The new era of young entrepreneurs has pushed the SME industry one step further. It feels as though everyone wants to be an entrepreneur. Millenials have their day jobs and a side hustle that they own themselves. Gen X and Gen Y fed up with making money for others, have turned to make money for themselves. The age of Internet has made it easier for startup companies to establish themselves. All those young, bright, and talented minds are bringing their creative ideas to life – building new organizations and opportunities. However even though the era of SME’s is on a rise, entrepreneurs’ knowledge on how to actually manage their new business – and have a life outside of their work – remains a question mark
Young entrepreneurs tend to be risk takers and unfortunately many believe asking for help is a sign of weakness. They do not realize that a number of challenges will come their way and asking for help can actually end up being a smart business move. The older we are, the more we appreciate the need for a work-life balance. So how can you find the right consultants to work with?
Nayef Shahin, Partner at METIS Management Consultancy shares his top 5 tips on choosing the right consultancy as an SME:
Fresh And External Perspective
Sometimes we reach out to family and friends to get their opinion on a specific issue that is affecting our personal lives. In the same way, companies often require some guidance or advice in making tough decisions. This is more efficient for SMEs because most of the time they do not have sufficient experience or the entrepreneur may have never come across such a situation. Therefore an opinion from external experts would be welcomed. It is vital though to note that the consultancy firm you choose should have experience in dealing with similar challenges.
Talented Team And Team Member Credentials
A consultant serves as a temporary, highly skilled resource to address the challenges and therefore this would be more cost effective than a dedicated full time employee. Since consultants work with multiple companies every day, their ability to adapt and understand the problem is much faster and therefore they will be able to get started on a solution much quicker as compared to an employee. This allows the entrepreneur to focus on the core strategy of the company as well as the day to day operations.
This could be the most common and important reason on why to hire a consultant. By engaging an experienced consulting firm, you get access to a group of talented professionals that have diverse skills and knowledge. For most SMEs, it might be too costly to hire a specialized employee to act as an advisor or guide.
Ability To Build A Trust Based Relationship
It is highly important to choose the right partner to ensure the success of your business. Choosing a consultancy is like choosing a doctor; you should find comfort in revealing intimate details about your business, as otherwise, the consultant will not be able to provide the best solution of guidance.
Keep A Track Record
Tracking your company’s records is another important thing you should look for when choosing a consultancy. The right people will make sure you do not miss out on any detail, ensuring you have the right records to move forward. Track records shows the value of your company, and you cannot get the value you expect without supporting your claims with proper numbers.
Partner at METIS Management Consultancy