Creating an independent or small business is a really exciting time. You’ve put in the hard work, and now your creative ideas have come to life, but unfortunately sustaining that business is easier said than done.
The number of small businesses in the UK grew 55% in the past 20 years from 3,535,500 in 2002 to 5,465,300 at the end of 2022, but dropped 8% from 2020 to 2022 due to the effects of the pandemic.
As a business owner, it can be almost impossible to handle everything yourself, from bookkeeping to human resources to technical support, the never-ending list of tasks to execute can seem like a minefield.
That’s where a business consultant comes in.
While some small business owners put off hiring a business consultant because they are unsure of their needs or how to calculate the return on investment, we’re here to help with that.
Throughout this guide, we’ll explain what a business consultant actually is and the key reasons to hire a business consultant for your organisation, leaving you with a clearer understanding of how they can help you achieve your business goals.
What is a Business Consultant?
A business consultant is a skilled individual who helps business owners with their objectives and goals. They’ll have prior training and experience in this sector which qualifies them to advise on decisions that will positively impact your business.
Business consulting services also offer management consulting to aid firms in enhancing their efficiency and profitability. These internal and external workshops conduct in-depth analyses of businesses and develop solutions that aid them in achieving their business objectives.
Nearly any business can benefit from a business consultant or management consultant. For example, a start-up may need continuous planning and benefit from advice on how to begin in a strong position, and an established company can always benefit from a fresh perspective.
As such, it makes sense that the consulting services sector has expanded at a fast pace in recent years, leaving business owners to keep up with the changing trends.
In short, the revenue, reputation, and long-term growth of your business can all greatly benefit from your investment if you work with a business consultant or consulting firm at the right time.
6 Reasons To Hire a Business Consultant in 2024
Whether you need assistance with your overall business planning or are aiming for better growth for your business operations, hiring business consultants has many benefits for you and your business.
Cost savings and profitability
Business consultants’ capacity to optimise operations by reducing expenses and boosting profitability is one of their strongest qualities.
A good business consultant can assist your company with financial planning, implementing cost-saving strategies and more effective working practices that could boost sales or improve services or goods.
They monitor spending, provide expert advice regarding your company’s finances and business strategy, and free you up to concentrate on your strongest skills to achieve your business goals.
Industry expertise
A business advisor or consultant would typically specialise in a certain field, enabling them to deliver the specific, in-depth knowledge needed for any given industry or organisation. One study states that:
“Companies need external consultants with strategic knowledge about business administration, business development, as well as expertise about the industry in which clients operate.”
In addition to the extensive training that many companies will give a consultant, advisors will work with numerous clients in their speciality area, keeping them informed of the most recent trends and advancements in the industry.
This will help organisations stay ahead of the curve and get the most out of new approaches and business models.
Outside perspective
Keeping on top of everything going on in your business can be challenging, and sometimes, issues can end up getting brushed under the carpet.
It’s easy for you and/or your employees to overlook some concerns or come up with justifications for their prevalence after working under the same settings for a protracted length of time.
A business consultant operates as an impartial third party, giving your company a fresh viewpoint on what you are doing right and where you may make improvements.
The obstacles that are preventing your company from growing can be rapidly identified by consultants with fresh eyes, leading to crucial improvements that could be very advantageous for your company and your success with prospective clients.
Low risk and high reward
Hiring can be difficult, especially in the current economic and employment uncertainty climate. This can be especially difficult for small businesses.
When you are under a time constraint, and the task needs to get done, it may take several months before you can recruit a person, which is not always a viable alternative.
What happens if financial constraints force you to terminate the post in a month?
Hiring a small business consultant gives you quick access to someone who will get to work immediately and be valuable instantly. Without becoming permanent, they can assist you for as little or as long as you require. As such, consultants can provide an organisation with a quick solution with little risk and big rewards.
Networking
The larger your network and the more connections you meet, the more successful your business will become. In fact, both you as a professional and your wider firm will benefit from having a network of experts in your sector with a range of experiences, skill sets, and industry expertise.
A quality consultant will benefit your business in the long run by helping you finish the project and providing immediate assistance in improving your business processes and practices, including your current networking efforts.
Consultants can become vital to your business growth and ultimately can champion your company to networking opportunities!
New ideas
Consultants can also apply their objectivity to significant creative solutions because they are not constrained by certain ways of doing things or a company’s historical culture and techniques.
They can give ground-breaking insights and strategic thinking at variance with what a client might traditionally have thought of because they don’t have to worry about whether or not their future work may depend on winning over a company’s leaders.
In simple terms, they’re more likely to think outside the box!
Expert Business Consultancy Services from Startupbusinessbureau
To sum up, when a company lacks internal experience, requires a second perspective, or needs to audit or restructure its business and operational infrastructure, it should hire a business consultant.
At Startupbusinessbureau, we have experienced consultants within the construction industry ready to take your business to the next level.
Our business consulting services offer key business strategies, methods, and tools across many industries and disciplines that will allow you to take your business to the next level.