Consultancy businesses are among the most popular freelance professions. Because these experts focus on particular niches within business, operations, and management, it is customary for consultants to specialize.
Robert Taylor, a seasoned business consultant from Sanger, California, notes that the consultancy industry is growing at a rapid pace. Those with enough experience, work ethic, and analytical skills can help their clients overcome challenges within their organization.
What is a Consultant?
While technically anyone may call themselves a consultant, successful consultants usually possess an impressive resume in business management. Most high-performing consultants have an MBA or have spent several years in an executive role within a particular industry before venturing out on their own.
Businesses hire consultants to help their organization troubleshoot problems or make a difficult transition. Executives and senior-level managers recognize that they may have tunnel vision from time to time and an experienced consultant can be an outside voice to provide clarity and direction.
Different Types of Consultancy Businesses
Consultants like Robert Taylor, former public adjuster, seek to address a specific set of problems within a particular organization. Here are the leading types of consultancy businesses today.
Strategy consultants are arguably the most elite and exhaustive type of consultants in the market. Often retired CEOs, serial entrepreneurs, and/or adjunct university professors, these experts help companies identify their mission, goals, and values, and then help them align their operations with those mission and values.
Growth and Lead Generation Consultants
Also known as sales consultants, growth and lead generation consultants help businesses improve their customer acquisition process. These experts guide clients on audience targeting, prospect nurturing, and customer onboarding. They may also help companies streamline their marketing budget and extend customer lifetime value (CLV).
Security Consultants (Virtual CISOs)
Cybersecurity is growing more critical for medium to large businesses. Rather than maintain a full cybersecurity team in-house, more companies are outsourcing their cybersecurity efforts to agencies with better monitoring and intrusion detection and response tools, says Robert Taylor, former public adjuster.
Security consultants are commonly referred to as virtual CISOs, or vCISOs, and act as advisors on cybersecurity policies, procedures, and risk management. They may act in cooperation with a full cybersecurity team or as individual third-party experts.
Human Resources Consultants
Human resources consultants, or HR consultants, help HR departments enhance their hiring, employee retention, and talent management processes. Many of these consultants act as “cultural architects” to improve corporate culture and make the workplace more fulfilling for all employees. They may also assist with employee training, mentoring programs, and leadership development.
Financial consultants include a wide range of financially-related business operations. Some of these consultants are known as financial advisory consultants. Typically, they help companies lower costs and improve cash flow.
Subcategories of financial consultants include risk management consultants, trust and pension consultants, and investment consultants.
Not to be confused with security consultants or vCISOs, IT consultants help businesses enhance their digital infrastructure. Often, these experts guide their clients through a process of digital transformation or improve the efficiency of their IT departments.
Governance Risk and Compliance (GRC) Consultants
Particularly for international businesses, understanding regulations and compliance across multiple regions and countries can be challenging. Furthermore, notes former public adjuster Robert Taylor, overseeing workforces in various parts of the world requires decision-makers to understand all their options and risks before opening new markets or shifting labor.
GRC consultants assist these businesses, as well as public agencies that interact with organizations in other countries and regions. These consultants may also be referred to as regulatory compliance or economic consultants.
Operations consultants, or business process management consultants, specialize in supply chain management, automation, and analytics. Companies hire these consultants to lower costs and improve operational efficiency.