What Is A Business Consultant? What Do They Do?

Successfully navigating complex business issues requires you to look closely at your company to gain clarity on challenges and opportunities. No matter how large or small your business is, you’re likely to come across challenges due to the sheer number of tasks you have to tackle to succeed.

To help you complete the process and figure everything out, consider hiring outside assistance in the form of a business consultant. A consultant can act as an extension of your team, allowing you to stay ahead of the competition and improving your business plan.

What Is a Business Consultant?

Business consultants are professionals who can help companies adapt to the market’s dynamics and allow them to compete despite difficulties they might encounter. These professionals are extremely knowledgeable thanks to their education and prior experience. They work with companies to help them grow, improve, and maintain their current status by identifying, addressing, and overcoming specific obstacles.

What Types of Business Consultants Are There?

It’s important to note that there are different types of business consultants available, so you need to know what type of person will benefit your business. Depending on your needs, you might need several consultants to improve your business.

• Financial: These consultants help with investment decisions and look into the best way to handle assets and debts. They might also have further specializations, such as financial planning, and can advise your business on taxes and retirement plans.
• Human resources: Independent HR business consultants can help you manage your staff, including retaining and recruiting employees, as well as performing administrative tasks.
• Marketing: Your business might be struggling with brand recognition and exposure, so using this type of consultant can help expand your reach via social media or a brand-new logo.
• Operations: If you need assistance improving your daily operations, working with this type of business consultant might be a smart idea. They examine your current business model and determine the best way to produce the same results at a fraction of the time and cost.
• Strategy and management: These types of consultants can help you drive revenue, acquire new properties, and scale your business.

What Does a Business Consultant Do?

Almost any type of business can benefit from working with a business consultant. No matter where you are in your business platform, you might find a use for a consultant. If you’re a start-up, you might hire one to get a strong start on your business. If your company has been around for some time, you might hire a consultant to give you a fresh perspective.

Maybe your business is stagnant, so you can hire a consultant to look into your accounting practices. Or perhaps you’ve added a new department to your business and need assistance in setting up and staffing that department. While some business consultants specialize in certain areas, many take a more generalized approach. Their specific services might vary, but business consultants tend to assist with the following:

• Assist in business planning and creating new businesses.
• Evaluate the staff, and hire and fire staff, if necessary.
• Implement new programs.
• Determine what types of changes are needed, and develop a plan to administer them.
• Look at the budget and make suggestions.

What Are the Benefits of Working With a Business Consultant?

Some of the most beneficial aspects of working with a business consultant include getting an outside perspective and using that expertise and insight to better understand your company. More specific examples include the following:

• Getting an up-close view: Even seasoned business owners might struggle to view the complete picture, especially if they’re in the middle of it. Business consultants bring in a fresh set of eyes to help you see things you might not.
• Designing new campaigns: Creating these campaigns can take up a large chunk of your time, so you can hire a consultant to develop these plans quicker than you might be able to without spending your valuable time.
• Increasing sales: Business consultants can research the types of clients you’re hoping to reach, create a targeted marketing plan to attract them, and ultimately increase sales.
• Staying on budget: While business consultants hope to attract more sales, they can also help locate weak areas in your spending and offer creative solutions.

How Do You Work With a Business Consultant?

Finding a business consultant that fits your business needs can be a challenging experience. You want someone who is passionate about their specialty, is driven, and has an eye for detail. Once you’ve found someone that’s suitable, plan to set aside a few days so he or she can adhere to the three main stages of the process: discovery, evaluation, and implementation.

Discovery

During this phase, business consultants learn about your company. Good consultants spend as much time as possible getting to know the intricacies of your business by speaking with employees. They should also tour the facilities, meet with the company’s board of directors, read all company materials, and analyze the financials.

Evaluation

After examining all aspects of your company, business consultants enter the evaluation phase to identify any necessary changes. They determine what strengths and weaknesses your business has as well as current and foreseeable issues. Due to their objectivity, they can locate any potential problems. They should also determine solutions and capitalize on opportunities to grow the business.

Implementation

After you and the consultants agree on a plan, they enter the implementation or restructuring phase. During this phase, they eliminate liabilities and build upon your assets as well as monitor progress and make adjustments.

Excellent business consultants have the necessary skills and expertise to help your company solve problems and develop management goals. If you’re interested in learning more about how a business consultant can benefit you, reach out to Pasquesi Sheppard .

We’ve been in business since 1975 and provide quality accounting and business consulting services to clients in the Chicagoland area. Our clients include closely held private businesses and their owners, nonprofit organizations, and high net-worth individuals and their families. Contact us today to learn how we can help you.