Growing your company into a successful business is no small feat – as a business owner, you’ll have to formulate a solid business strategy and be able to react to the changing market. This can be a tremendous task that requires professional help, for example from a business growth consultant. Who is that, what does such an individual do, and why is it worth investing in business growth consultancy? You’ll find answers for these below.
Who is a business growth consultant, and what does one do?
A growth consultant for business can be defined as an expert advisor, who’s job is generating results and driving financial success through providing strategic advice based on the company’s key challenges, desired goals and set objectives.
In other words, a business growth consultant helps a business overcome obstacles that inhibit its development, thus enabling it to leap ahead by recognising new venue opportunities and ways to improve internal processes. The exact scope of provided services is an individual matter – consultants adjust their work to the unique needs of each organization.
Business growth consulting can be divided into 5 distinct phases:
- Discovery and discussion – the first phase consists of in-depth analysis and diagnosis on the business’s status and its needs. This also includes revising the business model, target market, set goals, major competitors and so on.
- Long-term strategic planning – next, business consultants use the gathered data to formulate strategic plans for the company’s future. These include everything from long- term goals, through expertise and tools needed to achieve them, to pointing out potential improvement opportunities.
- Training – when the plan is ready, consultants make sure that everyone on the team is on the same page regarding formulated business strategies and understands their role in implementing them.
- Action plan implementation – in this phase the company executes said strategies and plans, while business growth consultants work on responsive monitoring/supervision, guiding the organization to achieving set goals and measurable results.
- Evaluation – the consultant’s job doesn’t end with the execution of formulated strategies – after everything is done, it’s time to evaluate the results and determine how successful the project was.
The benefits of hiring business consultant
Getting a professional to prepare your company’s growth strategy and business objectives can and will greatly boost your business development. Here are the main benefits of hiring professional business consultants:
Deep insight backed by relevant experience
Consultants specialised in business growth typically have years of experience in leadership positions, as they performed specialised roles in large companies. Many of them also have impressive records as entrepreneurs that built businesses from the ground up. Others are prominent investors able to accurately identify businesses’ potential and key growth areas.
Regardless of their background, business consultants can provide your business with valuable insight based on practical experience, which gives you the leverage to reach new highs.
Unbiased and clear perspective
Due to not being emotionally attached to your business, a growth consultant can provide you with a fresh, unbiased “outside” perspective and impartially point out real problems and shortcomings affecting your organisation. This is especially important for small businesses and startups which often fail due to lack of experience, wanting to preserve tradition, or simply the fear of change.
As an external resource, such consultants can help you see the big picture and take daring steps, which would seem impossible due to your emotional attachments and focus just on your business.
Access to valuable resources and tools
A professional business consultant typically has access to all sorts of valuable resources (such as latest market research) and cutting-edge tools, which will be used in helping your business.
Gaining access to those on your own would consume far more budget than hiring consultants – we’re talking about thousands of dollars spent just on yearly subscription fees for in-depth market research papers. Plus at least hundreds more for the tools (many of them require monthly fees) and thousands for training personnel to use them properly. Even large organisations, not to mention small and medium-sized businesses, could have trouble with including such additional costs in their budget – especially if they struggle to stay afloat.
Long-term money and time savings
Although hiring a business consultant isn’t cheap, the provided expertise outweighs the costs in the long run – with the consultant’s help, you can avoid dead-end investments and wasting time/money on redoing things over and over without proper insight.
Moreover, consultants can make your business more profitable and help it sustain that profitability throughout future marketing campaigns.
Result-oriented and customised approach
This one is quite obvious – consultants help you with setting the right goals and milestones, as well as measuring performance and updating strategy.
All these result-oriented actions are individually tailored for your company’s needs – consultants take time to thoroughly explore your business and assess its unique nature. Thus, you’ll get exactly what you need to be able to grow.
How to pick the best business consulting services?
While browsing for a suitable business growth consultant, make sure you pay attention to these key factors:
- Portfolio – the easiest way to assess someone’s capabilities is to check their previous work and acquired experience. The best candidates would be people who own or owned successful businesses and have partnered with companies of similar sector, size, and needs to your own.
- Problem-solving skills – due to the nature of the job, a good business growth consultant should possess excellent analytical skills and be adept at creative and innovative thinking.
- Communication skills – beside being able to pinpoint problems and come up with valid solutions, a business consultant must be able to convey ideas and information in an easy to comprehend manner. Both the consultant and you should be able to share info in a quick, clear, and accurate manner, so there won’t be any misunderstandings and everyone would know what to do.
- References and reviews – last, but not least, double-check the consultants’ credentials with client references and reviews. This will help you select the ones that adhere to their promises and cultivate the individual approach method.
A good business growth consultant can help your company with its issues, formulate a valid corporate strategy, and build a brighter, more efficient future for it. Thanks to the individual approach, professional business consulting services can help practically any business, no matter its size, operating time, or sector. If you’re looking for solid business growth consultancy in Australia, make sure to check Silicon Cities – an innovative Sydney-based consulting & advisory firm.