Companies of all shapes and sizes are able to benefit from creating a partnership with a company management firm. Depending on the firm of your choosing, your business will have the ability to take advantage of a number of different services, including trust management, corporate services, and legal services. At the end of the day, the relationship you form with a management consultation company will help you enhance your company’s performance and improve the way you do things.
Most firms that offer company management services allow you to pick and choose from the services offered based on your business needs and goals. But flexibility is only one of the considerations you should take into account when checking into your options. Below are some of the things you should be thinking about when researching management companies in your area.
Does My Company Really Need Restructuring?
Company management firms specialise in restructuring businesses so that they can optimise operations and increase your return on investments. The problem is that many companies who realise they need restructuring do so far too late in the process and end up sinking. If your company is suffering from any of the signs listed below, it is time to call in the pros and hire a company management firm.
- Your business is no longer profitable.
- How you used to “do business” is no longer working.
- Your company has become inefficient.
- You are suffering from high turnover.
- Morale is at an all-time low.
- Your staff is overworked and uninspired.
- Other staff is underused and bored.
- Mistakes are regularly being made by employees, management, and leadership.
- The business has not kept up with changes in the industry.
- You are receiving too many complaints from clients and customers.
A new company will typically start at the bottom and then begin to work its way up through the competition. There will be ups and downs, but during those “down” times, management and leadership must be acutely aware of what is causing the “downs” and then come up with strategies that will bring the business back up and will prevent the issue from affecting them again in the future.
The problem which many companies have is that they do not properly manage these down times or they lack the skills and tools necessary to uncover what is really causing it. A reputable company management firm will be able to step in and completely transform the way you do business in many areas. Their job is to make sure that the mistakes made in the past will not haunt you again in the future, and that you will continue to enjoy an upward trend in growth.
What Services Does The Company Management Firm Offer?
Not every company management firm will have the same suite of services available to you, though the best will have an entire range of formation and administrative services to offer. Some of the most common services you should expect to see include:
- Trust and Estate Planning
- International Trading
- Asset Holding
- Payroll and Accounting
- Legal Services
Additional services, which the larger and often more reputable companies may be able to provide include EU passport assistance, special purpose vehicles, as well as yacht and marine services.
The goal of a company management firm is to help businesses fully realize their potential. This involves them helping you successfully leap over these three crucial hurdles which many businesses face both before and during a restructuring process. It’s important to ask the following types of questions:
- What kind of restructuring is required to optimise my business?
- How will the restructuring process be executed and managed?
- How can we explain and portray this business process to our stakeholders?
Does the Size of the Company Matter?
Some of the largest firms in the country will have hundreds or thousands of employees working with them, and they may be located throughout the UK and beyond. The benefit here is that these firms are working with multinational clients and will have a universal understanding of how businesses in your industry operate.
But this does not mean that you should rule out smaller consultancies. Over recent years, there has been growth in smaller firms that offer company management in Gibraltar, which may only have 10 to 100 consultants on staff. A smaller consultancy may be the ideal way to go if you are a local business and if the consultancy specialises in your niche.
What about Outsourcing?
Another question to ask is, “How much of the work is performed in-house, and how much will be outsourced or contracted out? A lot of the larger firms will provide all of their services under one roof. The benefit to this is that all parties involved in helping you grow your business can speak with one another in the very same room and make sure that everyone is on the same page.
Outsourcing is not necessarily a bad thing, however. Many smaller firms in the UK have formed strong relationships with other consultancies who may have a different suite of services you can take advantage of. If you do choose a firm that outsources some of the services you will need, ask them whom they contract the services out to. Take the time to investigate that company as well and look for key items such as:
- How long has the company been in business?
- What is their training/experience in the services you will be requiring?
- Do they have references?
Is Education More Important Than Experience?
Different firms will have different requirements regarding whom they hire. For some, having a specific consultancy degree will be a must-have. For others, they will hire individuals who hold a general business degree.
Having a good foundation is important, which is why prior education is something you should look for in the employees of a firm. But do not forget to ask about experience. Experience is what will be necessary for the firm to help you successfully navigate complex issues and to help you sustainably grow both regionally and internationally.