According to analysis, business failure rates are projected to rise significantly this year.
Inflation, climbing energy costs, and unfavorable interest rates are generating economic headwinds.
How can your business survive—and prosper—in this climate? By implementing smart strategies, identifying new markets, and streamlining operations.
These are all significant undertakings. One of the ways you can enable success is by leveraging business consulting services.
Business consulting services can be a make-or-break factor. The right business consultants can tip the scales in your favor, helping you optimize operations, identify pitfalls before they occur, and more.
Continue reading to find out some of the primary benefits of business consulting services.
On-Demand Access to Specialized Insight
One of the overarching benefits of hiring a business consultant is access to specialized knowledge whenever you need it.
This is far more cost-effective than trying to bring the same level of knowledge in-house. Hiring an employee costs companies $4,000 on average. Top talent is also tough to find.
If you hire a good business consultancy service, you can tap into decades worth of cumulate experience. Most business consultancy services have insight across multiple industries.
At Bradford Jacobs, we have spent years helping clients with international expansion. We have witnessed firsthand the challenges that come with the territory. As well as the costly errors businesses can make.
To achieve success, decisions have to stem from a well-informed position that’s rooted in facts, not assumptions. To achieve this, you need a business consulting company that has a deep knowledge of industry trends and challenges.
Another key benefit of hiring a business consulting service is access to objectivity. An outside perspective can uncover untapped areas of potential. It can also help you identify costly inefficiencies and holes in your expansion strategies.
It can be challenging to spot issues and opportunities from within an organization. No matter how small or large your operation is, in-house evaluations are almost certain to hold some level of subjectivity.
Objective evaluations are fundamental to well-informed decisions that are based on data. Objectivity is a critical part of:
- Effective problem-solving at an organizational level
- Identifying the root cause of problems or inefficiencies
- Navigating conflicts of interests
A business consulting service like Bradford Jacobs can help you see the forest for the trees so your organization can move forward effectively.
Business Consulting Services Allow You to Focus on Core Competencies
Business consultancy services also enable enhanced focus on core competencies.
Instead of trying to wear multiple hats, your executives, managers, and business strategists can focus on what they do best.
As an example, let’s say your organization is gearing up to expand into a new jurisdiction. Before operations can commence, your HR department needs to have a thorough handle on the local labor laws.
Getting to grips with new payroll, labor, and tax laws could significantly steal from their time and focus. Instead of forcing your HR managers into a deep dive on labor legislation, you can leverage a business consultancy service like Bradford Jacobs.
Early Avoidance of Common Pitfalls
Businesses of all sizes face a myriad of potential pitfalls, ranging from innovation failures to regulatory issues.
If you’re thinking of expanding into new waters, there are even more challenges to think about. Including cultural nuances, local economic conditions, etc.
What’s the best way to avoid common pitfalls? Talk to someone who has witnessed them firsthand.
Business consultants have a unique opportunity to see inside a large range of organizations. They’re privy to internal problems that aren’t publicly known. Business consultancy services also have vast experience in “turning around” the ship.
Our teams have worked extensively with international businesses that are in the process of global expansion. We have been able to identify multiple business behavioral pitfalls.
- Expansion into areas where skills are in short supply
- Legislative blunders that trigger fines or prospective lawsuits
- Talent leakage and competitor poaching that leads to high attrition rates
- Poor understanding of local markets
- Underestimating actual hiring costs
- Budgeting that’s underpinned by salary estimates
We can anticipate how these common mistakes happen and advise our clients on the best strategies to avoid them.
Increased Cost Efficiencies
During periods of economic uncertainty, business can still thrive. The secret is to focus on performance improvement and cost reduction. If you can balance this with cash generation and preservation, your business can weather the headwinds and even achieve growth.
A business advisory service can help you identify inefficiencies and streamline costs.
Business consultants can also assist with new technology adoption. Having a seasoned team of business consultants on your side is a far more effective strategy than operating by trial and error.
Business Consulting Services Can Help You Expand Into New Markets
Seeking experienced, outside advice can be beneficial no matter your objective. However, it can be particularly crucial if your organization is casting its eyes at new markets.
Breaking into a new market can trigger significant unforeseen challenges.
Do you understand the local talent market? What are the legislative requirements?
A business consultancy service can help you navigate these uncharted territories.
Our business consultants have years of experience in helping clients:
- Understand local talent markets via skills mapping
- Identify the right salary bands
- Analyze the actual cost of employment in new markets
- Comply with local legislative requirements
- Conduct competitor employee analysis
Business Consulting Services Are a Scalable Solution
Scaling is a balancing act for any business. According to McKinsey, merely 22% of businesses launched in the last decade have managed to successfully scale.
The more agile you can make your operations, the easier it is to scale and pivot. For a lot of businesses, this means turning towards scalable, flexible solutions.
Utilizing a business consultant company is one example of a scalable solution. A business consultancy service won’t increase your overhead.
If you pick the right service, they can assist you during all stages of growth. You also get to pick and choose when you utilize their services.
Can Your Organization Benefit From Business Consulting Services?
Businesses across all sectors are facing increasingly complex markets and restrictive economic challenges. Business consulting services can ensure your organization doesn’t make costly mistakes.
A business consulting company can also help you streamline operations, expand into new markets, hire the right talent, and more.
Bradford Jacobs has been advising businesses of all sizes for decades. We’re experts at helping organizations navigate new markets, adhere to local legislative requirements, and source the best talent.
We work in close partnership with our clients to provide tailored solutions.
If you would like us to guide you on your expansion journey, contact us today.