Coronavirus has put enormous pressure on businesses in the HR industry, such as recruitment companies, employee engagement agencies, and others.
Effective marketing of a consulting business is no small feat. Building a compelling brand and selling your services can be challenging for all small businesses, including HR consulting business.
The need for people is definitely necessary to grow a consulting business, but it’s the responsibility of an HR consultant to show their presence to the people who want to reach them. The primary step towards achieving this is to establish your HR consulting business presence.
In an HR consultancy, you are paid for your expertise and time. You can work alone, or you can employ one or two people. Even when you have a steady flow of customers, profitability is a constant struggle in a HR consulting business. Why? Because you and your team can only work for particular hours in a day. There will always be a limit on what you can earn.
There are also diminishing returns. As your workload increases and you employ people, you earn less per hour than simply doing the work yourself. You either overwork yourself to stay profitable or make little profits on your team’s work.
If you own a HR consultancy business and not seeing growth, you are not alone. Many small HR businesses might never evolve beyond this. But if you aspire to own a genuine business, it is possible to evolve – by a few practices that we have enlisted for you.
Is HR Consulting Business Profitable?
Over 60,000 human resource consulting firms in the US alone generated revenues of over 23 billion US dollars.
HR consulting is becoming increasingly popular among companies as they have realized the cost-saving benefits of it instead of maintaining their own HR department.
The primary thing to consider before starting a human resource consulting business is to ask yourself whether you feel comfortable in the profession or not. In addition, one must have good interpersonal communication skills to be successful in this profession.
It is indeed a good business opportunity for someone having experience in this field who has practical ideas to share with clients and bring innovative solutions to their HR issues.
As per Payscale, the average salary of HR consultant is $67,591. While, experienced HR consultants are paid more than $100,000, whereas the starters make around $40,000 in the United States.
That’s all about profitability. If you own a HR consulting business, here are the nine best practices for growing it.
Provide the Best
You must provide services that focus on your client’s needs. The skills and experience of a consultant will enable clients to understand the profile and know the challenges at the pace of their competitors and keep up with the current market conditions.
Become a Professional
A good HR consultant will always keep their client relationship at a peak level. They will not allow their clients to treat them as an employee. Customer expectations, commitments, and objectives should be made clear. It is essential that the client and HR consultant work on the terms set out to help them be ready to move forward.
Expert Knowledge
Clients often hire HR consultants for their expert knowledge, saving time in implementing projects and providing solutions. It means that you must be familiar with contemporary and relevant topics. Reading educational websites, magazines and communicating with fellow advisors is of the utmost importance.
Digital Marketing
Today, the rise of social media and digital marketing has made marketing and networking much easier. It may seem like a load at first when you are trying to immerse yourself in the world of digital marketing. But it is a simple and free form of advertising in many ways. Telling the world what you are working on can invite collaborations, comments, suggestions, assistance, and give the scope of improvement.
Be Mobile Friendly
Your website should be responsive for all types of mobile phones. In this multi-device world, more than half of the clients are obtained from the world wide web. Therefore, your website must compel your clients to spend more time on your website.
Use Short Videos
Short videos will always light up the page. Use the free space with different shades in such a way that the beauty of the site increases. The video leaves a lasting appeal of the essence, and if it is a short video, it will strike the customer’s mind and catch their eyes without any second thoughts.
Image Size
The bigger the image, the better. Show your services through a high resolution and large size picture. The features of the services/products (if any) must also be highlighted with the size of the picture. It strengthens your chances of getting a potential client because they can see what is happening on the page.
Business Development
An HR consultant should not make the mistake of putting oneself into work without being involved in day-to-day business development. You must continue to market your practice every day.