The 3 best areas to target when using business consultants
More and more companies are relying on business consultancy services, with the global industry worth an estimated $895.46 billion in 2021. These consultants work closely with companies to bolster their operations and efficiency, enabling them to identify, address and overcome certain hurdles to business success.
But of course, companies are complicated beasts, with a number of functional areas making up the whole operation. With that said, which areas should business leaders initially target when hiring consultants to make the biggest difference? Here are three key areas where consultants can make a difference.
Image by mohamed Hassan from Pixabay
Corporate leadership
Effective leadership can provide a sense of direction in a company, motivate employees to do their best, improve teamwork, and generally cultivate a sense of good, among other benefits. It’s difficult to quantify just how much an impact leadership can have on a company, but the fact that businesses with good employee engagement are 22% more profitable is telling.
However, just 48% of employees view their company’s leadership as “high quality”. Not only this, but as noted by leadership consulting firm Egon Zehnder: “The questions posed to leaders have never been more difficult. Globalization, convergence, disruption, and uncertainty pose increasingly challenging demands on leadership.” All of this makes improving corporate leadership a pressing concern for modern business, and a natural area for them to target when hiring consultants.
By focusing on aspects like leadership development, refinding leadership goals, and improving executive and CEO search, consultants can help both improve the qualities of existing leaders and assist companies in hiring better ones going forward.
Financial management
The state of a company’s finances are naturally critical to its success. High levels of debt and insufficient capital can impede growth, cause employees to jump ship, and ultimately threaten a company’s very existence. Yet, with research revealing that 16% of small to medium sized businesses in the US are up to $1 million in debt, it’s clear that many companies are at risk.
With 82% of businesses that go under citing poor cash management skills, this is clearly an area that many need to improve on, and is again something that consultants can help with. By assisting companies in areas like financial planning, tax planning, investing, bookkeeping, business management and more, relying on a financial consultant gives companies a great chance of surviving and thriving financially.
Technology
Most businesses can’t operate without technology these days, let alone prosper. From productivity tools and accounting systems, to communication tools and customer relationship management (CRM) systems, there aren’t many business functions that can’t be enhanced without tech.
However, with almost half (42%) of small businesses admitting to not using technology to its full potential, it’s clear to see how relying on the services of technology consultants can be so beneficial. This type of consultant can assist businesses in so many ways, including working with them to ascertain which types of technology they need to meet their objectives, helping them to implement it successfully, and advising them on how to improve their current use of tech.
For a comprehensive rundown of the top tech consultants in the US, check out this guide by The Consulting Report.
Author: Britney Johnson
