Small and medium-sized businesses (SMBs) that are in a growth stage, face some unique challenges that can be difficult to overcome without the right resources and expertise.
Let's take your technology stack as an example: As your business grows, the starter tools you purchased no longer deliver the capabilities you need or have limited ability to execute the demands. You need to start assessing the right tools for the job and not just falling victim to the next best software salesperson.
There can be many reasons why your SMB needs external consultants. Based on our many years of experience, in this article we discuss about the top 5 Reasons Your SMB Needs External Expertise
Similarly, the processes that you setup when you started, don't account for changes in your business, or are inefficient when operating at scale. You need someone to look at these processes objectively and calibrate them for today but importantly for tomorrow.
These are only a couple of examples of the challenges your growing business will face and why and when SMBs look for external consulting expertise.
Here are the top 5 Reasons Your SMB Needs External Consultants:
Cost-effectiveness: Hiring an external consultant can often be more cost-effective than hiring a full-time employee. Consultants are typically hired on a project-by-project basis, which means you only pay for the specific services you need. This can be especially beneficial for SMBs that have limited budgets and need to stretch their resources as far as possible.
Expertise and experience: Consultants bring a wealth of expertise and experience to the table. They have likely worked with a variety of clients and have a deep understanding of the industry in which they operate. This can be especially valuable for SMBs that are looking to tap into new markets or improve their operations in some way. Additionally, if you hire the right consultant, they have worked with or in companies that are in the stage you are looking to reach. Which means they know how to set you up for success once you cross the bridge. Getting across the bridge is only half the battle.
Objectivity: External consultants are not beholden to the company in the same way that employees are. This can make them more objective and able to provide unbiased recommendations and solutions. This can be especially helpful when a company is facing a difficult decision or problem.
Flexibility: Consultants can be hired on a flexible basis, which means that you can bring them on for a specific project or on an ongoing basis as needed. This can be especially beneficial for SMBs that have fluctuating needs or that are looking to scale their operations in the future.
Network of connections: Consultants often have a wide network of connections and relationships within their industry. This can be a valuable resource for SMBs that are looking to expand their reach or build new partnerships.
So, when is the right time to hire a consultant? Here are a few signs that it might be time to bring in an external expert:
You are facing a specific problem or challenge that you don't have the expertise to solve on your own.
You are looking to tap into new markets or expand your operations in some way.
You are struggling to meet your goals or are not seeing the results you want.
You are dealing with a significant change, such as a merger or acquisition.
You want to bring in fresh perspectives and ideas to help drive your business forward.
On the other hand, there are also times when it might make more sense to hire an employee rather than a consultant. For example:
You need someone to handle ongoing, day-to-day tasks and responsibilities.
You are looking for someone to take on a leadership role within your organization.
You want to build a long-term relationship with a team member who will be invested in the success of your company.
Overall, hiring an external consultant can be a valuable resource for organizations of all sizes. By bringing in an expert with the right skills and experience, you can get the guidance and support you need to achieve your objectives, meet KPI's and OKR's.
If you're looking for someone to talk to about hiring a consultant and what to look for, reach out to us.