A growth consultant can be invaluable to your business growth, as they are impartial and will look at all areas of your business from top-level aspects including sales and marketing to environmental factors, for example market realities. They can allow you to focus on the core aspects of running your business whilst obtaining important insights to help you move your business forward.
“An expert advisor who recognises the challenges a business is facing and focuses specifically on helping the business move forward in a prudent, realistic but visionary manner.”
A growth consultant can help at every stage of your business development.
Enlisting the help of a growth consultant can help a business at every phase of the business from start up to wind down. They can also pinpoint when a company has hit a plateau and is stuck in a sluggish sales cycle - or help a high growth business manage fast paced change.
When you first meet with a growth consultant they will audit your business in order to understand your target market, lead generation strategies, marketing tactics and brand positioning. They can then determine which aspects of your business may have stopped you growing and why.
Armed with this knowledge they will create a tailored plan to solve those problems and assist you with executing their recommendations.
Let’s look in more detail at the value a consultant can bring to your business.
Four reasons to hire a growth consultant
There are a number of reasons why having an independent consultant involved with your business is a good idea. Here are the key four areas:
1. Efficiency - A growth consultant can help you identify your core revenue generators and point out the business activities you are currently spending too much time on. Their expertise lies in separating the ‘chaff’ from the ‘wheat’ and drilling down to key business concerns.
2. Ignite Growth - A growth consultant can help your business get out of a rut and ignite growth. If your business is experiencing stagnation and slow growth - for example hitting the same goals but never surpassing them - it could be time to get some expert advice. A business growth consultant can help you identify ways to grow and generate more revenue by asking pertinent questions including:
Could you bundle your key products with others to boost revenue?
Is your advertising generating the return on investment it should be?
Could you cross or upsell to current clients, or cut costs by using more agile technologies?
3. Unbiased Opinions - A growth consultant can give you an honest opinion about your business. Business owners tend to become very emotionally attached to their businesses so it’s hard for them to let go of outdated processes - or let go of employees who are underperforming.
4. Team Training - Growth consultants can provide your staff with training and coaching - for example in sales enablement techniques. Staff training is an essential yet often overlooked aspect of growing a business with many companies seeing training as an expense rather than an investment. However, this is a mistake as untrained employees often lack motivation and knowledge about how to use resources effectively - meaning your business suffers as a consequence. Training plays a key part in creating highly engaged teams. And highly engaged teams can boost profits by over 20%.
Your growth consultant will explore these aspects and more, in a bid to help your business grow. And if your business has reached its zenith, a business growth consultant can help you identify opportunities for lateral expansion or diversification.
How to find the right business growth consultant
Don’t dive in and opt to work with the first business growth consultant you find.
Make sure your consultant has expertise and a track record, preferably in working with companies that are similar to yours. A good place to find the right consultant is at networking events and seminars where you will have the opportunity to have an informal discussion about your business and your goals.
If you can get feedback from a peer who has worked with a growth consultant they can give you an honest appraisal of the value the consultant brought to their organisation. Online communities are other good sources of recommendations and can help you narrow down your search.
Get everyone on board when you hire a growth consultant
It’s important that everyone understands why you’ve decided to work with a consultant. Otherwise they may be wary that you think they’ve done a bad job - or that you’re trying to replace them. This may make them react badly to constructive criticism, or be slow to implement suggestions.
Address your employees' fears right from the start by illustrating how you think a growth consultant will benefit both the business and them in the long run. When a growth consultant first comes into the business they should in any case make a point of developing good relationships with your employees.
If you’re struggling to grow your business it may well pay you to seek the advice of a specialist growth consultant. They can help you streamline your processes, maximise your profitability and transition your company smoothly to the next stage of expansion.