The professional services world has been in profound shock since July’s unexpected referendum result and with good reason – uncertainty is rarely ever good for business, particularly if that uncertainty directly concerns the free trade and open borders that, in a globalised, highly specialised industry, you rely on.
At first glance, Brexit would definitely appear to be bad news for consultants everywhere – with merger & acquisition business now at a virtual standstill, having shrunk by 50% on the previous year in the run up to the vote alone, belts will be tightened in many areas. Investments flowing in is, really, our lifeblood – when they flow in, companies expand and look to management consultants to manage and scale that expansion. When it stalls… well, we all know what happens.
But is it all doom and gloom? Yes, there are certainly challenges, but with our European relationship amounting to a complex and many-headed beast which will be difficult and time-consuming to unravel, there is much for consultants to tackle at the same time – a prudent business plans for the future, and where the future is uncertain and could yield more than one outcome, is best advised to plan multiple strategies for the likely outcomes, and who is best placed to answer that call?
Broadly, the analysis shows that people will have a little bit less money in their pockets, with it’s few token giveaways largely offset by declining benefit coverage and inflation. Interest rates remain unlikely to rise in the near future, which is broadly good news for mortgage payers and borrowers, but interest-based incentives to save remain non-existent as the government seeks to inject as much non-invested cash back into the products market.
Great news for tenants in the abolition of tenancy fees, but it is worded as the government will ‘go into consultation in the New Year so many won’t be expecting much benefit from that next year, never mind this. Housing costs for those moving continue to rise above inflation in many areas – particularly where most work is available within walking distances or via easy access to public transport.
If you’re a car manufacturer without a profitable electric product, the changes to salary sacrifice schemes are likely to put a dent in your mid-range volume as they make some cars more expensive for the average user, particularly for diesels – the government is slowly signalling their death knell, as more cities move towards emissions-free zones and the announcement of investment into both electric charging and autonomous vehicle infrastructure does offer an opportunity for some skilled and sustainable jobs.
If you have a business then you will probably already know how important marketing is, but are you missing out on marketing opportunities? Marketing your business correctly can be the difference between being successful and failing. There are many ways in which you can market a business such as online through a website or social media sites, creating leaflets and doing mail drops or cold calling. Only marketing using one avenue can be a risky strategy and may mean that you miss out on opportunities to get more business.
If you currently do no or little online marketing then this could be a route that you need to explore. Many people are using the internet to find services or products they need and therefore if you have no presence online, you will not be able to compete with those that do.
With any marketing it is vital to track what you are doing and the return you get but be sure to give marketing time as some is not instant and will take time.
As strange as it may sound, team building is one of those vague and misused terms which managers occasionally call into play as a solution for sluggish work unit performance. Just so you know, the rise in popularity and use of team building parallels the growing perception of work as the output of teams of workers rather than compartmentalised tasks on an assembly line. Recent reports have clearly demonstrated the importance of effective team structures to the overall performance and effectiveness of the worker. Read More
If you are having a building project done then you may consider hiring a project manager. Some people think that having a project manager is just another cost that they can do without so take on the role themselves. A good project manager should have a lot to offer for any project and if taking on the job role yourself you will need to ensure you have plenty of free time to do it and have a good idea of what you need to do.
A project manager can often save you money on supplies etc. as they often have contacts within the industry that will offer them a discount. They are also there to keep an eye on your budget and on time scales, meaning your project is more likely t be completed on time and within the budget you originally set up. Before dismissing a project manager, find out the exact costs and see if it may be worth using one.
If you have an office then you will want to make the most out of your space to allow you to get a certain number of staff in and all the equipment / filing space you need.
Planning out your office is very important and you need to consider not only the practical side of it but also health and safety plus fire regulations to make sure you adhere to all of these. It may be that you only have one or two employees at present but you will need to consider if you may need to expand in the future and if the premises will allow for this or if you wold mind if you have to relocate.
You may wish to hire an office bigger than you will initially need so it already has room for you to grow your business as and when you need to.
A strategy consultant may be required in a number of incidences. Some companies looking to evolve more in to the technology world, employ a strategy consultant to help them discover how they could take their business to the next level and offer their customers the latest in terms of the technology they can use with their brand or to view information, place orders etc.
If you have a long term goal in which you want to meet, then I would strongly recommend a strategy consultant. They will work backwards from your goal telling you what needs to be done and when in order to achieve it. They will also help you along the way should you come in to any issues and will check that you are on target to achieve what you set out to do. Without a consultant, it is easy to spend too much time concentrating on the wrong areas.
If you are a newcomer to the consulting world or if you have a certain level of experience and are looking to learn new skills and gain experience then a consulting course may be for you. Many people go in to consulting having worked in a similar role i.e. in a managerial situation previously. This may have given them a good insight in to how a business is run and what areas you may need to look in to if you are hired as a consultant for a business.
Some businesses hire a consultant for one area i.e. finance, staff training and performance, etc. whereas others may be called in to give overall consulting advice on many different areas. Often these areas overlap so it may be unesseccary to look in to more than one anyway.
Regardless of it you have been in the consulting business for a while or if you are going in straight from college or uni, it is worth taking additional courses to show you how to carry out a professional and thorough examination of our client’s business.
Crowdfunding is a collective concept of people who pull their resources and money together. This is mostly through the internet in order to support the activities of other people. It is a concept that has greatly assisted entrepreneurs, filmmakers, authors, and musicians to complete projects that could have otherwise fallen by the wayside.
With crowdfunding, an individual can attract a big number of people, who can contribute towards a certain funding target. At the same time, the contributors will retain a small stake in the business that they are contributing towards.
With the current tough economic times, business crowdfunding services have quickly gained popularity, acting as an alternative method of raising funds for a business, ideas, projects, or real estate investments. It has been popularised by online sites such as Wefunder, Crowdfunder, Kickstarter among others. Read More
If you are looking to improve your business on the whole there are many ways in which you can do so. Some companies start by looking at their costs and sales prices and trying to establish if they can make more money by reducing purchases and/or increasing sales.
Other business want to look more at the business in-depth, so will start to analysis staffing and training and even staff morale. All of these things can have a positive and negative affect on how well a business performs so it you want to really improve your company, ideally you will look at all of the above and more.
A business consultant will be able to speak to you about the different elements of the business and advise you on where they believe changes need to be made. You will of course have to pay for this service but their advice can often make a massive difference.