8 common questions small business owners ask about business consultancy

Many business owners hesitate to seek professional help running their business.

Why? It’s often not because they don’t value the knowledge and insight of a business consultant, but because they don’t know what to expect when bringing one onboard.

Will hiring a business consultant be expensive? Will a business consultant take up too much of my time? How do I know if a business consultant is right for me?

Fortunately, we’re here to answer some of the common questions small business owners have about business consultancy:

What does a business consultant do?

Business consultants help bridge the gap in knowledge and skills within a small business, and even bring a fresh objective perspective to the company. They’ll work directly with you to solve problems and to provide advice on how best to handle certain aspects of your business.

Business consultants also work with their clients to help them develop the necessary skills and knowledge needed to efficiently run and grow their business.

How much does business consultancy cost?

Business consultants often set their rates based on the number of hours they expect to spend on a project or business. Some consultants will provide a project rate, where a fixed amount of money is agreed upon for a predetermined period of time.

Business consultants can also be kept on retainer, in which case they will charge a monthly fee in exchange for a set number of hours.

What is included? 

The first thing a business consultant will do is perform an analysis of your business. They will lend a fresh perspective to identify where risks and weaknesses lie within your business, and suggest a plan of action specifically created to improve those problem areas. Together, you and your business consultant will then come up with measurable goals to monitor improvements and growth.

What do I need to do? 

As a small business owner, you’re probably accustomed to doing everything yourself. It’s important that you are receptive to the feedback and suggestions made by your business consultant—because you’ve hired them for their experience and knowledge.

Expect to adjust your strategies and goals, and know that some results require time. You should think of the relationship between you and your business consultant as less of a quick fix, and more of a long-term partnership.

How long does it take? 

Every business or project will have a different timeline and a different definition of success. It’s important that you and your business consultant communicate to each other your expectations, and work together to establish a timeline that works for both of you.

How do I choose the right business consultancy?

There are a number of ways to determine whether a consultant is right for you. The most important is whether they have knowledge of your niche industry, if they can back up their service with testimonials, and if they’re flexible and available to work with your schedule. It is also very important to discuss the style of the business consultant: will he or she mainly provide advice or the consultant will be willing to do some of the work themselves to solve your most critical business challenges? One of the best ways to know for sure if a partnership will work out between you and a business consultant is to also have a face-to-face interview.

Where do I find business consultancy?

You can find business consultants through your local networking groups, referrals and word-of-mouth, or even social media.

A good starting point is to conduct an online search for business consultants in your area, as this will often produce a number of potential candidates.

Many business owners who hesitate to hire business consultancy services miss out on the numerous advantages they can offer. At Reachout Business Solutions, we provide business owners with the hands-on support and skill set they need to maximize their business growth, reach their goals and achieve success. Learn more by scheduling a consultation today.

For more business insights, you can follow us on Twitter, LinkedIn, and Facebook.