Business advisory services include business plans, strategy, marketing strategy, business model, marketing plan, and digital marketing. Some of the terms are often interchangeably used by clients.
In most cases, entrepreneurs seek business advisory services to help grow their businesses. Many entrepreneurs imagine that growth is just a function of marketing. Others believe that they will achieve business growth and acquire new customers with the help of digital marketing. Some freelance consultants use Google Ads and social media ads to secure immediate visibility for the product.
Entrepreneurs soon realize that even though the products are getting a lot of visibility and their platforms are appearing on the first page of Google, conversion into paying customers is not appearing at the expected pace. Business growth is achieved when a complex interplay of people, processes, and technology works synergistically towards a pre-defined set goal. Internet ads and digital marketing do not result in higher sales.
Growth is an outcome of a business strategy powered by a business model and driven by marketing. Digital marketing is often a good way to achieve marketing and business goals cost-effectively. Growth solutions, though, are not boiler-plated.
Business plans are another business advisory service frequently asked for by small companies and startups. It is important for companies to clearly outline the purpose for which they would like a business plan to be created. Startups equate a business plan with a business pitch required to pitch for funds to investors.
Business units in large corporations annually prepare business plans. These plans are detailed affairs in which the business and operational strategy are clearly outlined. These plans project cost, revenue estimates, human and other resources requirements, marketing models, and marketing plans. These are very detailed operational plans used to monitor the business unit’s performance.
The type of business advisory service you seek is determined by the operational environment prevailing at the time, the industrial climate, and the availability of resources. The more accurately you define your requirements, the better the quality of business advisory service you will receive.
Entrepreneurs should spend quality time with consultants to define their needs. Please do not rush through the selection of a consultant for a business advisory service. Take a bit of time to evaluate the skills available with the consultant and his approach to your business.
Business advisory services are critical to the success of your ventures, and spending time and effort in the selection process will give you dividends.