Businesses are missing out by not considering the benefits a consultancy firm could bring to their growth plans, according to financial services consultant Harrison Spence.
Consultancy head Clayton Witter said: “It’s easy to see the tangible needs, but often what is really essential for the business to flourish and grow goes beyond just the tangible things.”
Mr Witter was recounting a story where he went out to dinner with his colleague and a friend, who was frustrated about working longer hours, but felt his business had stalled.
After asking the friend about the important business purchases he had made in the previous 12 months, the friend said among the actions he had taken included buying a new back-office system and hiring new staff. But all of these had made no difference.
When Mr Witter asked the friend if he had ever considered using a consultancy to help develop a growth strategy, his response was that it was a “complete waste of money”.
Mr Witter said in his line of work he has helped businesses prepare for a sale, with strategic business development, skills development, increasing revenue per client, improving profits, succession planning and improving company valuation.
He added: “We could all do with a little bit of external help with certain aspects of our business and a fresh pair of independent eyes can be the investment that really brings dividends.”
Stephen Groves, chartered financial planner at Integral Financial Planning, said he uses a consultancy firm to help with his business, but has had a more positive experience with a smaller firm, having previously worked with a larger company.
Mr Groves said: “I was using a compliance firm but I stopped using them because I didn’t see the value in them. They were too big and offered no personal service, whereas a smaller firm can tell you what you need to hear and know.”