5 Reasons Why Corporations Hire Consulting Firms

    There are many kinds of partnerships in life. You might have started a business with a partner. You and a fellow board member or executive might partner on projects. You might have a partner in life.

    But what does it mean to partner with a consulting firm? What can they do for you? As examples, they can breathe new life into your marketing, spearhead change projects, take unpleasant tasks off your calendar, and more.

    Some consulting firms can help you many times, becoming long-term partners. As they get to know your organization better, they’ll get better at overcoming your particular challenges and become more valuable to you.

    Below are more details about five of the top projects you can partner with a consulting firm on.

    1. Going After New Goals

    You’ve brought in customers and served them for years. You might not be struggling, but you might want to achieve new goals, such as diversifying your customer base or establishing a new profit record.

    A consulting firm can offer an outside perspective during strategy sessions. They can move you toward your goals with new objectives, customized market research, and new ways of positioning your company. They can research your competition and form a plan for pulling ahead of them. They can make your goals their own.

    2. Solving Internal Problems

    Consultants often are called in to solve problems. Your own employees might overlook a problem because it seems normal to them or they don’t have the time or knowledge to solve it.

    When something is broken, a consultant can act as a researcher, puzzle-solver, and change agent to fix it. For example, your advisory firm can identify an ineffective process, design a solution, and help implement it until it becomes a new part of your culture.

    3. Training Employees with Cutting-Edge Information

    Did you ever have a college professor who knew a lot about a subject but wasn’t a great teacher? When engaging a consultant for corporate training, get reviews of that firm and even interview past trainees when possible. The firm should be experts at helping employees actually use new knowledge to perform better.

    Find out if the trainer is up-to-date on the very latest information about your industry. You don’t need your employees to learn ideas that were in vogue 11 years ago.

    4. Handling Unpleasant Tasks Like Layoffs

    In any partnership, one member will be better at certain tasks than the other member. And some consultants have the expertise to make the best of a bad situation, such as a mass layoff. Consultants may know the best ways to present the severance package, the right day and time to perform it, and how to give good parting advice and further services.

    Let them do this and other unpleasant tasks, so you can focus on motivating your employees and serving your customers.

    5. Reporting Corporate Valuations Objectively

    Why would you need corporate valuation services? An objective valuation of a company—either yours or another—can help you make major decisions that can be worth millions. This can include whether or not to buy or sell a company, to merge two companies, or to spin off a division.

    Valuation services can also protect you during audits, fairness opinions, and lawsuits. With an objective valuation in hand from a qualified firm, you’ll have great evidence for your case.

    Partnering with consulting firms can give you other advantages, such as deep expertise in certain fields, a low-cost substitute for an empty staff position, influence with key industry figures, and much more. If you’ve never worked with a consulting firm, it may be time to call your peers, get recommendations, and then carefully interview a few top options.