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Companies are missing out on the benefits of a consultancy

Companies are missing out on the benefits of a consultancy

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.

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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.”