12 Benefits of a Business Management Consultant
A business owner has already basic skills like the core idea, knowledge of the product, potential market, various factors like cost of establishment, infrastructure, transportation, resources, staff recruitment etc. to name a few. Because of these natural instinct and skills only a person become a business owner.
However, an enterprise may require an expert a business management consultant under various circumstances. To make a decision regarding this one has to keep in mind the volume of the business, type of product in which they are dealing and any particular situation.
These factors are essential since there are many types of management consultant and one has to be careful before finalising a consultant.
Following are the benefits of hiring a business management consultant
- Review of a situation objectively
A business management consultant has the knack of analysing any situation quickly and review it objectively, hence he/she lists out issues and also arriving at their best possible solution
2) Resolution of any third-party problem
Any entrepreneur has to deal with number of categories of people like suppliers, staff, clients government officials’ media and so on. It is natural that despite best efforts, sometimes the circumstances go beyond control and problem or a challenging situation does arise.
The business management consultant due to his vast experience and knowledge advises the entrepreneur the best options to resolve the so-called problem.
3) Identification of an opportunity.
This applies in general to anybody’s life and business is no exception. Timely grabbing an opportunity and transforming the same in the benefit for the business proves to be significant for the prosperity of a business.
Opportunity can come in many forms like a large scale tender, a favourable change in government policy, invention of modern technology which is very useful for the business. While the entrepreneur is pre occupied with so many things the consultant brings to his notice and advises the best use of the opportunity.
4) Seeking advice for arranging of funding
Funding is like oxygen for any business venture. The more the options for procuring the funds more the confusion. An experienced consultant studies the requirements of his clients and selects the optimum method of availing finance – prompt least hazardous yet economical.
5) Initiating change in working or any specific area
At times, the entrepreneur is unable to find out the reason for non-achievement of his goals. One of the reasons for this is some defect in the process, supply, production, supplier becoming non-cooperative etc.
Even if the business man knows the issues, he or she is afraid to effect any change. The consultant not only finds the area where a change becomes compulsory but also advises his client as to the method of implementation of required change which ultimately proves to be beneficial.
6) Need for Assistance only on temporary basis
In case of small business enterprises there is no need of prolonged consultation. Proper advice and implementation of measures advised by consultant to deal with a particular temporary situation is sufficient.
7) Assistance needed at executive level
At executive level, major decisions are required to be taken within a timevframe and a senior experienced consultant can be of great help to guide the executive
8) Providing In-house education to the staff
A trained knowledgeable staff is a great asset to his company. The consultant provides specific in-house training to the staff as a result the overall performance of the enterprise shows great improvement.
9) Providing Help in recruiting
The directors of an enterprise are not the masters in all the fields like IT, production engineering, operations. It is very important to select the most suitable candidate for key positions. A specialised consultant helps in selection process for choosing the best candidate.
10) Socio-economic and political changed
The history of commerce shows that these two factors have altered the entire scenario of certain gigantic companies. As such changes cannot be foreseen by general people except the consultants, the entrepreneur has to seek comprehensive guidance from a consultant. Timely action saves the business from downfall.
11) Providing assistance for compliance of government regulations.
This situation applies to all medium and large industries. Mostly the government regulations are complex and only an expert can interpret them correctly and advise measures to be taken to fully comply with the applicable regulations thereby avoid any breach and protect the reputation of the enterprise.
12) Conflict resolutions with client or supplier
In any business a conflict with a client may arise any time, despite best efforts to avoid such situations. Client dissatisfaction can cause big harm to the reputation of the enterprise resulting ultimately in downfall in sales.
Even conflict with an old supplier may sometimes affect the operations negatively. The consultant plays the role of any advisor in both these cases and major difficulty can be avoided.
13) Advice during unforeseen crisis – bonus
In the present time of constant changes, uncertainty is inevitable. In any business a crisis can occur any time and in any area. Every time ready made solution may be not handy.
The entrepreneur may not be in a position to find a way out due to anxiety, lack of experience etc. A proper consultant can play a major role of an adviser due to experience and knowledge.
Categories of Business Management Consultants
Such consultants are required for mega projects or large companies. At times even world class capable experts are required
For small business adequate performance low cost supplier can act as your consultant.
2) Game changer
This type of consultant is needed in case a large company faces issues of lagging behind in competition sales are going down despite the best quality etc. Here the experts provide solution that no one else can think of.
4) Total solution provider
These types of consultants are needed by multinational companies. The consultant is not an individual here, instead a firm, a company designates a team of consultants who are experts in different fields and they work in an integrated manner.
Any business involves strategy, structure, management and operations. A consultant may help a business to improve their performance and prosper, solves various types of problems like high cost, delay in production, distribution, poor marketing, unsatisfactory customer services, legal issues, high cost of finance, lack of job-knowledge in staff, unexpected changes in government policy, confusion in selecting a suitable candidate.
From the above detailed narration, it is very clear and obvious that a proper consultant can play a major role in prosperity of an enterprise and rescue the business from a crisis. Whereas an inexperienced, ignorant consultant can prove to be one of the causes of business disaster.
We at Parikh’s Profit Max have unblemished track record of business management consultancy and provide all types of services listed above.