3 Reasons Your Company Needs a Business Consultant
I got the opportunity to chat with Toshan Tamhane, a super interesting personality, in one of my episodes of Figuring Out. He spent 18+ years at McKinsey, advising billionaires in making deals and building businesses across 55+ countries. Currently, he invests in start-ups (around 30+ investments), teaches in B-schools, serves as an active board member, and writes extensively.
Okay, I know, that’s a lot of things! Thanks to his diverse experience and intense knowledge, I had to ask him why and when people need business consultants. And he gave me some absolutely valid reasons. So, I decided to share my take on it. Here are 3 reasons your company needs a business consultant.
1. Offers expertise
Business consultants offer a high level of expertise. Having worked with many companies, they usually have an in-depth understanding of the industry. This knowledge is necessary for coming up with cost-effective solutions to various complex challenges.
The world of business changes every day. You may lose money even with a setup that has generated revenue for years. Advanced technology, new competition, different trends — so many things can cause distress to the tried-and-tested formula of your brand. Skilled business consultants can help you with all these issues.
2. Helps resolve internal problems
It can often be challenging for business owners and the internal staff to identify issues within a business because they are so invested in it. They bring their emotions and personal feelings into the equation without realizing it.
However, hiring business consultants can be helpful in such situations. They can quickly recognize and address issues without any bias. They are also less hesitant to make difficult decisions if that helps the business. Thanks to a fresh perspective from outside the organization, you can untangle messy affairs easily.
3. Provides a fresh perspective
Business consultants are much more cost-efficient than full-time employees. A highly skilled consultant is likely to charge you more than your regular employee, but they work on a contractual basis. So, no spending money on job ads, employee onboarding, and training. They can start working on a project right away, thanks to their skill set, which saves you time. On a long-term basis, they can be a more budget-friendly option.
However, you still need the internal staff. Your team can collaborate with the consultants to develop a comprehensive plan optimized for the company’s objectives, resources, and activities.
It is always reassuring to have an expert on board. However, the immediate cost of hiring one can seem a lot, especially for small businesses. But business consultants can accelerate your brand’s journey from zero to one. They can analyze your situation and start taking action from the first day itself. The faster you can establish a steady, revenue-generating model, the more profitable it will be in the long run.
For more candid conversations about the financial world, listen to my podcast here.
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