60% of business closures that happened due to the COVID-19 crisis are now permanent.
If you are one of those organizations that find it challenging to remain afloat and adapt to the recent market changes, let alone generate revenue and drive returning customers, then you’ve come to the right place.
From digitalization to identifying newly arisen business opportunities, your organization may stand to gain a lot by engaging an expert with a firm hand of the markets’ pulse.
In this article, we will highlight the benefits of employing a business growth consultant and the steps to choosing the right one for your needs.
Let’s dive in!
A business growth consultant is an expert advisor who focuses on understanding a company’s objectives and desired goals, recognizing its key challenges and providing strategic advice that generate results and drive financial success.
At some point in their life cycle, most businesses will plateau, hitting certain barriers that slow down or stifle further growth.
These obstacles may be:
This is where a business consultant can make all the difference.
These experts help organizations improve performance and efficiency as well as leap ahead by recognizing opportunities for internal process improvement as well as growth potential through optimized or new streams of revenue.
Their solutions typically cover the following key phases:
In addition, some business consultants may also offer on-going training and support and collaborate with their clients long-term, whenever they need help and professional advice on specific areas in their businesses.
Depending on each organization’s unique needs and goals, these experts may provide a different range of business consulting services.
As such, their services may include defining the basics of a business strategy to restructuring the company to optimize performance, seal revenue leaks and improve profitability.
Here are some examples of the specific tasks they may undertake:
Some additional business consulting services that these experts may offer include:
These are the major benefits of hiring a business growth consultant:
It often happens that business owners are not able to impartially point out the real problems that affect their organizations.
The wish to preserve tradition, lack of experience or fear of change are some of the main culprits that drive small businesses and startups out of business.
Business growth consultants can help organizations overcome this challenge since they have the expertise and experience necessary to see the big picture.
In other words, they see your business as part of a broad ecosystem that includes the industry and your target market.
These experts serve as an external resource that has no emotional attachments to your business and they breathe confidence into making daring moves by bringing a proven track record of success to the table.
Business growth consultants typically spend years performing specialized roles in large companies where they held leadership positions.
Many business consultants are entrepreneurs themselves and boast a track record in building businesses from the ground up.
Others are serial investors capable of identifying businesses' potential.
In any of these cases, your business consultant should come in with a wealth of insights and experience for you to leverage.
All that expertise and experience usually comes with hefty rates, no solid promise (the markets are unpredictable) and timeline estimates that may exceed the ones you hoped for.
However, acquiring this expertise can save you from many headaches down the road.
Firstly, business consultants justify their rates by making your business more profitable with a focus on sustained profitability.
And secondly, they identify structural and other process-related issues that may lead to fruitless investments and do-overs in the long-run.
From subscriptions to the latest market research to cutting-edge tools, business consultants typically come in equipped with all kinds of valuable resources.
We are talking about resources that cost from $200 per month like SimilarWeb for instance (a tool that helps you spy on your competitors' website data) to thousands of dollars in yearly subscription fees to in-depth market research papers.
There is no one-size-fits-all solution when it comes to business consulting services.
To help companies grow and achieve the desired results, business consultants take the time to learn about the struggles and needs and then they tailor their advice and strategic action plans based on the unique clients’ challenges and goals.
In addition, these experts also take a results-oriented approach helping companies set the right goals and milestones as well as KPIs for performance measurement and strategy updates.
Business consulting services are not limited to one sector or company size only.
In fact, both startups and established organizations can benefit from hiring a business growth consultant.
Partnering with these experts is a great idea if:
Especially during challenging times like the COVID-19 crisis, when most organizations are struggling to remain in business, investing in expert resources like these could mark a pivotal moment in your organization’s life.
According to Yelp’s 2020 Local Economic Impact Report, because of the pandemic, business closures continue to rise nationally.
The sectors that are hit the hardest are:
So, if your organization operates under some of those sectors, then considering business consulting services can come quite handy in difficult times like these.
According to the US Small Business Administration, in 2020 there were 31.7 million small businesses in the country.
But will all of them survive?
If we look at the US Bureau Of Labor Statistics’ table on the survival of private-sector establishments by opening year, we can conclude that about:
The reasons behind these failures may vary from lacking a business model to having the wrong team on board and getting outcompeted.
Running a small business is hard work and these insights support this fact. Despite having a great product, sometimes it may be difficult to drive sales.
And one of the biggest mistakes companies make is trying to keep their business going without the benefit of a repeatable sales process.
A business growth consultant can help you execute a proper strategy and find employees with the right skill set so that your company can cut through the noise, attract the right audience and discover new revenue streams that will push your business forward.
When selecting the best business growth consultant for your needs, make sure you consider the following key factors:
Ask every potential business growth consultant the following questions to help you make the right choice:
A business growth consultant has the ability to recognize the companies’ biggest challenges and offer solutions so that they can increase efficiency and profitability.
The biggest benefits of considering professional business consulting services are:
All businesses who want to advance, no matter what size they are or what sector they belong to, should invest in a business growth consultant if they don’t have the expertise in-house.
To choose the most suitable partner for your needs, consider the following factors: