Businesses are always searching for ways to boost their bottom lines and increase the number of customers buying their products. This is a job that tends to be equally challenging for companies of all stripes but can be particularly difficult for SMEs that may be unable to dedicate entire departments to the task. This is where a business consultancy service comes in to save the day. A consultant specializing in business growth can dramatically improve all aspects of a business, from uncovering inefficiencies to helping management teams discover new opportunities they might be able to capitalize on. This post looks at seven ways these consultants will reignite the spark, get a company back on track, and ensure all the good numbers are moving up and to the right.
They Can Help You To Come Up With Clear Objectives
A business without clear objectives is one that will remain floundering for the foreseeable future. There is no possible way other than luck that any company can possibly expect to make money if they are unable to develop and follow through on a set of foundational principles designed to fit the style of business and desired outcomes. The Johnny Grow business expansion consultants are experts in this area and, like others, will usually make their first interactions with you a discussion session where you will inform them of what you believe your key issues are and where you want to be at a set date. By developing a set of objectives, you will have a dedicated plan to follow with an idea of the direction you need to travel in order to achieve them. These objectives will be highly targeted toward your particular industry and operational abilities and, in most cases, will be highly specific. Some examples might include:
- Increase Monthly Recurring Revenue (MRR) by 15% within the next 6 months through targeted customer retention and upselling initiatives.
- Reduce operational costs by 10% within the next 9 months by implementing a streamlined supply chain and automating 2 key internal processes.
- Improve customer satisfaction scores (measured by Net Promoter Score - NPS) by 20 points within the next 12 months by implementing a proactive customer feedback system and providing targeted employee training on customer service best practices.
These are only examples, and yours will obviously differ based on your discussions, industry, business maturity, and other factors, but they give you a good idea of how a clearly defined set of goals can help drive forward a plan of action.
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Outside Consultants Identify Issues Without Internal Biases Or Preconceived Notions
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One of the biggest problems that most businesses face is that they tend to be so wrapped up in their own ease of doing things and internal processes that it can be hard to see the forest for the trees. We all develop biases; this is just human nature, but unless you’re prepared to step outside of these biases where it makes sense to do so, you will forever be stuck in a feedback loop that puts a hard stop on any action you might want to take. Because these people are coming in and looking at your business from the outside, they are best positioned to look for problems that you and your team are simply unable to see (or have chosen to ignore for legacy reasons).
Hiring Consultants Often Saves Money Compared To Full-Time Employees For Specific Projects
In some cases, and if your company is of a specific size, you might only choose to hire a consultant for a particular project that you’re starting. This is a perfectly legitimate use of this service, and it allows you to free up other staff for existing projects that might already be profitable and that you don’t want to divert talent away from.
Consultants Share Proven Strategies To Streamline Processes And Boost Overall Productivity
When you hire a consultant from a reputable company (or an individual who is well-respected), you gain access to a person with a vast database of knowledge gained from multiple businesses they’ve previously worked with. This is the kind of value that you simply can’t find elsewhere, and it allows you to take advantage of everything they‘ve learned over the years. While every business demands a tailored plan of action, the fact is that because these people have stood on the shoulders of giants, so to speak, they can usually see further than you and use this vision to suggest changes that make a difference and will actually move the needle.
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Advisors Apply Analytics To Solve Complex Operational Challenges And Create Solutions
You will likely use a range of analytical tools in your day-to-day operations, but as we previously mentioned, biases have a habit of creeping into all aspects of life, even when it comes to raw data. A business consultant can take a clear look at the data you’re bringing in and suggest ways to capitalize on the information that is being presented.
They Provide Valuable Training Sessions To Enhance Employee Skills
In some instances, they may even be able to train your staff on new ways of working that will boost productivity and ensure that every hour worked yields a larger reward. They might not undertake the training themselves, but they will assist in setting up any new training manuals and help you to see where productivity is lowest and the reasons why that might be. In some cases, just a few basic tweaks to how things are done can reduce incidences enormously and lead to a far higher output and customer satisfaction.
Long-Term Strategic Planning Assistance
It’s not only the immediate, short to medium-term objectives they will help with, but many of their suggestions will be directed toward giving you a plan for long-term success. By setting out where you need to go over the next five, ten, or even twenty years will provide you with enough ammunition to keep your business operating successfully for years to come.
Hiring a business consultant may very well end up being the best thing you could ever do for your company. They are experts at providing you with an unbiased and data-driven plan of where you’re going wrong and what you need to do to improve.
