Flexibility, industry knowledge and ingenuity are key to success as a business consultant. You'll use this valuable skill set to develop sustainable solutions that support the business objectives of the companies you work with. In the business world, you'll work with senior executives to help them address important challenges in a dynamic and exciting environment. This is the most common reason why companies do not use consulting services, and it is the consultant who must use big data to demonstrate the previous ROI.
Most companies analyze their net profits for the quarter before hiring the business consultant and then evaluate their net benefits in the next quarter or two after implementing the consultant's recommendations. Financial consultants can specialize even more, such as financial planning and advising your company on taxes, daily expenses and the best retirement plans. Marketing consultants help companies identify their strengths as a brand and expand them to create brand awareness and exposure. Once the business consultant has developed a deep understanding of your company, he enters the evaluation phase, with the objective of identifying where a change is needed.
A global study conducted by Small Business Trends reveals that only 56 percent of small business start-ups reach their fifth year. It's essential to find a consultant who has experience in your industry or who has experience with the types of problems your company is facing. A business consultant can help you perform a competition analysis to obtain pertinent information on market saturation, new opportunities and best practices in the industry. As a business consultant, you can advise CEOs and other high-level executives in large corporations or work with small and medium-sized companies that need professional experience.
The Small Business Trends study also shows that 82% of small businesses that fail do so because of cash flow problems. The choice of a consulting company or an individual depends on the needs of your company and your preferred work style. A number of common mistakes can prevent you from achieving success in your work with a business consultant. As freelance work increases, clients have more flexibility to choose a consultant that fits their business needs and price.
During the discovery phase, the business consultant will discover the details of your company's mission and current operations. Whether your company needs a new logo or a social media strategy, a marketing consultant can be an advantage in expanding your company's reach. If you place your trust in statistics, you may feel that the odds of success as a new independent consultant are obviously not in your favor, but I urge you not to give up on launching your consulting company or starting over if your first venture failed.