Is small business consulting really worth it? The 2024 scoop
Table of Contents
What even is small business consulting?
How can small business consulting make my life easier?
What can small business consultants offer me?
What are the main strengths of small business consultants?
Making your choice: How to select the right business consultant?
What are the main elements of your partnership with small business consultants?
Recapping: How small business consulting can lead to business success
If you're a business owner, you're familiar with the absolute tornado of responsibilities you have to face on a daily basis.
You likely wear multiple hats, all of them different fits, sizes, and looks.
In the midst of all this hustle, you find yourself wondering:
Can I get help?
Can a business consultant actually help me grow my business, and improve my marketing reach and numbers?
Is business consulting worth the money?
What can someone teach me that I don't already know?
And will it be worth my time—even if I do learn something new?
I already have a pretty good grasp of how my business works. Do I really need any help?
There are loads of articles about boosting businesses—why can't I read those and do it myself instead of getting consulting?
I actually do have some free time. Maybe I can somehow spend some more time to try and elevate my business myself?
Our slightly biased opinion is that small business consulting is absolutely worth your time. Having helped a number of businesses glow up and thrive, we know the power that some well-placed guidance can bring.
From business plans, marketing efforts, facilitation skills, return on investment, and so much more—we want to give you an in-depth look at what small business consulting brings to the table.
Let's dive into it—we promise it'll be worth your while. 😇
What even is small business consulting?
Getting Familiar With the Concept
Running a small business is a heavy lift. With all the daily chores, you'll likely be at a loss for time, and this is a problem if you're looking to learn something new. And learning something new is important if you're trying to improve your offering, services, and business strategy.
But, why would you even try going at it alone?
While you are the expert in your own field, getting places with a small business often involves elements waaaay outside of the usual business owner's field of expertise. Marketing campaigns, sales efforts, understanding market shares, legal structures, digital marketing, low-risk contracts... the list goes on and on.
This is where consulting makes its glorious appearance.
Small business consulting entails seeking advice and guidance from experts in different facets of business management. These consultants bring a depth of knowledge and experience to assist you in overcoming challenges and achieving your goals. Most importantly of all though, they give you the time you need to work on your actual business, rather than the scaffolding behind the scenes.
Understanding the Importance
Business consulting services don't just do wonders for your time management—they can also be a springboard for success. According to the Business Consulting Agency, small businesses working with financial advisors were 67% more likely to see increased profits.
The National Association of Small Business Development Centers also conducted a study that found that businesses working with counseling were 50% more likely to keep going strong after 5 years, compared to those working without this sort of help.
The importance of small business consulting lies in its ability to provide specialized expertise tailored to the unique needs of each enterprise. It's not just financial or longevity help—consultants offer insights, strategies, and solutions that might not be readily apparent to the business owner, helping them navigate complexities and optimize operations in almost all facets of the business.
Here are a few more detailed ways in which they'll lend you a hand.
How can small business consulting make my life easier?
The Quick and Easy Way to Understand Your Business' Flaws
Look, none of us are perfect. Even the most thorough, dedicated business owner is bound to make a mistake here and there. These can add up and snowball down the line. And that's something we want to avoid.
Experienced business consultants have a knack for identifying weaknesses and inefficiencies within an organization. Business goals, marketing efforts, proper sales strategies, search engine optimization—no matter the issue, business consulting services have got you covered.
By conducting thorough assessments, they pinpoint areas for improvement, streamlining processes and maximizing productivity. And if productivity is your jam, then consulting firms are your go-to. In fact, the Boston Consulting Group conducted research that shows us that businesses that worked with and implemented consulting advice improved their operating efficiency by 40%. And that, in technical terms, is what we call pretty big!
Easier Decisions, Better Strategic Planning
With the help of business consulting services, decision-making becomes more informed and strategic. No more guesswork and shots in the dark.
They provide valuable insights into market trends, competitor analysis, and growth opportunities, offering business assistance and empowering you to make sound choices that propel your enterprise forward.
