Many small and medium-sized enterprises (SMEs) find it difficult to scale revenues, particularly in sectors where the competition is fierce.
A growing number of SMEs have turned to specialist consulting firms to help them achieve their aims, but this can also present challenges. Read on as we take a closer look.
Why specialist consultancy firms are appealing to SMEs
SMEs generally turn to specialist consultancy firms to access the knowledge they lack internally and gain an objective perspective on their operations.
Companies at this end of the scale are often working with limited budgets, while their staffing levels leave them lacking expertise in key areas.
Consultancy firms such as Business Labs fill the gap, providing SMEs with instant access to a team of professionals who possess the skills to drive their business to the next level and beyond.
The ability to offer unbiased insights is one of the most appealing elements of consultancy firms. Staff members in many SMEs are too tied to their current way of working.
Consultants offer fresh perspectives by using data-driven insights to identify issues and provide solutions that will help to deliver more effective results.
Some SMEs fail to evolve the processes they had in place when they first started. As business demands change, the growth strategies employed must also be tweaked.
By identifying issues and streamlining operations, consultancy firms provide SMEs with the tools they need to sustainably scale future revenues.
Picking the right consultancy firm
As highlighted at the outset, linking up with a consultancy firm presents SMEs with several challenges. This starts with picking the right company for your business.
Some big consultancy firms are guilty of charging extortionate fees for their services and providing nothing more than endless reports filled with generic waffle.
While this may look hugely appealing on the outside, the information is unlikely to provide the commercial steer that most SMEs are looking for.
Choosing an independent consultancy firm with a verifiable track record of success in the same sector is generally the most advisable course of action.
If the firm you employ understands your particular business niche, they will have a much better chance of delivering sustainable revenue growth.
By contrast, firms which take a ‘consultancy by numbers’ approach to their services are unlikely to provide the practical solutions SMEs require. The most effective consultancy firm will offer:
- Real-world experience: Choose a consultancy firm which can demonstrate success in the same sector.
- Bespoke strategy: Avoid consultancy firms which have a ‘one-size fits all’ approach. The strategy must be tailored to your specific enterprise.
- Commercial expertise: Specialist consultancy firms understand how SMEs in your niche operate and the elements which deliver profits.
- Practical support: Choose a firm which offers practical solutions to the problems faced by your business for the best results.
Specialist consultancy firms can deliver exceptional results
The consultancy industry has undergone significant changes in recent years, with the sector shifting away from larger operators towards niche specialists.
Outdated approaches and bureaucracy are among a plethora of elements which make ‘full-service’ consultants hugely unappealing to SMEs.
Business owners at the lower end of the scale want solutions to specific problems rather than the broad-brush approach provided by large consultancy firms.
SMEs must be able to trust a consultancy firm to deliver results. The link-up should feel mutually beneficial rather than a ‘teacher and pupil’ relationship.
By choosing a consultancy firm which can offer specifically tailored services, SMEs have a much better chance of achieving the sustainable revenue growth they crave.
