Posted on Jan 22, 2022
As a new business owner, it's wise to work with someone who has been in your shoes and possesses the experience to help you navigate any uncertainty you might face. Launching and running a successful business requires time, energy and seasoned insight. However, many budding entrepreneurs tend to shy away from spending money on a consultant.
If you're unsure whether it's worth investing in a business consultant, there are some clear indicators that might suggest you could benefit from one. Below, a panel of Young Entrepreneur Council members shared 10 signs you should hire a consultant for your business.
1. You Can’t Keep Up With Emerging Trends Or Tech
Emerging trends and new developments in technology can affect your industry faster than you can research and understand them. If you're trying to keep up with these new developments but you feel as though you're in over your head, it's a good idea to find a consultant who's knowledgeable in your industry and the latest developments related to it. This can prevent anxiety or FOMO from affecting your judgment when making business decisions, but it requires finding a trustworthy expert whom you can rely on for informed guidance.
2. You Need An Impartial Opinion
Sometimes you might have a difference of opinion with your team or partner on certain issues. At such times, it can be a wise decision to hire an expert who can offer you an impartial opinion on the matter. Being experts on strategies, business consultants can add perspectives that you and your team might have missed. They can help think things through, navigate internal politics and offer sensible solutions.
3. You're Lacking Inspiration And Perspective
Consultants have exponential exposure to situations that you just can't get in the private industry world. We say here that one year at our company is like 10 on the other side of the table. So go to a consultant for fresh ideas, for inspiration, for change management or expectations. Hire a consultant to reassure you that your team has it right in their processes, or to improve on efficiency and technology. A consultant can help substantiate a gut feeling and make sure that you have data to back up your decisions when needed. Even the best consulting firms have consultants themselves, so think about them as strategic partnerships.
4. You're Unable To Meet Your Goals
When you are not able to achieve the goals with your internal team, then it is time to hire a consultant. For two years, our sales strategy was stagnant and our revenues were not growing. We were implementing strategies based on our internal team's suggestions, and these strategies were not paying off. We decided to rope in an expert sales consultant, who provided us with great insights. It was a little bit more expensive than hiring an internal team, but it was worth it.
5. Your Business Isn’t Growing And You Don’t Know Why
If you think you’re doing well overall but the financials don’t show that, something is wrong and you might not know the answer. A consultant will likely be able to take a more objective look, find the issue and help you solve the problem.
6. You're Stalling On An Idea
We've needed a consultant when there was something that I was putting off for a long time and realized that it's because I didn't feel like we had the right expertise in-house to launch this new project/initiative. We frequently talk to clients who reached out to us because they have been "talking about doing content marketing" for a few years, but never actually put in the work because they knew it was going to take a lot of time, resources and expertise they didn't have.
7. You're Working Outside Your Expertise
Any business leader has their strengths and weaknesses. The best use of your time will always be to focus on your strengths. But as your business goes through its cycle and your needs change, the most impactful things to focus on may well be things that lie outside your own area of expertise. That’s a great time to think about bringing on a consultant. What can that person do better than you? What would they enjoy doing that you don’t? These questions can help you decide whether it’s time to hire outside help.
8. You Lack In-House Resources
It might be a good idea to hire a consultant for your company if you lack in-house resources. If you need human resources and marketing strategists but you don't have them within your company, it's wise to hire experts instead of relying on yourself or your team to figure it out.
9. You Have Tunnel Vision
If you feel like you have tunnel vision from working on a problem for too long, then bringing in a consultant can be transformative for your business. Consultants are typically people who have expertise in an area. Many of them are experienced business leaders who've moved to the consulting business to share their experiences. Getting a fresh set of eyes to look over ongoing problems in your business can be just what you need. Ask yourself if there's a problem that simply isn't going away in your business. Maybe you have a high employee turnover rate or your customers just don't come back after their first interaction with you. A consultant can give you tailored advice and a fresh perspective you won't have from working too close to the problem for too long.
10. You're Working On A Time-Sensitive Project
You may want to consider hiring a consultant if you have a time-sensitive project in the pipeline. It's not easy to work on a brand new product design or marketing campaign if you're unsure where to start. A consultant can buy you some much-needed time and give you advice that can turn your first attempt into a success. I suggest looking for experts who have experience in your industry with plenty of references. You want to avoid "fake" gurus and only work with consultants with real-world experience.
Original article: https://www.forbes.com/sites/theyec/2021/10/18/10-clear-signs-you-may-need-to-hire-a-consultant-to-help-your-business/?sh=232ec6457d34