Managing a business comes with great responsibility, and CEOs can often feel like the responsibility of a whole company is resting firmly on their shoulders. There are times when a consultant can help carry some of that weight, whether that’s launching and marketing a new product or progressing your business through a specific stage of development.
But consultants can help businesses in many ways and do so much more than just lending a strong and steady hand. Here are four reasons your company might need one.
1. You need specific skills
Often as a CEO, you’ll need someone for your business with a set of specific skills. Your company might be involved in a niche project, for instance, like developing a particular product or service and bringing it to market. So you’ll need a person who understands your industry and has the right skills to take those projects forward. With budgets, deadlines and goals to consider, you might not have time to carry out a long recruitment process to seek a suitable person. You also might only need someone for a short period of time, like until after a product has launched.
This is where selecting a consultant, like from a consultancy network such as The Consultant Hub, could help. Consultants like this often come with a wide range of skills, developed from working with many types of companies on niche projects. When considering the right consultant for what you need, you should be able to quickly determine their specific skills from their CV. When contacting you, a consultant should provide you with a tailored CV that’s written to suit your company and the role you require.
2. You need a new growth plan
In leading your company, you might have reached a point where you believe the business needs a new direction to grow. Perhaps your business plan isn’t working – it’s not meeting your growth expectations or is losing track of your long-term goals. A consultant can be beneficial here in helping you brainstorm a new plan and put it together. As an outsider looking in, they can take a step back from your business to create strategies and a growth plan that you might have not considered.
A consultant could even conclude that, actually, the current direction for your business is fine. And that it’s not working because of other underlying issues that you haven’t considered. Consultants usually great experience in business growth development for a range of both small and large companies, and know what it takes to take one to the next level. With a wealth of experience, they should also know how to keep your growth plan on course and to budget, while bringing new ideas to the table.
3. You need to cut costs
Cutting costs is often a priority in business, but there are times where it might need to be done dramatically and fast. You might have run into serious cash flow issues, for instance, or seen a sudden drop in sales and a significant dip in your revenue stream. A consultant usually has great experience in helping businesses save money to get on top of their finances, so could help investigate where cost cuts should be made.
Consultants are usually trained to analyse data and spot issues quickly to determine the costliest areas, or those making a loss that you might have missed. This could range from efficiency in product production to your expenses and marketing budget. They could also see where money is being wasted, such as on an unprofitable product to which you have become emotionally attached. In addition to suggesting making such cuts, a consultant could also see ways that you can be more profitable and improve your finances over the long term.
4. You need a fresh outlook
While working at the helm of a company, as a CEO, can put you in a great position to make big decisions quickly, the downside is that you can sometimes be too close to your business to see its flaws and identify problems. You could have become wrapped up in business politics, for instance, or grown too emotionally attached to certain offerings and areas of your company. There could be issues where improvements need to be made, or perhaps your reviewing your business’s year.
A consultant can help by giving you an outsider’s point of view and a fresh perspective. By providing a third-party view, they should be able to give an honest evaluation of your business. They could determine your company’s key strengths and weaknesses, observe what works and what doesn’t, and detect problems you might have missed. They might also have had a great deal of experience working with companies in similar situations, so immediately know what needs to be done. Having encountered such problems before, and knowing the solutions that work best, they could take your company even further.
All this can also help build on your business knowledge, encourage you to create new ideas, and reaffirm your passion – rather than just that pressured responsibility – to make your company a success.