What can consultants do for you? You’re already an established company with your own resources and expertise, so corporate advisory services might seem redundant.
Major companies still use corporate advisory solutions, though, because outside perspectives and services are necessary on certain projects. It’s true that you’re the authority on what you do, but a consulting firm is the authority on what they do. And you can partner with them to take advantage of their expertise to improve your business.
With a great consultant, you and your employees can use processes you normally wouldn’t. You can also change certain systems you’re accustomed to, order outside reports that improve your credibility, learn cutting-edge information, and more.
Here are five ways to use a consultant to unlock potential synergies with your business. Which ones could apply to your organization?
1. To Find and Correct Problems
Your employees are world-class at accomplishing their tasks efficiently every day. But consultants can notice problems they’ve overlooked, make processes more efficient, eliminate unnecessary tasks, and identify ineffective strategies.
Even if employees have noticed a problem, they might not have had the resources to correct it. But a consultant can plan and champion a valuable change that can earn or save many times more than his or her fee.
2. To Teach New Skills and Information
You hire employees who are masters of what they do. But your industry is always changing. Great employees are open to learning more about it, and a consultant can train them in up-to-date information.
When hiring a training consultant, make sure he or she has a track record of successful trainings, not just subject-matter expertise. It’s a special talent to understand the learning process and facilitate it. It must be combined with the latest industry knowledge.
3. To Spin Off a Business
If you’re spinning off a part of your business, you can use a consultant to plan a smoother transition. You and your employees are brilliant at operating your current business, but you may need someone who has experience guiding every step of the process of a spin off.
A consultant can also offer industry connections as an asset. If he or she can introduce you to the right people or firms, that alone can give your spin off a stronger foundation. So, ask about his or her relevant connections during the initial interview.
4. To Report an Objective Corporate Valuation
Some corporate advisory services are experienced in creating objective corporate valuation reports. If your board or executives are making a major decision, an accurate financial report can give you a better basis on which to choose to buy or sell a company, merge with another firm, issue stock, and so on.
The aftermath of major decisions can sometimes include a lawsuit or an audit. If you ordered a valuation from a qualified outside firm, it’s much easier to get a favorable outcome than if your own employees performed the valuation.
5. To Increase Sales or Deal Flow
Your business is established. You’ve served customers well for some time. But you can hire a consultant to pursue more aggressive sales numbers. A great consultant can present marketing and positioning ideas that even your best employees just haven’t thought of or heard about.
Your advisory firm can also bring a fresh perspective to tough strategy decisions. They can even create detailed reports on your business, the market, and your competition and recommend several options based on hard data.
There are many more benefits of consulting and corporate advisory solutions. If you’re interested in hiring a consultant, schedule an initial meeting with one that’s well-recommended and interview the firm thoroughly. It’s always possible to walk away, but if you find a consulting firm that’s right for you, they can help you solve very important problems, and you could be very happy you found them.