Can a business consultant help you run your business?
In the current economic climate hiring a Small Business Consultant seems like a risky proposition. The concern is that you are potentially spending out big money for uncertain rewards. So many are choosing to focus on short term survival and losing sight of their long-term objectives and vision. This can seem like a great plan at the time – cash flow in uncertain times is what is going to keep you in business after all. But this comes at a cost – you are delaying taking actions which could have an immediate positive impact on your business – by reducing costs and wastage that are dragging you down, streamlining systems, and helping you access new markets or develop new products and services. Consultancy can have a bad name, which is why many people brand themselves as Business Advisors instead – but it is by and large the same service you are buying.
So what are the 4 top reasons why hiring a consultant is a great plan?
Do you feel in control of your business and your life? Do you run your business or is your business running your life?
There is no right or wrong answer – many business people love being on call 24/7, and are happy to organise their life around their business. For others a strict work / life balance is important. But over time our priorities and enthusiasm change. And that can lead to problems. By working with a consultancy company you can get support to change this potentially damaging dynamic helping you have a better work:life balance while increasing business performance.
Are you maximising profitability?
The glib answer is usually “Yes”. But no business is streamlined perfection. There are always bits which are not as slick as they could be, and these are sucking profits out. I include things such as staff turnover, training which has poor impact, and recruitment costs within this area. These are the areas that are often not focused on when we are looking to shave costs. And it is not about doing less training – more about working out ways to improve the impact of the training budget to improve business performance and staff engagement.
Do you feel supported as the boss?
It is incredibly lonely at the top – especially during difficult times. It can be hard to find people to give you honest feedback on ideas, and to help you move in new directions – to push you to be bigger bolder and braver than you would be normally. Who can you talk to about your worries? Because you have to present a brave face to your staff if you are to lead them effectively, even if you feel like you are falling apart or hanging by a thread.
Do you have all the skills you need in your business already?
Top talent is expensive, and for smaller firms you don’t need a big team of expensive full-time directors. Hiring part time talent gives you the biggest bang for your buck. This also changes as your business grows and develops, so examples of consulting services that can have a big impact can be hiring a consultant at board level on a part time basis – giving you very high quality IT, HR, Sales, and Finance capability from people who have worked for larger businesses and can share this experience to boost growth and development.
So now I have tempted you, there are some practicalities, and the 5 questions we are asked most often are:
What does a small business consultant do?
Small Business Consultants help to drive business growth, profitability, innovation and help businesses overcome growing pains, find new markets for their products and services; streamline processes; improve the use of IT.
This might be working as an external advisor or getting their hands dirty and helping to complete a specific project
How to find a business consultant?
Start by thinking what problem it is that you are trying to solve. Not all Small Business Advisors are created equal. Your decision is likely to be based on two factors:
Comfort with the specific area of expertise needed
Personal relationship
Asking others for their recommendations can be a good start, plus internet searches. Combine this by looking for various membership organisations who can give you a degree of confidence about competence.
What is the typical background for a consultant?
Most Small Business Consultants will have a couple of decades of business experience – either from a corporate background or as a serial entrepreneur. Look for qualifications as well as experience.
How much do business consultants charge?
Think in terms of £100 to £200 per hour for a Business Advisor, but companies branding as delivering management consulting, business consultancy or even strategy consulting are likely to charge you much more than this.
Why do businesses choose Be Astute for consultancy services?
The business consulting services that our clients choose Be Astute for is to get support on how to use technology better within their business to improve profitability, productivity, reducing bureaucracy, and helping to get better data led decision making to drive performance and strategy. We use state of the art AI driven Talent Diagnostic software to support our clients with streamlining and improving recruitment, succession planning, and team performance. Finally, we deliver a range of data led training programmes to enhance staff performance.
Want to know more?
Visit our website, find us on LinkedIn or book a virtual meeting.