And what's best, you won't have to go through the nerve-wracking ordeal of big business decisions on your own anymore—with the analytical and experienced approach of a business consulting expert, you'll have an easy way to back your choices up.
An Effective Business Model Design
Playing the long game and seeing the bigger picture—it can sometimes be pretty difficult when running the day-to-day of your business, right?
With a dedicated team of consultants though, you'll have a steady set of hands guiding you in designing and refining business models to ensure sustainability and profitability.
They'll help align resources, capabilities, and revenue streams, ensuring a smooth transition and creating a solid foundation for long-term success.
Business coaching can also drive you forward, setting you up with long-term knowledge of the do's and don'ts of sales. This can help you boost sales and grow in organic ways. You can read up on the process in more detail here.
At this point, business consultants must be sounding pretty dope, right? We're doing them a tiny disservice, though, by grouping all of their services together.
So, to even the balance, let's take a step back and look at some of the separate services you can have access to with your new favorite business partner.
What can small business consultants offer me?
Business Planning and Strategy Consulting
Consultants help develop comprehensive business plans and strategies to guide growth and expansion initiatives. Even a successful small business can stall when innovation is lacking and there's no forward-thinking. Business consulting agencies can help you with just that!
Marketing Consulting and Plan Development
Business consultants offer marketing services and campaigns that will enhance brand visibility, attract customers, and drive sales. A marketing plan will get you on the road towards a client-centric approach which will provide dividends fast.
Financial and Cash Management Consulting
The bottom line is essential. We all know this and there's no running away from it.
Having someone who can point you to that line and help you work with it can be invaluable.
Consultants offer financial analysis and advice, optimizing cash flow management and ensuring financial stability, while also indirectly setting you up for developing marketing strategies and strong sales tactics.
Content Development and Online Presence Enhancement
Consultants assist in creating compelling content and improving online presence through website optimization, social media strategies, and digital marketing tactics.
In the world of digital marketing, content rules. A consulting firm can give you all the right tools to thrive in this world, allowing your business model design to factor in a strong presence on search engines, as Google values content as much as any other element when ranking results (per Digital Agency Network).
So, we think we've done a good job repping consultants now. But we want to give them just a tiny bit more of the spotlight and talk about the skills they can bless you with.
What are the main strengths of small business consultants?
Knowledge, Experience, and Variety
Consultants bring a diverse range of expertise, drawing from experiences across different industries and business contexts. This gives you the chance to align the choice of consultant with the exact business objective you're trying to achieve.
Strong Business Management and Consulting Skills
Business consultants work with analytics, think strategically, and boast problem-solving skills honed through years of consulting practice. No matter your ask, a consulting firm is likely to have a way of achieving it.
Ability to Analyze and Solve Complex Business Problems
Consultants excel at dissecting complex issues, identifying root causes, and devising effective solutions to drive meaningful change. The greater the challenge, the better the fun.
Excellent Communication and Interpersonal Skills
Clear comms, rapport building, and collaboration are key factors for almost any business, and business consultants understand this, bringing it in bunches to any task.
Okay—now we think that we've done small business consultants justice and conveyed most of the ways in which they can contribute to your business' growth.
If you're now firmly on the consultant bandwagon: how do you pick a good one to partner up with?
Making your choice: How to select the right business consultant?
Understand Your Goals and Needs
Step #1 may be the most important of them all—getting to know yourself and your (business') needs.
Clarify your objectives and challenges to ensure alignment with the consultant's expertise and services. Once you know exactly what kind of help you're looking for, finding a consultant that suits that description becomes exponentially easier.
Be Aware of Your Budget
Once you know your goal(s), you can plan your budget around this.
Consider any budget constraints and negotiate terms that align with the value delivered by the consultant's services. Keep a constant eye on any fluctuating costs, and make sure to be totally in the clear when discussing costs with any potential consultant.
Assess the Consultant's Expertise and Experience
Once you've narrowed down your search and understood your budget, it's time to get analytical with the potential choices.
Evaluate the track record of any small business consultant you're looking at, and focus on their industry knowledge and relevant experience to gauge their suitability for your own business.
