Consultants are professionals specialised in diversified operational fields. They can play an essential role in the success of any company, by bringing in extended industry knowledge and experience that a company needs to make the best informed and strategic decisions, which will ultimately lead towards sustainable projects and profitable results.
Management consultants can help companies to design and organise business plans, that can contribute to a 90% decrease on the risk of business failure. In Guinea-Bissau, almost 80% of companies fail in their first year of operations. There is often the preconceived notion that macroeconomic factors, such as Political changes and instability are fully accountable for the ongoing business failures. To a certain extent, one can agree that Political changes may have an impact on the functionality and success of a company. However, such risks can be mitigated to the extent at which the percentage of macroeconomic changes does not affect the entire company’s operations.
Our studies have indicated that there are 5 main risks to lookout for in Guinea-Bissau. Economic Risk, Political Risk, Operational Risk, Compliance Risk and Strategy Risk.
Economic Risk- Global, Regional or National fluctuations, that can have an impact on your ability to achieve predetermined objectives.
Political Risk- Changes in government, military control and legislative bodies, that can affect the process and progress of highly valued projects.
Operational Risk- Fraud, Criminal Activity, Failed systems, procedures and policies that result in financial loss.
Compliance Risk- Failure to comply with industry laws and regulations, that result in legal penalties, financial forfeiture and material loss
Hiring a consultant might seem expensive, especially at the beginning of the project. This is a common misconception. Hiring a consultant is, in fact, an investment in the success of the project. If you trust your consultant, they will use their experience and expertise to plan your project appropriately. Consultants can help you avoid common project delays, like scope creep, unclear requirements, and environmental issues. This is the difference between getting the project done right and getting the project done.
Have you hired a consultant for any of your big projects? How did it work for you? What about a project where you didn’t use a consultant? Was it successful, or do you wish you had hired someone?
Contact us today and find out how we can help!
