What Does a Business Consultant Do.... and Why Do You Need One?

FB What Does a Business Consultant DoConsultants are professionals who can help businesses with their current operations, or offer advice on improving their future prospects. Most people think that business consultants are only for big companies, but that couldn't be further from the truth.

By now, you’re probably aware of the worrying statistic that 50% of small businesses fail within the first five years. Running a business is risky, and it pays to have an expert who can show you the way.

Often, things go well for small businesses during the first few years. However, significant growth requires a lot of investment and this is when businesses often begin to experience financial difficulty. These problems become even worse if their period of growth coincides with tough economic times.

So, how do you know when it’s time to bring in an advisor? Let’s take a look at the different types of consultants and what they do, as well as some signs that indicate when it is time to seek professional help.

 

What is a business consultant?

A business consultant is someone who helps businesses to prioritise, manage and grow. They can help with everything from branding to operations to marketing. For example, consultants can help business owners find ways to streamline their organisations, such as creating better processes or implementing new digital tools. Alternatively, they might help to generate new leads and increase conversion rates.

Business consultants are not only for large companies; they also work with small-scale enterprises and startups that need help getting off the ground. Business consultants usually have a wide range of skill sets that they employ during their consultations, including financial analysis or technology integration. As such, it is important for owners to determine what type of consultancy would be best suited for their business needs before hiring one.

 

Signs you need a business consultant

There is never a bad time to hire an expert. Think of a business consultant like a personal trainer; no matter how fit you already are, their expertise will enable you to become stronger and fitter, and identify any blind spots you may be missing in your workout routine. However, there are some telltale signs that your business is really growing out of shape and needs to get back on track ASAP, such as:

Rapid growth: Growing at an unsustainable rate can overwhelm your business and do more harm than good. A business consultant can help you to prepare for and manage expansion so that your business doesn’t break in the process.

Stagnation: If your business is on the road to nowhere it is time to call in a consultant to get things moving again.

High staff turnover: This can really harm your business in the long term and is in itself a sign that something is wrong.

Demotivated staff: Again, this is bad news for productivity and profitability, as well as an indicator that something is amiss.

Inefficiency: If your operations are time-consuming and expensive, it’s worth calling in an expert to rectify the situation.

Poor results: Your marketing just isn’t working anymore and you’re losing ground to your competitors.

 

How to find the right business consultant

To find the right business consultant, it’s important to first identify which problem(s) you are trying to solve. If you are struggling to manage rapid growth, for example, then it is best to hire a consultant who specialises in that area, rather than in marketing. It is also best to find a consultant who works specifically within your industry and really understands the difficulties you are facing on a granular level.

If you are unsure of what kind of help you need, it may help to start by asking yourself what your business goals are. Do you want more leads? More conversions? A better website that will attract new customers or keep old ones coming back for more? The consultant's job is to take into account the current state of your business and then offer advice on how to improve its future prospects.

 

Summary

Although you wear many hats as a business owner, it is important to remember that you can't do it all alone. Calling in an expert will help you identify the areas of your company that need improvement and provide solutions for those challenges. When looking for a consultant, be sure to consider what type of industry-specific expertise and experience they have. The more research you put into finding the right person for the job, the better chance you'll have at improving your company's prospects.

 

If you are interested in finding out about the business consultancy services we offer at Atholl Accountancy, we would love to hear from you: This email address is being protected from spambots. You need JavaScript enabled to view it.

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