Business Development Consultancy: Process and Advantages

Business Development Consultancy: Process and Advantages

Consultancy means the act of consulting. It is a process of seeking the advice of one who consults or gives expert advice. Consulting gets the right meaning only when some prefixes are added like management, technical, business development, recruitment, investment, tax, etc.

Business development is recognizing the right growth opportunity and placing your sales strategy accordingly. It is not limited to just winning the client, but along the journey of relationship, there should be optimal synergy between all stakeholders. The right tactic at the right time brings out the most for your client in the universe of consulting business. In an increasingly competitive and globalized environment, if a company does not continually innovate nor develops, it means business transfer or bankruptcy. After structuring its activity on the local market, the company can then internationalize.


But Where and How?


One of the most important metrics followed by companies is ‘Balance Score Card’. It is the framework for pursuing vital facets of company strategy and enabling structural improvement or transformation. With the help of metrics, you can track, not only your typical financial indicators, but aid in keeping long-term strategic goals in focus and identify distress before it appears in the system.

The balance scorecard is a comprehensive and quantitative set of objectives that can be measured over time. It consists of:

  • Revenues
  • Earnings
  • Market share
  • Quality
  • Employee morale
  • Customer satisfaction metrics

How it Works?

  • Develop business’s vision and strategy.
  • Identify the performance categories such as financial performance, operations, innovation, employee performance.
  • Establish objectives that support the business’s vision and strategy.
  • Develop effective measures and meaningful standards, establishing both short-term milestones and long-term targets.
  • Ensure companywide acceptance of the measures.
  • Create appropriate budgeting, tracking, communication, and reward systems.
  • Collect and analyze performance data while comparing actual results with desired performance

Companies Use a Balanced Scorecard to:

  • Increase companywide understanding of the corporate vision and strategy.
  • Clarify or update a business’s strategy.
  • Link strategic objectives to long-term targets and annual budgets.
  • Track key elements of business strategy.
  • Incorporate strategic objectives into resource allocation processes.
  • Compare performance of geographically diverse business units.

Nature of Consultancy Services:


Consultancy services can all generally be defined by certain common characteristics.

They are:


1. High Expertise


Consultants are highly trained, well educated, experienced, and knowledgeable in consultancy expertise. They provide expert advice to their clients in their specific areas of specialization.


2. Highly Customized Services


Consultancy services are tailored to meet a client's needs. This leads to greater customization of services and a high level of standards in service quality. These are high contact, people-based services with a  high degree of specialization.


3. Confidentiality


Consultancy services are provided to clients individually and based upon a format of mutual trust and confidentiality. Credence plays an important role in the selection of a consultant. A consultancy company should have knowledge, integrity, and an excellent reputation.


4. Quality Services


Quality is the pivot point around which consultancy service revolves. The sky is the limit for quality. Clients expect high levels of services from consultants at reasonable rates. If the consultants offer world class services, the task of its marketing is simplified. All the consultancy companies have been found making innovative efforts to develop new perceptions of quality which helps them in achieving the desired results.


Role of Consultants:


Consultants help the clients by:

  • Identifying and investigating quandaries concerned with strategy, policy, markets, organization, procedures, and methods.
  • Formulating recommendations for congruous action by factual investigation and analysis with due regard for broader management and business implicative insinuations.
  • Discussing and concurring with the client in the most felicitous future course of action.
  • Helping where required by the client to implement recommendations.
  • Give well-balanced advice and perpetually strive to improve their professional skills and to maintain a high quality level of accommodation.

Aizen


Here at Aizen, we take marketing and communication seriously. Whether you are looking for a personal consultancy or a means to launch your brand, we can help. Aizen is backed by a reputation of excellence with over 868 clients completely satisfied with our services. Give us the opportunity to help you make your financial and business dreams come true. Trust Aizen.


By Milind HIRPARA

Business Developer at AIZEN CONSULTING

E-mail: milind@aizenconsulting.com


References:

Wittreich, W.J., "How to Buy Sell Professional Services", Harvard Business Review. March- April, 1966. pp., 127- 138,

Morgan, Neil, A, Professional Services Marketing, Butterworth Heinemann Ltd., Oxford, 1991, p.163.

Epstein, Marc, and Jean-François Manzoni. “Implementing Corporate Strategy: From Tableaux de Board to Balanced Scorecards.” European Management Journal, April 1998, pp. 190–203.

Kaplan, Robert S., and David P. Norton. “The Balanced Scorecard: Measures That Drive Performance.” Harvard Business Review, July 2005, pp. 71–79.

Niven, Paul R. Balanced Scorecard Evolution: A Dynamic Approach to Strategy Execution. John Wiley & Sons, 2014.

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