6 Reasons You Need to Hire a Business Consultant

6 Reasons You Need to Hire a Business Consultant

6 Reasons You Need to Hire a Business Consultant

Over the years, there’s been a commonly-accepted theme that more than half of new businesses will fail during their first year. However, information from the U.S. Bureau of Labor Statistics (BLS) shows this isn’t necessarily the case. According to the BLS, nearly 20% of new businesses have failed within two years of being open, 45% within their first five years, and 65% during the first 10 years their business has been operating.
6 Reasons You Need to Hire a Business Consultant
Considering the time, money, and labor that goes into starting and operating a successful business, it’s critical for business owners to ensure they’re taking the necessary steps to remain open and continue generating revenue. Given the aforementioned business survival rates and the unsure nature of our current economy, it’s more important than ever to secure the necessary support to operate and grow your business.

While running out of money is a business’ greatest risk for failure, inexperience managing a business and poorly-planned or executed strategies can also lead to ongoing operational problems. Leveraging these insights in concert with Arkiay’s collective expertise, we’ve compiled the following high-level reasons you need to hire a Business Consultant:

  1. Expertise

For business owners who are dedicated to finding growth and success, any decisions—minor or major—can seem like a daunting challenge. Having a specialist can help put things into perspective, like whether or not to make a large purchase or operational reorganizations, and ensure the decisions are strategically rooted in data.

A Business Consultant who will provide guidance and insight into the nuances of decision making and planning can be of great benefit, even for savvy business owners who have hands-on experience within their respective industries.

  1. Experience

As startups have become more popular over the last decade, especially in the IT and other technical fields, Business Consultants have become more necessary. Although technical knowledge is critical for the success of any business, there is no substitution for the experience that comes with handling sensitive and intricate business dealings.

Over the years, Business Consultants will analyze and act on key data points while also leveraging the experience and knowledge they’ve seen through trial and error.

  1. Project Planning

Speaking of experience, a successful Business Consultant within their field will have expertise in project management; and, they’ve probably worked on projects similar to yours. They have the ability to estimate time and costs, what initial and ongoing steps are necessary, and typical blockers that may arise. Having this level of visibility into what could go wrong is irreplaceable, especially for business owners whose reputation and finances are on the line.

  1. Mentoring and Training

It’s fair to assume that the Jeff Bezos and Bill Gates of our world did not reach great heights without proper mentoring and training. Business Consultants will utilize their knowledge, experience, and guidance to effectively mentor and train business owners to carry out successful ventures. With the ease of access we all have to information, it can be difficult to know what is a priority and what can wait. Consultants will be able to identify critical training opportunities and deploy them strategically, leading to an increase of user adoption for end users.

  1. Professional Partners

With the business world being as vast as it is, junior entrepreneurs or business owners may feel lost in the expanse. Although hiring a Business Consultant may be a short term commitment, a longer relationship will likely develop between the consultant and owner. This means navigating your industry further down the line will be easier as you leverage the network and knowledge of professional partners.

  1. Fresh Perspective

Oftentimes, business owners are juggling multiple tasks and projects instantaneously. Having the ability to manage and operate at such a wide scope has its benefits, but it can also keep owners from seeing the forest for the trees. Consultants are not attached to your organization and their main goal is to help business owners create a process and approach to reach success. By having an outside view of the overall business, consultants can provide a fresh perspective on internal gaps that might otherwise be overlooked.

While making the investment in hiring a consultant might not seem necessary for everyone, Business Consultants have a wealth of expertise and a network that business owners can leverage. Furthermore, they are hired to help you succeed and can help you reach that goal quicker than if you went at it alone.

Are you ready to accelerate your business by making the investment in a lifelong business partner? Reach out to Arkiay Development Consulting for more information on how and when you should partner with a Business Consultant.