The Importance of Industry Experience

Hiring a business consultant can often be one of the most difficult decisions a business owner can make. The first difficulty lies with the decision on whether you should actually spend the kind of money these guys charge and go ahead and hire their expertise. Let’s assume for a minute that you’ve come to the conclusion that this is something you want to do, then what is the most important thing you need to think of..? Without a doubt the answer is relevant experience.   

So often business owners have made this their first big mistake in choosing a suitable professional to aid them in giving new strategic direction for their company. So why is it that relevant experience is of such vital importance? I mean, haven’t we all seen business executives successfully transition between industries in the past..?? Yes we have, and it’s very true that business principles pretty much stay the same throughout industries. The aim is always to maximise profits and potential revenue streams. The difference however with a business consultant is that you need someone that really has a very in-depth understanding of how the industry works. Yes, general principles apply, but think about it for a second. Chances are if your business is up and running and relatively successfully, you don’t need someone to give you overview principles. You need someone to get down into the nuts and bolts of a company and really determine what can be done better and more efficiently.  

So before you start thinking about extras like if you get along with your consultant, is he affordable, etc, first come to a place where you can determine that this is someone that will be able to really add some significant value to your business. The last thing you want is to get to a place where you spend hours educating your client on your sector and the issues it faces. Your consultant needs to be the quintessential professional, the know it all that will be able to hit the ground running and tell you what can be done better.  

So don’t be afraid to ask for a full detailed CV of your potential consultants. This may well save you hours of frustration.