The challenges of running a  small specialist consultancy

The challenges of running a  small specialist consultancy

The challenges of running a  small specialist consultancy

Challenges are expected when you run a business and they get tricky when you are a small specialised consultancy. Presented in disguise, some challenges have a domino effect that impacts other processes, and ultimately a company’s long term success. 

Restricted cash flow can be fatal for small companies. To overcome that, it’s critical to identify and understand the impact of each impediment.

Attracting the right talent

Unlike big organisations which invest in recruitment and training of employees small consultancies are more financially restricted. With a reduced budget, outsourcing becomes a preferred method of operating and often fulfils the need of the hour. This approach, however, makes it hard to retain talent in the long run. When operating with a smaller number of employees it becomes crucial to engage with and retain the right people. 

Attrition is a real-world problem, no more so than for small companies. The only way for a small firm to retain its best and brightest is to maintain a favourable environment which inspires them to achieve desired results for the business.

By making the best use of digital connectivity, offering remote-working options and versatile working hours, Colibri encourages work-life balance creating an attractive and appealing workplace for all.

Client acquisition

The most fundamental requirement for any business to grow is to acquire new clients and retain the existing ones. A vertical market is a place for customers with higher spending power who need more attention. In these circumstances, small consultancies often fail to strike a balance. While managing existing clients, it’s easy to lose focus on the need to engage with a steady flow of new clients. In this situation, the core team has to play multiple roles to complete a single sales cycle.

Many times new clients prefer face to face meetings in the office introducing new challenges, as a large number of small consultancies operate remotely. Renting office space for meetings at a prime spot and a convenient location is often both financially and time expensive 

The level of service excellence Colibri offers is very high and hence we are able to retain existing clients whilst attracting new ones. With a global team, we are able to deliver consistently to each client.

Marketing obstacles

Niche market place hosts the desired target audience but is limited in numbers. With strong competition and the number of players in the market, it is difficult for small consultancies to stand out. Since the online space is dominated by big players already, the overall reach remains very minimal. Even after having consistent online and offline marketing activities a lot of consultancies fail to establish there presence on platforms where potential clients congregate.

Getting a strong ROI against limited marketing spend becomes more challenging without a good marketing plan. 

Colibri partners with leaders in the cloud technology space to deliver better and faster solutions to customers. By publishing more than 50 e-learning video courses demonstrating experience from a large number of successful client engagements, Colibri has demonstrated broad expertise across various business verticals.  This has helped to build a wide network in the tech community, growing organic reach across various channels.

Scope with innovation

Specialised consultancies provide a selective range of services or products in their catalogue. They operate in a spot marketplace and generally lose out on different opportunities which are not categorized under specialized services. The global commercial enterprise market offers a plethora of opportunities. But the vertical-marketplace centric method drifts them faraway from exploring and tapping into the horizontal marketplace.

As always, we are open to new ideas and suggestions. Drop a line to connect with us!

 

By | 2020-02-13T07:56:48+00:00 February 13th, 2020|Categories: Blog|0 Comments

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