Ever think about hiring a consultant? Think your business is too small to benefit from a consultant? You’re wrong! Check out these 6 benefits before you say “No Way”.
Regulatory Compliance: A consultant would be able to help decide on the most optimal structure for your specific situation. Other compliance requirements like documentation and tax filing are also better done by a third party. Most regulatory provisions are open to interpretation and a consultant would help you to minimize your compliance costs without incurring any penalties for violations.
Performance Optimization: Consultants typically have access to benchmarking data across diverse industries on areas such as best practices, cost elements, strategy options and so on. An SME can take advantage of this knowledge base for process improvements, cost cutting initiatives and strategy development.
Resource Deployment: External advice can be sought for resource deployment dilemmas such as identifying which markets to operate on, which projects to pursue or which competitor to fight. Great for the SMEs with limited budgets.
Technology Initiatives: Technology decisions can be tough. Even after selecting a specific software application or an ERP solution, the change management involved can be mind boggling! Considering a cloud based solution? That may be a great idea but even a decision about whether the cloud is right for your business needs an expert evaluation.
Executive Hiring: Trouble staffing for key positions because you lack the funds or don’t have a great brand to offer? External hiring agencies can help in executive hiring for your organization. While referrals are the best way to hire for junior level staff and entry level managers, it is best to rely on a professional firm to assist you in hiring for the top management positions in your organization.
Funding Options: One of the reasons why most SMEs fail to scale is due to lack of funds. Typically consultants would be able to advise better on what type of funding is best for your business (debt or equity or a hybrid) and then help you in attaining the funding as well.
Consultants typically have a wide network among the PE and venture capitalist community which can be tapped into for your funding requirements. You can also obtain external advice for getting your house in order before a due diligence is done, so that your business valuations improve.