What Are The Different Types Of Business Consultants?
Business Strategy
When most people think of top business consultants, they think of business strategy and development -- and for good reason. Improving an overall business plan and strategic tactics is the main focus of many consulting agencies.
The best business consultants who target business strategy are able to offer services such as management consulting and general business audits that can direct your focus to areas that will grow the company, increase revenue and please shareholders.
Information Technology
IT consulting and strategy firms have highly skilled and qualified experts in place who will be able to come to your offices, implement a program, troubleshoot any issues while the implementation is taking place, and train full-time employees how to properly utilize any system.
Some IT consulting firms will be able to send consultants who are well-versed in developing programs too. IT consulting agencies can also include certain security analysts, website developers and computer network architects.
Marketing
Marketing consulting firms gather competitor analysis, detailed audits, market share information and business and demographic data to advise a business on possible marketing ventures.
However, they shouldn’t be confused with digital marketing agencies -- although they can sometimes see a similar focus, marketing consulting firms provide a much more mathematical, analytical approach to marketing. They are well-versed in overseeing projects, budget management, and translating data into actionable outreach.
Human Resources
Human resources (HR) consulting firms are contracted to help businesses with employee relations and should be used to improve the general function of an HR team or department.
Specific tasks include defining employment terms, facilitating a change in upper management, determining retirement processes, overall talent management, and implementing career development and growth opportunities for various team members and the company at large.
Financial Services
The best financial consulting firms offer a wide variety of revenue-related services, including risk management, investment opportunities, tax assistance, company restructuring and real estate.
Top finance-centric consulting and strategy firms usually have access to top talent pools. Consultants are highly-screened, heavily tested, and usually held to a strict GPA cut off from top MBA programs.
What Do Business Consultants Do?
The best consulting firms offer a range of services to meet the needs of clients facing a diverse set of challenges. These services cover a variety of functions, including marketing, management consulting, technology, and business operations, and typically include:
- Strategy Consulting
- Supply Chain
- Digital Transformation
- Mergers & Acquisitions
- Business Development & Operations
- Information Technology
- Sustainability
- Analytics & Data Management
- Sales & Pricing
- Human Resources
- Financial Management
- Marketing Consulting
- And more!
24 Questions To As A Business Consulting Company Before You Hire Them
- What is your focus?
- How many consultants or employees will be on our team?
- What is their experience?
- What standards or best practices do you have in place for attracting and/or training top talent that will help our business needs?
- How dedicated will team members be to our company/project?
- Will any consultants be placed in our office?
- What is your plan for tailoring your services to suit our business needs?
- How do you determine achievable business growth goals?
- How long do you think the project will last? How did you determine that timeframe?
- How often will we be communicating with the consultants from your firm?
- What is your process for creating a roadmap or strategy?
- Is the process linear or iterative? Why do you believe this is the most successful route?
- How do you plan to hold consultants and team members accountable for deliverables and deadlines?
- How will you solidify the results we will be striving towards?
- What clients have your firm worked with?
- What similar project have you worked on and what were the results?
- Have clients been happy with the results following similar projects?
- Have you ever had to revisit a project with particular clients to improve results after the initial end of a project?
- How do you plan to measure results?
- What is the cost of your service(s)?
- Are their tiers to pricing?
- Is there a discount or lesser price is we use your firm for more than one initiative?
- Are costs one-time, based on results, per hour or for a general time frame?
- Are there any hidden costs we might accrue throughout this project?
How To Find The Top Business Consulting Firms
Set Specific Goals
Studies show that setting specific goals vastly increase your odds of accomplishing -- and even surpassing -- them. But setting the right objectives for your business is a two-way street.
Before you meet with any business consulting firms, take a cold hard look at your business and determine where you want to see growth and how you want to see it evolve. Then, as you’re interviewing consulting and strategy firms, ask them what achievable goals they see in your future and how they plan to reach them.
Know The Business Consultants
When you hire a top business consulting firm, you aren’t just paying for their stellar reputation -- you’re paying for a collection of experts who will help advance your business.
Therefore, you need to take the time to understand each potential team members history, areas of expertise and prior successes and failures.
Forge A Relationship
Incorporating a top business consulting firm into your business plan means that you are essentially handing the keys to your business to an outsider.
So, it is imperative that you develop a strong and trusting relationship with the agency AND its consultants before you sign on the dotted line.
Create A Comprehensive Contract
When all is said and done and you’ve discovered the most outstanding consulting and strategy firm that will champion for your brand, work with your legal team to create a comprehensive contract.
It might also be worth your while to draft a separate non-disclosure agreement to protect private business data, information and future plans. While no one enters into a professional partnership expecting it to sour, airtight contracts will protect both you AND the firm and will ultimately breed a safer and more positive working relationship.
How Much Does It Cost To Hire A Business Consultant?
The best business consultants vary drastically in price, particularly due to the services a brand may need.
For instance, long-term financial business consulting firms will likely cost more than short-term recruiting advisors.
But overall, expect to pay upwards of $175 per hour for U.S.-based business consulting firms, and between $35 and $75 for outsourcing business consulting companies in areas such as Eastern Europe.
Explore top business consulting companies in the table at the top of the page!
