Business consulting is when an expert or a team of professionals provides advice and strategies to help businesses achieve their objectives. Whether it’s improving operations, managing finances, or scaling up, consultants use their expertise to help business owners succeed. But the big question is: Do you always need to hire a consultant, or can you run your business on your own?
Before you make any decision, let me guide you through a story that will bring this topic to life. Imagine two small business owners, Kemi and Chinedu. Both are passionate about what they do, but their approach to growing their businesses is very different. What can we learn from their choices? Let’s dive in.
Kemi runs a growing fashion brand in Lagos. She’s passionate about fashion but quickly realised she needed help with managing her finances and scaling the business. So, she decided to invest in business consulting. She hired a consultant who not only helped her create a financial structure but also gave her tips on branding, operations, and how to expand into the online market. Within months, Kemi saw her profits grow, and she even opened a second store. Amazing right?!
Chinedu, on the other hand, owns a tech startup in Abuja. He believed in the “DIY” approach. He preferred to handle everything himself, from marketing to financials. After all, why spend money on consultants when he could save money by figuring it out on his own? Unfortunately, his business began to struggle. He was overworked, missing out on potential partnerships, and unable to manage the company’s growth effectively. Eventually, Chinedu had to slow down operations to focus on the basics again. Ouch!
And that is the difference consulting makes. The scenario above highlights the stark difference between a business that seeks expert help and one that tries to handle everything on its own. It’s a dilemma many Nigerian entrepreneurs face: Should I hire a consultant or just figure things out myself?
THE BENEFITS OF BUSINESS CONSULTING
- Objective insight: One of the most significant benefits of business consulting is that it provides you with a fresh, objective perspective on your business. When you’re busy running a business, it’s easy to overlook obvious flaws or opportunities. Consultants provide an outsider’s perspective and can identify inefficiencies, missed opportunities, and risks you may be unaware of.
- Expert knowledge: A consultant specialises in specific areas such as marketing, operations, or finance. Their extensive knowledge of the industry enables you to avoid common pitfalls. For example, if you own a retail business and want to expand into e-commerce, a consultant with experience in the field can advise you on the best platform to use, how to manage your logistics, and how to attract the right customers.
- Saves time and reduces stress: Let’s face it; operating a business in Nigeria can be stressful. There’s always something to be concerned about, whether it’s managing staff or dealing with electricity issues. A business consultant can help take some of the weight off your shoulders. Instead of spending hours researching and making costly mistakes, you can use their expertise to make faster, better decisions.
- Financial growth and risk management: Furthermore, consultants help you develop a solid growth strategy. Kemi’s consultant, for example, did more than just provide quick fixes; they also assisted her in developing long-term financial goals, advising her on how to manage cash flow, and even devising risk-mitigation strategies. Many businesses fail to grow or survive economic downturns because they lack proper planning. Business consulting helps you prepare for the unexpected.
Business consulting offers numerous benefits, but DIY isn’t always a bad approach, especially for small businesses. If your business is small, and you feel comfortable handling things like marketing, customer service, and operations, DIY might work for a while. Many successful Nigerian businesses have been built from the ground up through sheer grit and determination. Chinedu’s initial success came from his ability to multitask and work hard.
However, as your business grows, managing everything alone can become overwhelming. At this stage, hiring a consultant provides the expertise and guidance needed to scale effectively and avoid burnout.
When Should You Consider Consultancy?
Here are a few signs that it might be time to bring in a consultant:
- You’re struggling to manage growth or expansion.
- Your profits are stagnating despite increased effort.
- You need expertise in areas like finance, digital marketing, or operations.
- You’re dealing with a crisis or unexpected challenge.
- You need help planning long-term strategies and goals.
In conclusion, business consulting can help you achieve your goals faster, whereas doing it yourself takes more time, patience, and experimentation. Finally, the best growth strategy is one that meets your current needs as well as your long-term goals.
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