3 Signs It’s Time To Hire a Business Development Consultant
Most business owners have felt the effects of sudden and unforeseen market shifts. No matter the industry you’re in, navigating these changes alone can be challenging. Unfortunately, small and medium-sized businesses don’t always employ in-house business development professionals due to budget restrictions. However, making the investment to contract an on-demand business development consultant can elicit a huge payoff for your organization.
In this article, Arkiay outlines what a business development consultant does along with the 3 signs it’s time to hire one to help your organization succeed.
What Do Business Development Consultants Do?
While there are many ways a business development consultant can help, we’ve decided to focus on the best ways SMBs can take advantage of business development services.
- Developing and executing a business development plan
- Saving time and resources by aligning technology and processes
- Outlining business priorities to maximize your focus
In addition to the above, business development consultants can also become mentors who share new perspectives into the organization’s challenges as well as advice on becoming an effective leader. Next, we’ll dive into the signs it’s time to hire a business development consultant.
1. You Can’t See the Forest for the Trees
This saying often comes up when someone is too close, or too involved, to a situation. This closeness and focus on granular details can make it difficult to see the bigger picture. For many of us, unfortunately, this becomes the case when we are faced with roadblocks we can’t seem to overcome. However, this is a specific and critical need that business development consultants are uniquely positioned to handle.
As contractors, business development consultants are not negatively impacted by the organization’s issues. In fact, they have the expertise and objectivity needed to identify underlying issues that may be causing inefficiencies.
Perhaps it is a lack of employee-employer communication or it’s an issue that’s caused by misaligned priorities in the business. Regardless of the root problem(s), having an outside perspective can help flesh out challenges and ensure you’re prepared to solve the issues at hand. That leads us to our next sign it’s time to hire a business development consultant.
2. You are Unable to Solve Challenges In-House
While having an outside perspective can help you solve business challenges on an ad-hoc basis, it’s important that you develop a strategic approach to overcoming future roadblocks as well. Identifying a problem is only beneficial if you’re also prepared to take action and consistently see the resolution through.
For example and levity, many have seen the reality TV show that follows seasoned restaurateur, Gordon Ramsay, as he attempts to remedy a litany of issues facing restaurant owners. And, rightfully so, it’s not the only show of its kind. One of the common critiques Ramsay had throughout the show’s seven-year run was that the restaurant owners he helped would continue to make the same mistakes which led to his consultancy.
If business owners are unable to solve challenges in-house or continue to make mistakes that are detrimental to the success of their organizations, it’s time to hire a business development consultant. These professionals can redirect behaviors within the business that lead to recurrent challenges and provide leaders with a tailored approach to help them solve roadblocks in the future.
3. You Don’t Know Which Projects to Prioritize
On any given day, business owners might find themselves juggling multiple projects at once, giving only small attention to each one. This can lead to inefficiencies as well as burnout, causing leaders to recoil and lose focus. Furthermore, it sets a bad example for the organization’s employees and decreases morale.
Having an expert who understands the business landscape, as well as your company’s specific needs, can help you narrow your focus. This targeted approach to business development ensures your time and attention are spent on endeavors that matter most to the success of your business. For instance, new business or employee retention; two critical components for increasing revenue (new business) and ensuring a return on your investment (employees).
Business development consultants can help you identify the right projects and/or new business opportunities that you should be pursuing. Additionally, these consultants can help you establish smart, achievable goals for yourself and your organization.
Interested in learning more about how a business development consultant can help your organization thrive? Contact Arkiay today.