Practical Use Cases
What Do Growth Strategy Consultants Do?
A Growth Strategy consultant helps a company achieve sustainable growth with a well-planned and executable business growth strategy. Not only can they achieve increased sales, but they can also increase growth capacities by leveraging their expertise and helping build an infrastructure to support growth.
Essentially, Growth Strategy consultants will examine a variety of factors in your business, to reach a founded conclusion on how to propel growth. They will examine:
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Why Hire Growth Strategy Consultants?
Every business owner or CEO wants to see their company flourish and grow but at some point, every business struggles with growth problems. There are several reasons why a company may need to hire a Growth Strategy consultant.
Businesses often find out incredibly early how difficult and time intensive it is to get their initial sales started and gain brand recognition. They will try to save cost by cutting back on spending, but it is often the very budgets they cut that would help generate more income, such as cutting their marketing or R&D budgets.
Business growth strategy consultants can use their expertise to build and implement sales programs or customer growth initiatives from the ground up.
With mature companies, the problems can be more complex as growth or sales may plateau. Suddenly your company seems to be stagnating and sales are beginning to flatten but you cannot see any reason for the change. A Growth consultant will help you see the obstacles in your path to continued success and will help you remove them.
Lastly, there are high growth businesses. Sales may be growing rapidly and you may be struggling to keep up with demand. Nonetheless, you may lose sight and control of the various different products, supply chains and inbounds that you are experiencing.
A Growth Strategy consultant will help you manage your growth and build a foundation for your business to scale, so that your business can cope with unexpected surges in demand and achieve sustainable growth in the future.
Sometimes the problem can also be internal obstacles that have prevented change or growth due to cultural or interpersonal reasons and an insider would be blind too. A growth consultant can offer seasoned advice based on his experience and knowledge that will boost the team’s confidence and remove these obstacles.
Other benefits include a reduced risk of failed growth initiatives, more stable margins as new initiatives are pursued and a clear growth strategy in the future adding confidence, loyalty, and belief in the company from employees and customers. This and much more can be achieved through the hire of a top-tier, handpicked consultant from Consultport.
Tips on How to Hire Growth Strategy Consultants
Planning the future direction for the company and growth strategies requires a lot of high-level decision making, analysis and experience. A Growth Analyst needs to take inventory of the industry, company, and future technology to lay foundations for future growth.
There are many growth challenges and opportunities to sustain a consistent pace of growth. Growing too quickly can cause the company’s resources and finances to become overstretched, but grow too slowly and you will miss out on opportunities. To ensure your growth strategy is ready for any potential upsurge, hiring the right growth consultant is crucial. When hiring a growth strategy consultant, there are several factors you want to consider:
As a result, Business growth strategy consultants are clear thinkers and good communicators. Additionally to technical and strategic expertise, a Growth Strategy consultant needs soft skills that can be of use when implementing the proposed strategy within the firm. There are various skills which can be of use and should be tested in an interview environment:
As with any choice of a candidate, you should also take inventory of the consultant's experience and achievements. Ask for previous clients, business growth strategy, growth problems that were overcome and their results. Ask for key performance indicators so that results and effectiveness of the business growth strategy can be measured. The most common KPI used are:
- Organic traffic growth
- Social media traffic
- Traffic-lead ratio
- Cost per lead
- MQL to SQL ratio
- Inbound marketing growth
- Inbound ROI
- Customer Lifetime Value
Conclusion
The use of business growth strategy consultants is an important part of planning your company’s growth in the future and ensuring that your business can scale adequately and to mitigate any risks. They will also be able to streamline and focus your portfolio, suggest market acquisitions and focus your growth so that it may last.
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