It’s guest post week again and today we have Rachael Everly sharing her perspective on the importance of getting an outside perspective as you begin to build your business. Here’s Rachael:
It’s an established fact that managing a small business single-handedly is an uphill task. You have to operate within limited resources, time constraints, and an uptight budget. You have to direct your thoughts and energy in several different directions and you certainly do not have enough money to risk it in the wrong ventures or investments.
With the piling costs and expenses, hiring a small business consultant may not seem an attractive option, especially when you are in the struggling phase of your business. However, it’s actually a great opportunity to explore your business prospects and carry out thorough market research to work out breakthrough solutions in competitive times or a weak economic climate.
The rising need for a third perspective
Basically, hiring a business consultant is like outsourcing so that the company itself can focus and concentrate on the core business competencies. In order to maximize the ROI and productivity of a business, it is highly important to have a strong command of the niche you are operating in. Gaining access to the right knowledge and information requires time and that is exactly what you do not have. It can be beneficial to have a third-eye perspective to analyze your previous campaigns and build a concrete marketing plan consistent with your organization’s culture and values.
Engaging a consultant could also mean providing employment opportunities to college students after graduation, who are equipped with the latest knowledge and technology and are more than eager to implement them in the corporate world. The youth today can provide an innovative insight into business operations and can help you develop a deep understanding of the prevailing marketing trends as they are quite capable of networking and establishing trustworthy and long-term relationships that can be leveraged to increase value for your business.
Being a small business, you need to cut costs!
Small business strategic consultants can be hired for a particular project that needs to be delivered on time and requires a fresh new perspective and an “out-of-the-box” idea to meet the clients’ expectations. Hiring part-time consultants can be a major source of cutting costs as it does not involve the challenges associated with hiring full-time employees and having to pay other perks and bonuses, which a small business is not yet capable of doing.
The primary reason that small businesses prefer business consultants over full-time employees is to obtain the right expertise wherever it is required and more importantly for as long as it is needed, as the client is billed according to fix rate or the project at hand. No long term commitment is required hence reducing the pressure off the company’s shoulder.
What do these consultants actually do?
Small business consultants can range from fresh graduates whose creativity can help develop business ideas to experts and professionals who have years of hands-on experience in assisting companies to figure out the areas of concern to be handled and the opportunities to rely on to make the most out of them.
They collaborate with the executive team and the management and carry out a SWOT analysis to assess the current status of the company and where it stands in the existing market scenario. This forms the basis of developing viable growth strategies, setting practical and attainable goals, and setting a path to achieve them with minimum time and hassle. Furthermore, certain changes need to be made to accommodate the growth, streamline the system, and restructure the business model to achieve maximum output.
Hiring and working with and around business consultants can provide your business with the unique, flexible, and low-risk approach to your business initiatives and problems.
Rachael Everly is an undergraduate student who loves to write on the topics related business,finance and education. Follow @Rachael Everly for further updates.