The business world is rife with challenges. Some of the common challenges include financial challenges, productivity problems, data security issues and human resources challenges. If a business cannot resolve a particular problem in-house, then the business would be wise to hire an experienced business consultant to find a solution to the problem, especially if the problem presents a potential threat to the business. With that in mind, here are four benefits of hiring a business consulting expert:
Objective Outsider’s Viewpoint
An outsider can look at business problem objectively and offer a viable solution. In addition, the consultant would be able to address even the issues that the in-house team would rather ignore. According to Chuck Williams, Dean at Butler University College of Business, this is a common problem in family run businesses where people who have worked together for years can split into highly hostile and opposing camps. This is where a consultant comes in handy because the consultant does not have a stake in the business. As a result, the consultant would be able to address a problem objectively and point out the consequences of failing to address it.
Since the goal of all business ventures is to generate profits, a business consultant can help a company improve its bottom line. To achieve this goal, a consultant generally takes time to study aspects such as the productivity of a company’s employees, its financial health, competitors, and supply chain structure. The consultant then analyses this information thoroughly to determine how the business can improve its profitability. Armed with actionable and data-derived insights, a consultant can help a client address productivity issues such as low staff morale, ditch inefficient practices, improve product/service offerings, or acquire a competitor.
Recruit Top Talent Legally
Recruiting staff, especially skilled IT personnel such as programmers, has become a huge problem for many businesses. In fact, Goldman Sachs exemplifies the magnitude of this problem through its persistent efforts to prosecute a former programmer who left in 2010 to join a rival company that had offered to triple his annual salary of $400,000. In addition, Forbes reports that some Silicon Valley companies have reportedly entered into questionable informal agreements not to poach talent from each other. These examples show that hiring is fast turning into a potentially explosive legal minefield. The best way to avoid employment-related lawsuits is by using the services of a business consultant with a good grasp of the HR landscape.
Prepare for an Acquisition
Unlike in the past, you do not have to build a company and grow it for years to attract a buyer. Google reportedly bought Deepmind, a company fronted by a British deep learning expert, for more than $500 million even though the company had not shipped any of its product to market. Since acquisitions can be tricky, a consultant can help you prepare for such an event. This includes carrying out due diligence related to valuation, patents, unique products, as well as financial health of potential acquirer or acquisition target.
Business consulting is no longer the preserve of large corporations with deep pockets. A startup or medium-sized company can use the services of a consultant to improve profitability, get an outsider’s objective view, or prepare for an acquisition.