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Business consultants is too broad of a term in my opinion; business consulting can be management consulting, strategy consulting, M&A consulting, finance consulting, etc. If you are looking for good value business consultants on a project or temporary basis, I recommend you check out Toptal’s management consulting services and Toptal’s strategy consultants.
A factor to consider is whether you need just one or multiple business consultants on a temporary or permanent basis. Business consulting is a multi-billion industry and there are many different specialties to help you improve your business: whether it is pricing, business modeling, M&A, profitability improvement and many more.
Below you can find a high level overview of the most common types of business consultants and what they are expected to do:
Pricing consultants: they analyze and identify pricing optimization opportunities. Hiring a pricing consultant tends to have a high ROI if implementation is done right. According to HBR.org, a 1% increase in price can yield an increase of 10%+ in operating profit.
Market research consultants: if you need information about your current market or you are looking to expand your business in a different market, you need a market landscape that includes market size and growth, a competitive analysis including market shares, etc.. You can use a market research consultant to get a market overview.
Growth strategy consultants: you can have many options to expand your business, but which one is the best given your company’s capabilities? A growth strategy consultant will give you the answer.
M&A consultants: you want to expand your company, but you need to build capabilities or acquire a company. If you choose the latter option, then hiring a M&A consultant may be appropriate.
Due diligence consultants: you have identified a company to acquire, but now you need to make sure you are buying a good asset and you need to investigate the company and the market. That’s when due diligence consultants come in handy.
Post-merger integration consultants (PMI): you have acquired the business but now you need to integrate it in your platform. PMI consultants are the right fit in this situation.
Profitability improvement consultants: your business can be performing better than it currently is, whether it is optimizing pricing or costs, you need to improve your profitability margins. Then it’s worth spending the time finding a good profitability consultant.
Business model and business plan consultants: you can get an additional perspective on how you can improve your business/operating model.
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