Growth consulting focuses on frontline aspects of an enterprise, for example, sales & marketing, leadership, and strategy. Growth consulting firms are also responsive to the realities that exist in the market and the nature of today’s business environment.
Most client businesses can benefit from a blend of three resources offered by growth consulting firms:
- Growth Consulting: this centers on the exercise of evaluating companies from an external standpoint and delivering recommendations and strategic insights that can be used to enhance a business.
- Growth Coaching: members of the executive team can benefit significantly from this service. Here the consulting firm gets intimate and personal with company heads, providing training and upgrading their leadership and communication skills.
- Contracting: this is where growth consulting firms deliver subcontracted services that allow companies to scale swiftly without the need to employ a variety of full-time members of staff to spur growth.
The consulting function is critical to business success and includes assignments such as identifying growth opportunities, advising on growth challenges, and developing new business models. Consulting firms also work with clients to make strategic decisions and make detailed action plans, and they will recommend alternative approaches as well.
Growth consulting firms are usually conscious of industry “best practices” because of their exposure to, and associations with various organizations, and can advise their client companies accordingly.
When selecting a growth consulting firm, clients usually use specific selection criteria. These criteria include the firm’s knowledge of the client company’s industry and the expertise of the consulting team. They look for companies that know about their pain points, nuances of their industries, trends, strengths, weaknesses and opportunities for growth.
Managers are all too often thrown into the deep end and left to sink or swim, with no plan for their development. Growth Consulting firms solve that problem by offering developmental sessions that are tailored to be relevant and appropriate to the industries with which they work. Some firms also provide courses to team leaders and supervisors.
In addition to providing training for top executives and middle management, a growth consulting firm will also work with sales staff and other workers to ensure that all employees understand their company’s brand and corporate culture. Cross selling and upselling often form a significant part of this training, which guarantees the promotion of the client company’s brand.
Another way in which growth consulting firms support businesses is through contracting in areas such as information technology and related services, and marketing. Contracting reduces costs significantly because client companies can now pay for these services only when the need arises, instead of hiring a worker and having to pay that worker a monthly or weekly salary.
Another benefit of outsourcing specific tasks is that it ensures high-quality work. Growth consulting firms usually have access to excellent resources and specialized contractors. Client companies also benefit from contracting when they need to have a job done, which requires specialized knowledge or special tools.
How Growth Consulting adds value
Large companies employ in-house analysts to perform the functions traditionally carried out by consulting firms. Midsize and small companies realize the value in building strategic advantages and rapidly scaling up sales and marketing initiatives . As businesses recognize the importance of this service, more and more small companies are opting to hire these firms.
Growth Consulting firms are essential because they make processes more efficient and profitable. They streamline workflows and increase productivity. Efficient sales, marketing and operations allow resources to be deployed to high value priorities. They provide much-needed business analysis services, which are critical for product development and directing marketing efforts.