Small businesses don’t have an easy road towards growth. Of the over 30 million small businesses in the USA, nearly 31% percent of them had to close due to the pandemic. Seventy percent of the small businesses in the country also closed in March of 2020. The survival percentage for small businesses was already dire even before the pandemic made it worse.
As Quadrant Advisory has worked with numerous small businesses, we know how critical the first few years are for you. If you want to continue your growth’s momentum, you will require the specialized services that a business consulting firm offers.
Benefits of Engaging the Services of a Business Consulting Firm
Improved brand strategies
Consulting firms can take over the brand strategy for a small business. A small business’ brand is its identity. The brand possesses the business characteristics that customers will associate with you, and these characteristics range from brand colors and logos to the tone of your social media posts.
With their years of experience in brand management, a business consulting firm can give small businesses the help they need in strengthening brand identity and strategy. For example, they can provide a company with methods to make it stand out. It can include strategies that range from better product packaging to improved customer support communication.
Market feasibility studies
When you plan to expand your products and services offerings, you may have difficulty finding that ideal expansion product. Some small businesses make the mistake of trying to do too much at once, releasing a lot of products immediately, and not all of them will become profitable.
With the guidance of a business consulting firm, they can make informed decisions about which new products and services to add to their lines. A business consulting firm can provide valuable market feasibility studies that consider the target audience, current trends, and more.
For example, a small business that specializes in offering IT and maintenance services is considering adding custom PC building to their offers. The consulting firm can do a market study to show if their audience would be interested in it and whether it is a wise long-term service.
One of the best ways for a small business to grow is a comprehensive SWOT analysis, which identifies its Strengths, Weaknesses, Opportunities, and Threats.
It’s a form of strategic planning that will show a small business the key areas to continue to grow. It also shows you what you need to improve on. Having a business consulting firm do it for you can give you a better idea of where your company stands.
For example, a small business’s SWOT analysis may reveal that one of their strengths is providing customers with a much-needed product, which has become very popular. However, the study also showed that their weakness is the lack of supplies for that popular product. They don’t have a consistent supplier to make more of the product.
Through this analysis, this company can focus on finding a better, consistent supplier, so they can manufacture more and cater to customer demand. The consulting firm can even provide them with strategies to handle this supply crisis. They could help the company find ideal suppliers.
Grow Your Business with Experienced Consultants
Experienced business consultants can give small businesses the maximum benefits their services offer. Using its long years of experience and a highly qualified team, the firm should provide the small business with the expertise and advice they need to elevate their company.
Quadrant Advisory has given many small businesses the guidance and support they need to get through their first crucial years of operations. We provide numerous services, including SWOT analysis and customer acquisition roadmaps.