In the current economic environment, it is necessary for businesses to find alternatives for strengthening their operations, boosting revenues and keeping expenses low. For businesses trying to remain competitive, it is rather difficult to think about every business operation, and yet try to keep up with the disruptive technologies. Despite the fact that business people are prone to have a vast spectrum of skills, it is somehow impossible to deal with all the unforeseen challenges due to lack of certain skills. Therefore, approaching a specialist in the field is a perfect solution for such problems.
Depending on the industry, a consultant can help address the main struggling areas and outline strategies for business expansion. Consultancy services are very common in developed countries, and their demand is increasing day by day. In smaller economies, such as Kosovo, the industry is in its infant stage, and waiting to explore its untapped potential.
According to a feasibility study done by ECIKS through the project KOSME (2013), Kosovo has an assortment of consultants operating in multiple sectors. The main activities where consultants are engaged involve services that are related to the overall business management, those being business planning, management and leadership, formation of a business, training of the company staff, and marketing and sales.
However, Kosovo, a country whose market is comprised of more than 95% with Small and Medium Enterprises, should have been a very promising market for consulting services. Given that SMEs are at peculiar situations once they are launched, using the know-how and expertise of experienced professionals can really give them a boost. However, the current reality in Kosovo is slightly different. Among Kosovo companies, there is still a lack of awareness and trust concerning the benefits of consultancy services as well as a lack of knowledge regarding where to obtain such services. Yet again, there are other factors, such as financial resources, lack of relevant or practical skills and lack of education of the business consultants that are hindering the demand for consultancy services.
Despite the hindering aspects for the demand for consultancy services, business consultancy services can have a substantial effect on the overall performance of a company, namely a startup. Some of the key advantages of using such services include:
Reduced Costs – While trying to increase business profits, one of the methods of doing so, it by pinpointing expenses that can be reduced, thus diminish monthly overheads and increasing the profit margin. For business consultants that have been in the industry for many years, helping companies to lower their expenses is something they have been practicing for years and know exactly which areas to pinpoint to reduce costs and boost sales.
Effective Business Strategy – Regardless of the business type or business goals, the first thing every business should have is a good business or marketing plan. Focusing all your resources, efforts and time of drafting the strategy can significantly impact the effectiveness of the business, especially if the company is a startup while you are not sure that the strategy will work in the first place. Thus, professional consultants have the experience and expertise to draft a business plan that is specifically tailored to your business which matches your needs, scope, andbudget.
Whether you are a new company trying to penetrate the market or an already established company, that is interested to know more about consultancy services and how they can help your business, take a look at our services or simply get in touch with our team.
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