if you hire one? So, there’s this company called PwC(PricewaterhouseCoopers ) that ranks as the second-largest professional services network in the world and is considered one of the Big accounting firms, which helped a food delivery company called Chipotle.
Chipotle had been known to deliver real, hygienic and fast food for a very long time. But in order to maintain the shape of the demand curve and sales growth, they realized they needed to better understand their customers.
PWC helped Chipotle get started by putting a new approach in the middle of the taco universe, leveraging the way of working.
Bringing together business expertise (B), human-centred experience design (X) and technology (T), they reimagined loyalty from strategy and experience design to market testing and nationwide roll-out, down to the store level. PwC consultants and technologists were there to brief and influence the design and tech path, requirements, integrating the needs of multiple teams around the world, with customers’ data and privacy top of mind.
Pwc’s BXT philosophy helped Chipotle strategize, design, test and launch a new loyalty platform within 18 months, across 2,500 stores.
- Six million enrollments and counting
- 99% increase in digital sales.
- 1 million enrollments in Chipotle Rewards within the first week
- $1.4B in revenue, an increase of 13.2%
And most important is feedback and Chief Restaurant Officer, Chipotle said it was
“One of the smoothest launches in company history.”
- Why would you ever hire a business consultant?
Using experienced and skilled consultants to figure for you within your industry could be rewarding for your organization. Planning the course of office politics and taking the blame for reducing headcount or other cost-cutting measures, consultants are change agent experts and may act as that outside voice to interrupt up the roadblocks and make things happen.
Why attempt to invent a best practice when a consultant has probably already implemented it multiple times?
- When is the correct time to hire a business consultant?
Hiring a business consultant can be a tough decision as it consumes a large investment of time and money. If you hire at the correct time in the starting growth of your business, though, your investment can return notable benefits for your company’s revenue, reputation, and long-term growth.
Keeping in mind the following needs as indications that your team should hire a consultant.
- Lack of in-house resources:
Looking to launch an online marketing campaign? That’s one of the reasons to hire a consultant to teach you the right path and how to move forward without any risks.
- Expert Insight
When you’re making major decisions that will affect the future of your company, such as changing from a startup to a recognised company, a professional consultant can give you profitable advice which can save your time and money.
- Process of optimization and Analyzation
Often, businesses don’t have enough time or ability to critically examine their core analysis. Hiring a consultant can optimize and develop your core processes, which gives your business an aim to operate efficiently.
- The need for a Business Consultant
Creating a development plan & Guiding your focus
Amongst all the crucial jobs of a business consultant, to guide you through the process of developing a business plan is the most important one. The plan will provide you with an insight into the execution and all the required elements. The consultant that can help you decide where to focus the business owner’s time and energy to get the maximum results.
Combining technology with business
The consultant will be able to give you an insight into the exact execution, So you can begin the thought process for the right technology and processes to operate your business for obtaining optimal results.
Coordinating with the team
A business consultant can also help the business owner assess when to hire and guide new members in the hiring process. The process is a big commitment towards the organization and so it must be done right.
Root Cause of Inefficiencies
Business consultants who explore your failures and temporary work can provide a different perspective and can provide reasons to address the primary cause of the failures.
Value Beyond the Immediate Need
Consultants don’t just provide solutions to acute problems. Business consultants also create new ways for the client development system in case of a future roadblock.
- Perks of hiring a business consultant
Here are some advantages of hiring an external expert to aid your business development.
- Experience & Expertise: Special skills that your teams cannot quickly learn. Someone having industrial expertise in this field is better to advise and initiate before handing over fully to your in-house teams.
- Broad Skill-sets: Business consultants have skills like interpersonal communication skills, analytical skills and are creative thinkers as well as problem solvers that help the employees in training programs.
- Objectivity: External consultants are truly impartial and independent. They will always provide you with an unbiased opinion of your organisation’s strengths and weaknesses concerning your objectives as well as best practices.
- Root Cause Analysis: Business consultants can add value by researching and analysing the data to come up with practical and logical solutions to the challenges faced by the company.
- Insight: Perhaps, the biggest benefit that business development consultancy offers is a real perspective on issues. They leverage the insight and knowledge gained from the experience their company had with other clients to create realistic and achievable business development plans.
- Networking: Global level consultancies like BCG, Mackinsey, Capgemini, global data etc comes with great networks of companies that they worked with. This also one of the major reasons to hire a business consultant.
In conclusion business, consultants might cost you a little more than usual, but their feedback and planning might help you increase business and increase profits while eliminating problems and identifying problems to ensure future success.
Companies should hire a business consultant when they lack expertise in their organization, in need of another perspective, or need to audit or restructure their business and operational infrastructure.