The world has changed over the last year with the coronavirus pandemic having an enormous impact on many areas of life. Business is certainly one area which has been affected heavily and in a few different ways, which means that there is a new landscape and opportunities for success moving forward. Interestingly, this has resulted in a sharp rise in new management consultancy businesses as people look to use their expertise to support other businesses.
A Year for New Businesses
A recent study from banner printing specialists instantprint found that 2020 was a busy year for entrepreneurial-minded individuals. There were nearly half a million new businesses started in 2020 with management consultancies being the second most popular sector behind retail with 16,869 new business registrations.
Why People are Starting New Businesses
Of course, 2020 was an extremely challenging year for many people with many being on the furlough scheme or even losing their job. On top of this, those that have been working from home may have more time on their hands and might have been thinking about their career. People have been reflecting a lot during the pandemic and whether it is because they need a new job or they are pursuing a dream, it has seen many take the plunge and start new businesses.
A Good Time for Management Consultants
Management consultancies could be a smart business venture given the current situation. Many people with business savvy, experience and expertise will have decided to start their own consultancy in light of the pandemic and they could certainly hit the ground running when you consider that businesses of all sizes and in all industries have found themselves at crisis point and in need of advice.
Current Challenges
A few of the challenges that businesses are facing in the current situation include adapting to managing entire remote teams, the restrictions that are in place due to COVID-19, the situation constantly changing and new health and safety measures for both customers and staff. Many have also found themselves experiencing financial issues as a result of the pandemic and struggling to attract and/or retain customers, not to mention the great uncertainty over Brexit and what this means for businesses in different industries.
Demand for Experts
Therefore, the demand for a management consultant is incredibly high right now as business leaders are desperate for advice, expertise and support. Not only this, but a management consultancy is a business which could be relatively easy to set up with low costs, it is possible to operate during COVID-19 as the work could be done remotely and it is work that will always be indemand.
It is clear that 2020 was the year for new management consultants and they could certainly play a major role in helping businesses to weather the storm and succeed during and after COVID-19.
