Twenty percent of small businesses fail during the first year, and 30% do in the second year. After five years, 50% of small businesses cease to exist, and in the 10th year, more than 70% close down.
These figures from the Bureau of Labor Statistics are a chilling reminder of how difficult it is to start and maintain any business. It’s even harder if you wish to grow or expand your operations.
As a business owner, it’s a challenge to keep your business profitable, your employees paid, and your company’s future secure—all at the same time. It’s this juggling that makes or breaks a business. And in this situation, many businesses turn to consultants for help.
Learn more about the value of strategy consultants, when and how to hire one for your business.
What Are Strategy Consultants?
In your personal life, you’re often faced with challenges that require letting go, moving on, or making new and lasting changes. These challenges can be difficult to overcome without the help of someone who can figure things out for you.
The same applies to business. Your company might face problems or hurdles that require external help to overcome. Strategy consultants assist you in this aspect. They give expert advice, guidance, and leadership support on important company decisions in an unbiased fashion.
Business consultants, in general, offer help with business/industry expertise, identifying problems, planning and initiating change, providing objective opinions, and supplementing existing staff. However, a strategy consultant is someone with strategic planning expertise and helps you set and achieve specific goals.
How Can a Strategy Consultant Help You?
Strategy consultants help you determine the following:
- Who you are and what your business is all about
- Where you want your business to go
- How you will get there
- How you will measure success
Having a solid strategic plan helps your small business maintain its current success and survive the challenges brought by expansion and other significant changes. Coming up with this plan will be easier with a strategy consultant.
Here are four ways they can support you in making key decisions moving forward in your business:
Having a Clear and Unbiased Perspective
Making the right decisions is key to the survival of your growing business. Your company needs originality, creativity, and an “out-of-the-box” perspective to find the right solutions.
The last thing your business needs is a “yes man” who merely agrees to every brilliant idea you lay on the table. Your business will benefit more from someone who is not afraid to ask hard questions and scrutinize loopholes to find answers.
Offering Fresh Ideas
Strategy consultants help generate new ideas for your business and bring fresh perspectives to your team. They often challenge the status quo and use their industry expertise to provide dynamic new approaches to the plans your company already has.
A good strategy consultant also offers the right leadership skills to manage even the most challenging personalities and disagreements.
Strategy consultants help get results that you may not be able to achieve without outside help. They can assist your company in setting the right goals, determining milestones, and achieving short-term results that will eventually lead to a successful outcome.
Consultants like those from Quadrant Advisory offer particular services to better craft an effective strategy. These include:
- Market Feasibility Study
- Growth Mapping
- SWOT Analysis
- Customer Acquisition Roadmap
- Advocacy and Public Affairs
When Do You Need a Strategy Consultant?
The right time to hire a strategy consultant varies from business to business.
- If you are considering a business expansion, are already expanding your services, or are planning a major restructuring in your company, you may consider bringing in a strategy consultant. They can help you charter your path to your goals.
- If your business has a project stuck in limbo due to staff shortage or lack of expertise, this is also a good time to hire a strategy consultant. They can provide focus and stimulate productivity to help you complete the project.
- Strategy consultants can also assist you in completing key projects without the long-term commitment of getting a new hire.
- If your company experiences a drastic growth spurt and you’re unsure if this is a sign of a long-term sales increase or simply a spike, a strategic consultant can enter this picture. It would help you save time and money on a long-term solution if you didn’t need it in the first place.
Hiring a strategy consultant can be very valuable to your company. They promise significant rewards by pushing you toward growth and success, which you otherwise wouldn’t achieve without a clear and strategic outside perspective.
If you’re looking for reliable and competent strategy consultants to help your company reach its growth targets, contact Quadrant Advisory, one of the most trusted advisory firms in the Washington, D.C. area.