Starting a business has never been easier and most conventional barriers do not apply to today’s start-ups. According to a 2017 study some 35% of all start ups were owned by individuals nearing the 60 years threshold and the space has been dominated by male though female participation has been around 25%. More than 50% start-ups graduated into the 4th and 5th years while failure rate has also been closer to the 40% mark. Major cause of failure was identified generally as absence of market demand, running out of cash, getting outcompeted, bad team composition, not having a user friendly product, product with no business model, poor marketing, mistimed product and ignoring customers.
The above data can be encouraging for some budding entrepreneurs while some others can visualize it as dark clouds in the horizon. To succeed in business you need to identify the right type of business consultants to avoid most common pitfalls in building a successful business. You could be building a small business or aiming it big with a group of like minded individuals and undoubtedly a viable business model that justifies the bigger size.
Let us now turn to how you choose the right type of business consultants by understanding the different types of business consultants.
TR Business Consultants based out of Abbotsford, Vic are a leading Australian business with a team of highly experienced consulting professionals in multiple fields,
Management or strategy consultants
Nearly every type of business will need this type of consultants since they specialize in assisting companies resolve issues pertaining to operations and work strategy of companies and that is important for improving its performance. These consultants analyse issues that hinder progress of a business and offer guidance to entrepreneurs in developing appropriate plans to improve the business. The major role of these consultants includes promoting cost effectiveness and efficiency, increasing product range and overall capabilities.
Business transformation consulting
When you find your business not progressing in line with your expectations or desire, then fundamental changes are need in accordance with market environment. To address this, you need business transformation consultants. These consultants offer guidance to business owners on steering their business in a healthy path. This consultation process will include finding the gaps in opportunities, identifying solutions to fill those gaps and implementing changes essential for bringing overall change in business performance.
Every business will be governed by one or more legal covenants irrespective of your physical or even digital location. Ideally, you should have a competent legal consultant right from the start of your business so that you stay safe from complex legal issues as you progress in the business. Intellectual property, contracts, employment, acquisition of real estates, corporate laws, and banking are some of the major areas where legal consultation is critical for your business. Legal consultants can be individuals with appropriate qualifications in laws pertaining to the jurisdiction in which your business operates. In some instances, you may need legal consultants with adequate exposure to international laws also to deal with your business activities across continents. Legal consultants may also be members of local bar associations and the duties performed by them include handling, preparing legal documentation, handling disputes etc. By having a good legal consultant for your business, you can potential steer clear of legal issues and focus more on your business.
Marketing consultants specialize in designing marketing strategies to assist in distribution, promotion and sale of different goods and services offered by the business. The role of these consultants can be limited to laying out marketing strategies for the business owner to implement them, or take on larger responsibilities when assigned. Often times, marketing consultants also undertake the task of designing marketing material, promoting the business through multiple channels, finding markets and customers, identify competition and evolve strategies to counter competition, recruit appropriate marketing personnel and take effective charge of the entire gamut of marketing for the particular business. But, all marketing consultants may not accept such extended scope of involvement.
Information technology consultants
Information technology is a crucial part of every business in today’s world and business can grow by leaps and bounds when the huge resources available from the digital world are put to use appropriately. But, this is possible only when in-depth knowledge of technologies is readily accessible and having a competent information technology consultant is the best way to go. Remember also that technology keeps evolving almost by the day and therefore the ability to keep pace with the latest developments in areas that impact your business becomes critical. Information technology consultants usually function as a team to ensure that they cover a wide array of segments within information technology.
Depending on the size and type of your business, the HR function can assume great importance. HR consultants can help you with a wide array of functions like recruitment, payroll, training, performance evaluation, motivational programs, disciplinary proceedings, legal issues related to employment, and other related areas.
PR consultants can help you manage information flow from your business to outsiders. However, PR consultants are generally needed only for bigger businesses though smaller businesses can seek their services to resolve specific issues.
Finance is at the core of any business. Managing available finances optimally, sourcing additional financial resources, designing an appropriate finance management process, tax management, stock valuation, and other economic considerations impacting the business fall under the finance consultancy domain. Working capital is a significant need for nearly every business and efficient management of working capital will have significant impact on the bottom line of the business. Businesses offering credit to customers would also need to be extremely careful about how they manage the debtors. Piled up debts from customers can cripple many businesses and impact the ability to raise fresh resources. Most business owners are not exposed to the nuances of finance management and therefore it is desirable to have a competent finance consultant right at the start of the business. With abundant opportunities in the market, it is time now to carve out your niche and get going.