What Is Business Consulting

what is business consultingWhat is business consulting :

the practice of helping an organisation improve their performance, through the analysis of existing organisational issues and development of plans for improvement.

So when your looking for a Consultant or Consultancy look for people or companies that:

  • have a common value system (if you a “customer first” company don’t hire a “profit at any cost” consultant)
  • are economically aligned (if you are a $5 M a year company don’t hire Accenture for a $7 M engagement)
  • have experience in analyzing a businesses core work structures. (if you trying to stand up a new Go To Market Sales Channel, don’t hire a consultant that has operated a sales channel.  Building is different than operating in work break down structures.)

Why can’t this be done internally ?

1 The expertise and experience that may be required may not exist internally

2 Your internal resources already have a full time job

3 Internal resources have skills that are tailored to your existing business. Inherent are self imposed or “false business imposed” limitations.  An external consultants will bring knowledge, skills and best practices that are not bound by “business as usual”.

 

So how do you find the the right consultant or consultancy.

FALACY #1  Most people only hire like minded people that agree with them.  IN FACT this only leads to the same thinking that you already have.  You Need a new perspective,  you need to hire someone that has experience in what has worked and what has NOT worked in “similar circumstances”.

FALACY #2  My business problems are unique.   Too many people think that their business problems are unique because of the industry they are in, or the vertical or horizontal market.  Some times true !  But when the business is analyzed, work flows are broken down, there are common business traits that transcend industry, or market.

 

Example: We once built a package tracking system for FedEx that allowed FedEx to maximize what aircraft were to be used on what routes based on daily package movement to reduce costs.  That same system was applied to transoceanic shipping cargo containers and to selecting railroad  cars for train routing.  Another example is analyzing the Information Technology departments of an Office Supply Company, a Plastic Manufacturer,  a Cable Company and a Car Manufacturer and found multiple ways to cut costs and add efficiency in all four using the same solution sets.

When analyzing your business think in terms of work structure break down.  Protecting client information is very similar in Healthcare, or Financial Services, or Legal Services, etc.  Given there are outside requirements such as HIPPA for healthcare or PCI DSS for credit card data there are base requirements that need to be in place first before you can be successful with regulatory layers.  Consider these 4 points in common with all data security:

  1. Data Quality Assessment: The quality, timeliness and meaning of the data including those that contain regulated information or intellectual property because they have a direct relationship to the stability, security and effectiveness of the data system.
  2. Security Policies:Shared Best Practices attained through other business relationships
  3. Data Touch-Points: Data Security is closely linked to who is storing data, which applications use them, who uses the data for what.
  4. Reviews: as new applications, functionality such as cloud and/or hardware is added or removed, it is important to make sure new vulnerabilities have not been introduced.
So when your looking for a Consultant or Consultancy look for people or companies that have a common value system, are economically aligned, have experience in analyzing a businesses core work structures.   Leave the Industry and Regulatory expertise to internal resources.
For help with your:

Specialties Include:

  • Business Due Diligence
  • Business Business Planning
  • Project and Program Management
  • Sales
  • Executive Sales
  • Executive Sales Management
  • Corporate Marketing
  • Channels Marketing
  • Internet Marketing
  • Professional Services (Start Up through International Management)
  • Break Fix Services
  •  R&D
  • Market Analysis
  • Federal Governement Contracts
  • Business Planning
    • Develop a unique business plan.
    • Differentiate your business from the competition.
    • Develop a unique value proposition for competitive advantage.
    • Better understand your target customer base.
  • Business Growth
    • Learn new business strategies for rapid growth.
    • Align strategy, sales, marketing, operations, people for growth.
    • Identify and eliminate poor performing areas.
    • Learn new strategies to increase contract size.
    • Develop opportunities for customers to experience your value
    • Simplify your processes and procedures.
  • Strategic Planning
    • Identify your key market drivers.
    • Develop value based branding strategies.
    • Identify new opportunities and potential threats.
    • Maximize potential based on your strengths and weaknesses.
    • Set measurable milestones for each goal.
    • Create a clear mission and vision for the organization.
    • Formulate a road map, where you are going, how to get there.
  • Strategy Consulting
    • Identify new growth market gaps
    • Define the best metrics to monitor your performance.
    • Align the efforts of management, departments and staff.
    • Develop better communication inside/outside the organization.
    • Identify and eliminate poor performing areas.
    • Gain control of operational problems and issues.
    • – Develop a better internal coordination of activities.
  • Sales Management
    • Develop optimal sales compensation plan.
    • Deliver a world-class customer experience.
  • Sales Growth
    • Learn new sales strategies for dramatic sales growth
    • Shorten your sales cycle while improving closing ratios.
    • Implement business planning, strategy, sales, marketing best practices
    • Increase the lifetime value of each customer.
  • Financial Performance
    • Understand your overall financial health
    • Financial Modeling and Financial key ratios
    • Reduce operating, sales and marketing costs.
    • Define the best metrics to monitor your performance.
    • Develop improved budgets and operating plans.
  • Marketing Plan
    • Use language that attracts new prospects.
    • Implement website strategies driving qualified leads
    • Turn your marketing department into a profit center.
    • Develop lead generation campaigns with maximum ROI
    • Learn new marketing strategies for customer growth.

Full Business Modeling to include but not be limited to Revenue Recognition, Opex, Capex analysis and future projections.

If you need assistance with your business, and want top caliber talent used by top Private Equity Firms, you can turn to D&R.  CALL US AT  (480) 948-1998