You might not have the internal resources or skill set within your company to tackle your project, goal or what you want to accomplish. Using a consultant or power player within your industry might pay big rewards.
Growing Your Business with Outside Help
Hiring a business consultant is costly enough without hiring the wrong one.
There will be a point in time when you and your business will face the need for outside consulting and help. It might be market information you need, or advice, skills, strategies and techniques that don’t exist in your organization. There is a huge range of business issues that consultants can provide solutions for, and different types of consultants bring different ideas to the table but you need to know when and why to use them.
In general, a business consultant works with you on strategy, planning and problem-solving. They might help you develop a business skill and knowledge. You might need to learn how to design a business model, create a marketing plan or determine which marketing techniques you need to use and how to use them.
Consultants come in many forms. A lot of people are familiar with the big players like PWC, (PricewaterhouseCoopers), Deloitte, Ernst & Young or KPMG but there are many, many other firms as well as individuals.
Firms, especially the big ones, do not share their fee structure and they are considered a trade secret and are kept under tight control. In addition, fees vary per region, client, service, etc. With that said, fees for the big firms have been reported to start around $3,200 to over $6,600 per HOUR.
And in a survey of individual consultants completed in 2017 by Consulting Success, 14% of consultants made over $50,000 per project fee.
Consultants fall into five categories.
1. Strategy and Management Consultants
These firms or individuals will have a deep understanding of your specific market and know best practices of your industry. They can offer help in enlarging your market footprint, expand your product offerings, help you reorganize for efficiency and cost savings, increase your company’s capabilities or help you make a large equipment purchase or even buyout another company.
3. IT Consultants
Probably the biggest growth area in consulting right now. With the rapid pace of technology and tech support needed, most companies have hired a consultant at some point to help integrate and improve their computer or phone systems or storage space, upgrade servers, etc.
5. Sales and Marketing Consultants
Firms in this area are used to create marketing plans, work on positioning statements, develop a brand, launch advertising campaigns, establish social media strategies, initiate sales process and improvement, or design sales training and coaching.
So why would you ever hire someone from one of these categories?
Consultants are a good resource but one of the biggest drawbacks can be making sure the use of one results in actionable, observable outcomes that you can clearly see impact your profits and bottom line.
Too many times a consultant might give you a strategy and blueprint on how to make it happen but there is no follow through on making sure it’s implemented, followed and that results are tracked. This isn’t necessarily the consultant’s fault. They may have been hired to only do the setup and certain tasks
Consulting can also be incredibly expensive and take a long time. Large companies can spend hundreds of thousands of dollars and have nothing to show for it after nearly a year.
Part of hiring a consultant is making the decision that your business needs outside help and perspective. The second part of the equation is that you must commit to making the changes and following through on them.
If you are at this stage, you might be interested in attending 10X GROWTH CONFERENCE 3.
This will give you a first-hand look at the different ideas out there to get you thinking about what exactly will make the biggest impact for you and your business.
Again, if you are looking for a consultant or interested in a new approach to actionable, accountable consulting check out the upcoming 10X GROWTH CONFERENCE 3.