With inflation rates rising all over the globe and various economic uncertainties arising from political or natural matters happening, many companies now face many problems, most of whose owners ask the question, “Should we spend more to make more? Or at least stay solvent?”
As a business owner, what can you do to avoid the effects of the global recession and still function as a company, staying true to its core competencies and core values?
Of course, changes will have to be made, but there are ways to avoid making changes so drastic that navigating the future of your company seems nigh impossible. How do you do this?
The answer is simple: Consult an expert!
Experts in the field
The best way to navigate a big change within the company is to consult with people who are knowledgeable about the best path to take. These people, called “consultants”, are experts equipped with vast knowledge and multiple experiences regarding their chosen field.
Usually, consultants are holders of various degrees and certifications that can prove their expertise and authority regarding the field or industry they focus on.
There are many types of business consultants. They usually vary based on the business aspects they specialize in. Some examples are:
Financial Consultants
These experts focus on the financial health of your company. Usually, they are asked to handle money-related aspects such as investments, assets, and debt. They are also asked to create strategies and solutions to remedy whatever ails the finances of their employer.
Marketing Consultants
These specialists concentrate on the company brand and how they can increase exposure to, and raise awareness of, possible customers. They handle such matters as corporate identity, marketing strategy, corporate social responsibility, and the like. The domain of social media also falls under their scope.
Operations Consultants
Authorities on how businesses work, Operations Consultants observe your business model, find problems, and streamline your processes. Typically, their goals are to lessen the time needed to create products as well as the cost. Their objectives can vary based on what their employers ask.
Management and Strategy Consultants
These professionals zero in on dissecting the business and implementing strategies that would help their employers acquire new opportunities, driving their revenue upwards. Just like every type of consultant, their specific goals vary based on what is agreed upon.
Although there are many types, the job description of consultants falls under three general categories; discovery, evaluation, and implementation. The rest of their tasks will depend on you and the needs of your organization.
Reasons to Consult
If you are still uncertain about reaching out to an expert, even with the various types of business consultants discussed, it’s okay! It’s completely understandable to question whether hiring a highly-paid consultant in the middle of a recession is truly worth it or not.
To help lessen your worries and strengthen your decision, listed below are more general reasons why hiring a consultant might be the best solution you have right now.
1. They can provide information and important analysis.
Consultants are experts, which means they have vast knowledge and information about their field of expertise. They can offer strategies that you may not have known of before. Aside from this, they can also offer a unique perspective about data that you already have.
For example, you conducted a survey, and you now have data about your employees and your company. Even though you have the ability to understand these numbers, experts can give a more thorough analysis. A good consultant does not simply read the numbers; he also explains what they could mean for the company’s future.
2. They can help identify the root cause of the problem and possible solutions.
If you have found yourself uncertain of why a problem persists, then a consultant is what you need. Sometimes, there are a lot of small issues within a company, and management usually tries to solve the problems one at a time. But what if all these issues stem from one problem? Consultants are generally hired to find the root cause and offer the best possible solutions.
With their valuable experience, consultants are already familiar with many issues within their field. Experienced consultants might have even solved your exact issues once or twice in their career. If you hire a consultant to find your problem, a lot of time and resources could be saved. On top of this, they would also save you from racking your brain for the best possible solutions.
3. They can aid in implementing changes to the company.
One of the best things about consultants is their ability to communicate and use their skills for the betterment of your company. Some consultants will end their contracts simply by offering solutions, but the great ones understand that they are involved in the entire process. This means they can also aid you in implementing the necessary changes within your company based on their suggestions.
The way they help can vary from one consultant to another. Sometimes, they can guide you when setting new guidelines. Other times, they can explain to the stakeholders the importance of the change and convince them to follow through.
Choosing the Best Consultant
Now that you’re convinced, there is only one more thing left to do; find the right consultant for you. Although you can choose anyone you want, you can also follow these simple steps to choose the perfect fit for your company.
Step 1. Use your existing network. The best consultants are those who already have valuable experience. Asking for recommendations from people within your network is a good place to start at. Reach out to your trusted contacts and ask if they know any experts in the field who can help you with your specific issues.
If you do not find anyone using this method, you can also explore service marketplaces or business-focused social media platforms like LinkedIn.
Step 2. Screen your potential consultants. Once you have a list of possible candidates, it’s important to get to know their professional persona. Create a list of questions to find out about their knowledge and skills, credentials, work experience, and track record.
Once you’ve gone through this phase, you can then decide whether you think they are capable of the tasks you’re giving.
Step 3. Decide the best fit. You’re allowed to be selective at this stage. Using all the information you’ve gathered, choose the candidate who seems the most reliable. Do not rely only on one aspect. For example, choosing the most educated yet failing to acknowledge their working history is not a good idea. Consider all aspects when hiring your consultant.
When you are faced with an issue, it is never a shameful thing to ask for help from experts. Consultants are professionals who can help you level up your company and change some of its aspects for the better. Think of all the great possibilities that could result from working with skillful individuals to accomplish your goal for your organization.
GO WHERE YOU WANT WITH ON-DEMAND GROUP ON YOUR CONSULTANCY JOURNEY
If you’re looking for the perfect consultant to help you solve your pain points, On-Demand Group is ready to assist you on your journey. We specialize in matching companies like yours to the candidate you’re looking for.
If you’re raring to go, contact us and let’s get on our way!
References:
- Knight, Rebecca. “Layoffs can cause contagion that pushes workers who are left behind to quit.” Insider, 28 Feb. 2023. https://www.businessinsider.com/layoffs-quitting-remaining-coworker-resign-turnover-left-behind-contagion-research-2023-1
- Turner, Arthur. “Consulting Is More Than Giving Advice.” Harvard Business Review, Oct. 1982. https://hbr.org/1982/09/consulting-is-more-than-giving-advice
- Peek, Sean. “What Is a Business Consultant?” Business News Daily, 22 Feb. 2023. https://www.businessnewsdaily.com/4610-business-consultant.html
- Nuth, Alexandra. “Why Companies Really Hire Consultants.” The Muse, 19 June 2020. https://www.themuse.com/advice/good-to-know-why-companies-really-hire-consultants
- Orechwa, Walter. “Why Do Companies Nees Management Consulting?” Projections, March 2023 https://projectionsinc.com/do-companies-need-management-consulting/
