Business consulting is a field as old as time, but it is especially important right now as companies seek help in understanding the many issues presented by COVID-19. From the health of their employees to the company’s participation in government programmes to how to legally implement new policies related to the current pandemic, there is a lot to be done. When it comes to finding the right business advisor, or the right team of advisors, you need people who can quickly understand your business, your issues, and tailor their advice to help you through this difficult time in order to have a competitive advantage over other companies.
As you probably know, there are many types of business consultants that could provide you with the right strategies for your business right now, some of them are the old bishops of the consulting industry: management consultants, lawyers, accountants, etc.
In addition to these listed, there are many others that could benefit your business at this time, with some options that you had not even thought of, that would help your business in these particular and difficult market contingencies.
Business consultants are reaching out to companies of all sizes, offering the best advice, while everyone is navigating by sight through the ever-changing information due to the Covid-19 pandemic.
Business management consultants focus on the big picture of a company, its strategy and operations. They look for ways to improve efficiency, expand or innovate product offerings and launch new revenue streams to navigate the changing economy and culture. They look for what might be holding your company back and guide business leaders in developing a new strategy.
During the pandemic, as companies face continual disruptions in expected revenue streams, these consultants can be particularly valuable in identifying cost-saving opportunities. This kind of service can really bring down the costs of running a business, allowing companies to weather difficult times more easily.
Financial advisers can focus on a variety of issues, but it all comes back to analysing the financial capabilities of your organisation. In normal times, they might focus on optimising your tax strategy, advising on merger and acquisition opportunities or helping to financially restructure your business. In these tough times, however, advisors in particular are invaluable as companies try to understand whether they have the possibility of receiving government or private loans.
How then to set incentives to keep sales and revenues at an ideal level. During the COVID-19 pandemic, many companies were forced to adapt on the fly, whether it was switching from retail to online sales or shifting their focus to a previously discarded niche service.
To make the most of whatever changes your business is facing, a business consultant can help you develop your strategy through the use of a variety of tools, including your website, social media, traditional print advertising, television and radio and more.
One of the main issues companies face is the state of their workforce. How are your employees, both physically and mentally? How can you keep them engaged while working from home? How do you manage your company policies as the calendar approaches the end of your fiscal year? These are questions that business consultants can answer.
Whatever type of business advisor you seek, make sure they understand the specific issues facing your business and have the skills to help you achieve your goals. You may need a consultant to help you restructure executive pay, and you may need a business consultant to help you organise and incentivise employees who work at home in the best way possible.
Also be aware that many business advisers will be able to arrange a virtual meeting with you where you will receive the latest guidance and talk face-to-face with the adviser of your choice about the issues affecting your business. Finally, don’t hesitate to contact advisers on an exploratory basis, you will be satisfied and some of your unsolvable problems can be addressed and overcome.