The efficiency and performance of an organization could be improved manifolds by hiring the services of a Business Advisory Firm. The advisors can look deep into the systems and processes of an organization and can recommend improvements that would lead to enhanced efficiency, increased bottom line and attainment of business goals. Here is what business advisors help with to help a company survive in the long run.
Identify Potential Opportunities
The main aim of business advisors is to identify various other markets that a business could penetrate. Hiring a business advisory service is expensive but not hiring business advisory services can cause your business to miss out on lucrative opportunities and can even cause the business to become bankrupt.
For instance, Kodak’s senior management was unable to see digital technology as a disruptive force which led them to lose their market share to other competitors.
Help Companies Make Unbiased Strategic Decisions
The senior management of the business is mostly biased and is unable to identify the threats faced by the company; this is mainly because they are not on the forefront. Business analysts can paint an unbiased portrait of the business because they, as a third–party, are not stakeholders of the company. This unbiased analysis can provide unique and valuable insights into the business and help the senior management to make decisions that are in the best interest of the company.
Help The Management Identify the True Value Proposition of the Business
When Ray Kroc, the mastermind behind McDonald’s success, was asked to give a lecture to MBA students, he asked them “What business do you think I’m in?” The students replied ‘in the business of selling hamburgers’, but Mr. Kroc replied that his real business was real estate – the main strategy behind McDonald’s unparalleled success was selling hamburger franchises to expand internationally.
Most of the business personnel around the world miscalculate their value proposition that causes them to deviate from their true business. Business advisory services help owners and management of the business to correctly identify their real business so that they can give their undivided attention in strengthening their value proposition.