What you need to know before hiring a Business Consultant
Business Consultants can help companies overcome challenges and be a valuable asset, but what exactly is a consultant? By definition, consultancy is the provision of advice to a company related to its structure, organization, operations, finance, accounts, and management. Organizations are complex structures, and sometimes, an outside and specialized eye may provide better insights than someone working within the company. However, it is important to ensure you do your homework before availing help from a business consulting services provider. Some things you should consider when seeking the services of a consultant:
Do they have relevant experience and previous success helping companies similar to yours
Are they proactive and responsive to your needs and concerns - are they collaborative? Businesses should not want a consultant who works in isolation.
Are their rates competitive for the services they provide - not all consultants charge by the hour. Some may charge per project, a daily rate or even a retainer. Understand what works best for your cash flow and business model
Review their resume - do they have the necessary certifications/degrees relevant to your industry
Request examples of past successes and speak to those businesses directly - do they have a proven track record with consulting
Do they have hands-on experience - consider looking for consultants who have successfully owned or run small businesses
Is their experience applicable to your needs - while it is important to have industry knowledge, consider the possibility of fresh ideas a consultant can bring to the table with a broad knowledge in a variety of industries
When hiring a consultant, you must first understand your needs as a small business owner. Small business owners hire consultants as a cost-effective way to bridge a gap in knowledge and skills within their company, or as a way to bring a fresh, objective and professional perspective to the company. There are several reasons business owners should consider hiring a consultant. They can offer a wide range of helpful services such as:
Providing expertise in a specific market - either in your current market or perhaps a market you are looking to expand into
Identifying problems and offering viable solutions allowing you to capitalize on opportunities
Supplementing existing staff - remember outsourcing for a consultant provides you with flexibility and saves on overhead costs (payroll taxes, benefits, training, etc)
Providing objectivity which can offer tremendous value when making business decisions
Teaching and training current employees
Reviving an organization by eliminating unnecessary staff, helping your business expand into new markets, reducing overhead costs, or streamlining current processes
Hiring the right consultant can be a cost-effective way for a small business to leverage specialized knowledge. Conversely, hiring the wrong consultant can cost more than money - it can also cost you a lot of wasted time and energy. Because most small businesses are already working on a tight budget, it’s imperative that the right consultant is chosen. Do your research, ask questions, and make sure you find a consultant you connect with on most points, can communicate with easily, and whose expertise has been vetted.
Our Team at Bottom Line Strategies is analytical and creative, leaders and collaborators. We work alongside our clients as one team with a shared ambition to achieve extraordinary results. Our testimonials highlight our experience and results. Many factors play a role in the success or failure of small businesses. We focus on success - our goal is to help you achieve yours! Please contact us to set up a free consultation to discuss your specific needs. We are here to help!
