Consulting is a B2B (business for business) service, which consists in providing expert advice on various aspects of doing business. The name of this term is derived from the English word to consult, alternatively, the word “consulting” can be used.
Explaining in simple words, consulting is a process of consulting individual entrepreneurs and employees of companies (as a rule, management) on legal, managerial, financial, personnel, investment and other issues.
Consulting services can be useful for start-up entrepreneurs as well as for medium or large companies. As the business develops, they have to face various difficulties in one or another aspect of entrepreneurial activity. For example, it can be both some specific issues (hiring and HR management, taxation, financial consulting, etc.) and assistance directly in business processes: development prospects, market analytics, investment attraction, etc.
While large businesses can afford to introduce relevant departments (financial, HR, legal, etc.), small companies and individual entrepreneurs do not have the opportunity to bear such costs. Of course, they can try to figure out all these issues on their own, but the results of work in this case are often unsatisfactory. In addition, the dispersal of attention to secondary tasks negatively affects the main business activities.
A more balanced and sensible choice is to consult experts on the necessary issues. The purpose of consulting is to optimize business processes, solve development problems and improve the performance of the company: liquidity, profitability, profitability, market value, etc. As for its tasks, among them may be the following:
- Development of a business plan;
- Development of marketing strategy;
- Assistance in preparing a competent positioning of the company;
- Analyzing the market, niche, competitors, target audience, product, etc.;
- Optimization of actual business processes;
- Optimization of sales, marketing, human resources, etc.;
- Organizing and conducting training seminars and trainings for the staff;
- Drawing up a financial plan;
- Cost reduction and much more.