Enterprises are experts in providing specialized services to customers but lack comprehensive knowledge to address several other areas vital to their operations. Consequently, companies are either hiring or outsourcing specific essential duties to professionals whose specialized knowledge and expertise are best suited for that task.
Data from the Professional Services Market Global Report 2017 revealed that the market was forecasted to record a 5.4% growth rate up to 2020, reaching almost $5 trillion. This indicates the increasing demand for interdependence among businesses in today’s world. Therefore, it’s vital to be fully aware of critical professional services that your company may well need. Here are four suggestions you should consider.
- An IT Expert
The increased role of technology in business means that companies must make good tech choices. Data management and cybersecurity are now essential aspects of modern businesses, as statistics reveal that 83% of organizations see data as a vital part of their business strategy. Studies from the Data Warehousing Institute also indicate that data management problems cost businesses over $600 billion annually. Having an IT expert in the modern business world is a great advantage and you should consider hiring one to oversee this and many other tasks like multiple-platform management and website hosting to address all of your company’s tech needs.
- Legal Expertise
Legal guidance is crucial for businesses in all matters involving the fine details of inter-business contracts, loan negotiations, buying or selling assets, reviewing employee contracts, and other business deals that could have legal ramifications. Litigation is also an unavoidable situation that every business is bound to encounter. Statistics indicate that between 36%-53% of small businesses face at least one litigation in any given year, while 90% of all companies face litigation at any given time. Statistics like this suggest that it would be best to have competent criminal defense attorneys at your service should your business run into any legal trouble.
- A Management Consultant
Data from Statista indicates that the number of Management Consultants in the US has increased annually since 2012, reaching 709,750 in 2019. According to Statista in 2017, the Management Consulting industry in America was worth $70 billion. Hiring a good consultant could be essential to your company’s improvement; they will provide value to your business by using valuable professional experience to offer objective assessment and advice on unique problems that your company faces, with an added benefit of being discreet.
- Customer Service Representatives
A report from NewVoiceMedia in 2018 shows that poor customer service costs businesses over $75 billion annually. This is because the relationship between companies and consumers has evolved from having a product-oriented focus decades ago into a consumer-oriented experience now. Modern advertisements therefore focus on showing consumers the benefits that will result from using their products.
According to American Express, 90% of Americans factor in customer service when choosing which companies to do business with. Therefore, employing good customer service representatives would increase customer retention and satisfy customers who will give you referrals. Indeed, HubSpot research revealed that 77% of customers share positive brand experiences with others. Engaging professional customer service representatives’ services can be an effective branding and marketing tool that you can employ to grow your profits.
The above points should remind you of the importance of having these professionals on your team, to enable your business to perform even better.