Who are business consultants? What is Business consulting? | Blog

Feb 22
Business Consultants

Who are business consultants? What is Business consulting?

Business consultants are people who help companies in improving their performance and efficiency. They are considered as a professional with an expertise in their field of work which includes many profiles. They usually provide a view from an outsider’s point of view with respect to the organisation’s functioning and can provide effective solutions. Some people do not understand the benefit of hiring a business consultant but a lot of companies realize the importance of a business consultant and hires them, especially when they are working on a high risk project or are considering a change. Their fresh view point can help in identifying hidden problems and thus provide better solutions.

Business consultants have special expertise in their field and hence can give valuable feedback on the improvements to be made. Here are few things that a consultant does to achieve their desired results:

Firstly, they need to understand the client’s needs. They consider all the stakeholders who get affected by the project or the change and take time to decipher their perspectives. Depending on the need, they can get this information by many means which include studying the company materials to understand their objectives and previous performances. They might also consider “Shadowing” technique to fully understand the current business situations.

After the initial study and comprehending the business functionality, the next step is to analyze where the change needs to be done. SWOT analysis is an effective tool to be considered for this where the Strength, Weaknesses, Opportunities and Threats of an organisation are considered. Here again, opinions from different job roles are considered to effectively analyze the situation.

Then, the consultant suggests plans on how to improve the business and provide different methods on achieving the targets. Generally, more than one recommendation would be given to the business owner and then decide on one solution that is the most effective. Impact analysis, risk analysis and cost benefit analysis tools can help in deciding on the most advantageous method to be chosen for implementation. Here business owner’s view is considered and the change is finalized keeping in view the business benefit. Along with the changes, measures of performance also need to be defined. Without the performance measurement, we cannot gauge if the improvements are working as expected, after the implementation process.

Once the change is finalized, it is seen that it is communicated to all the involved members. The changes are implemented and the performance measured to ensure that the desired results were as defined and has helped in overall growth of the business.

Finding the right business consultant is the key for success. The right candidate should have good knowledge and have proven records of success in delivering high end value to the clients and good analytical thinking skills. Business also needs to ensure that the consultant selected has experience in the relevant field of the organisation’s nature of work.

Though the initial cost of hiring a business consultant may seem expensive, the overall cost of the business decreases in the long run as they provide a number of benefits. Usually, the business consultants are external to the organisation and are hired based on the needs. But the cost and the fact that the gained knowledge is not retained in the company make many companies consider having an internal business consultant as the initial time spent on understanding the business can be avoided and also the knowledge gained from this project can be retained within the company itself which will be beneficial to use in other projects. Hiring an internal consultant is more cost effective as well. He is readily available and time need not be wasted on waiting for the right individual to provide suggestions of improvement.

 

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