Review Client Testimonials and Case Studies
We use reviews for all kinds of purchases and personal needs, so why not use it here as well?
Seek feedback from past clients and review case studies to assess the consultant's effectiveness and impact. Be as thorough as you can, as this is where you'll find any potential red flags (and fish out the green ones) the easiest.
So, let's now say that you've—hypothetically—made your choice of small business consultant. You're having your first meeting with them, and want to know what's in store for you.
Here's a barebones overview so you get the gist—the very best tip we can give is to set up a meet-and-greet with the company you've chosen and get to know all the deets closely. 🧐
What are the main elements of your partnership with small business consultants?
Establish Clear Objectives and Expectations
Your first line of business will be to sum up where you're currently at and where you wanna go.
You'll want to define clear objectives, timelines, and deliverables to ensure mutual understanding and accountability. Don't forget to be as clear as possible when communicating your wishes and feedback—consultants are professionals, but your word is still the final one when signing off on the project.
Communicate, Coordinate, and Collaborate
Business consultants will be looking for constant feedback in order to deliver the best possible results and pivot when needed.
Maintain open communication, coordinate efforts, and collaborate closely with the consultant to maximize outcomes, ensuring that what you imagined at the get-go is exactly what you're getting once you cut the ribbon.
Again, be mindful that there will be other processes involved, depending on your choice of consulting agency. We don't want to overwhelm you with a whole essay on the steps of business consulting—instead, discuss this when looking for your agency pick. Not only will you get the clearest overview that way, but you'll also know if that company is the right one for you!
Recapping: How small business consulting can lead to business success
We're hoping that the question we started out with has been given a resounding yes after you've read this.
Business consulting can definitely be the springboard your business needs—just be sure to get a good understanding of all your needs before jumping into it. By leveraging the expertise and insights of experienced consultants, you can overcome challenges, seize opportunities, and achieve sustainable growth.
And if you ever feel unsure about any of it or want to get to grips with exactly what you can expect, you can always jump on a free, 30-minute call with us where we can cover all kinds of topics related to business consulting.
So, if you're now all hyped and set to start exploring the exciting world of business consulting—know that we've got your back. Go do your thing!🚀
FAQ
What is small business consulting, and why is it essential for business owners?
Small business consulting involves seeking guidance from experts in various aspects of business management to overcome challenges and achieve goals. It's crucial because business owners often face tasks outside their expertise, such as marketing, sales, and legal matters, where consultants can provide specialized knowledge and experience.
How can small business consulting improve productivity and efficiency?
Experienced consultants can identify weaknesses and inefficiencies within a business, streamlining processes and maximizing productivity. Research shows that businesses implementing consulting advice can improve their operating efficiency by up to 40%, highlighting the significant impact consultants can have.
What role do small business consultants play in strategic decision-making
Consultants offer valuable insights into market trends, competitor analysis, and growth opportunities, empowering business owners to make informed and strategic decisions. By providing analytical and experienced guidance, consultants help mitigate risks and drive the business forward.
What services do small business consultants typically offer?
Small business consultants provide a range of services, including business planning and strategy development, marketing consulting, financial and cash management advice, and content development for online presence enhancement. These services are tailored to meet the specific needs of each business.
What steps are involved in the small business consulting process?
The consulting process typically begins with establishing clear objectives and expectations, followed by open communication, coordination, and collaboration between the consultant and the business owner. By maintaining a mutual understanding and accountability, the partnership can achieve optimal outcomes.
How can small business consulting contribute to long-term business success?
By leveraging the expertise and insights of experienced consultants, businesses can overcome challenges, seize opportunities, and achieve sustainable growth. Consulting services provide tailored guidance and support, helping businesses navigate complexities and optimize operations for long-term success.
How can business owners make the most of their partnership with a small business consultant?
Business owners can maximize the effectiveness of their partnership with a consultant by clearly defining objectives, providing timely feedback, and maintaining open communication throughout the consulting process. By actively collaborating with the consultant and leveraging their expertise, business owners can achieve optimal results.
