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Are Management Consultants Worth the Hype?

Why Hire a Consultant

Management consultants have been hanging around the C-Suite for a long time, but their roles have been ever-changing. The pre-conceived notions you have about bringing in outside executive help could be outdated. No, you don’t need to be a Fortune 5000 to afford one or—at the other end of the spectrum—a desperate, failing business to need it.

Let’s squash a few myths about marketing consultants. Take a look at the three areas below and consider whether:

There are more than three options. The top three consulting firms are Deloitte Consulting, PwC, and EY. They rake in about 30% of the market share worldwide for management consulting services. But they’re also notoriously expensive and, some would say, relatively inefficient. Thankfully there are more than three options for management consulting. There are plenty of smaller, more agile companies like The HT Group that can provide an array of more affordable services—yes, even for small- to mid-size businesses.

Their value extends beyond desperate times. Management consultants can be useful for failing businesses or those in critical start-up stages.  In CB Insights’ latest study on why startups fail, management consultants could have helped prevent many of the most common reasons, including the top three: Failing to meet market needs, running out of cash, and not assembling the right leadership team. But consultants can help at other stages, too. Engaging a management consultant on a proactive, ongoing basis can help mitigate problems before they happen. 

They can help your business help itself. With so many resources readily available and technology like AI providing additional data and options, it can be easy to assume your management team can do it all. On your own. With no help. But that’s the thing: How do you know where to start?

Let’s consider key performance indicators (KPIs) as an example. As a business leader, you’re likely aware that KPIs are critically beneficial for improving organizational results. But resources like KPIlibrary.com boast 6,500+ performance indicators ready and waiting to be pieced together. How do you chose the ones that matter and then build a measurable strategy around them? Sometimes you need a push in the right direction, either to introduce you to new technology or solutions or to help you wade through the options you’ve already identified. 

Learn more about The HT Group’s consulting and advising services here. You might be surprised how well the services fit into your strategic plan for 2020.