We are different in the way we do business because we start by identifying our unique selling points (USPs). We identify what makes our service business unique and what sets it apart from competitors, our specialized expertise, our problem-solving methodology, and our excellent customer service, Harold Nwariaku, managing partner at Harold & co Consulting, in this interview speaks about what he offers in value and procurement consultancy space.
What will you say about the business you operate in?
Professional services consulting is the practice of providing expert advice and assistance to organizations in a variety of industries and sectors. This includes services such as Management Consulting, Strategy Consulting, IT Consulting, and Financial Consulting, among others. Consulting firms typically work with clients to identify challenges and opportunities, develop strategies and solutions, and implement changes to improve performance and achieve business objectives.
Consulting can be a rewarding and challenging field, as consultants are often called upon to provide expert guidance and support to clients in a variety of industries and sectors. Consultants must have a strong understanding of their area of expertise, as well as strong communication and problem-solving skills. The professional services consulting business can be a dynamic and rewarding field, as it allows individuals to use their expertise to help organizations achieve their goals and improve their performance. The different elements of a Supply Chain include Procurement/Sourcing, Warehousing, Imports/Exports, Inventory Management, Logistics, Distribution, Operations Management, Sales and Operations Planning, and Manufacturing. A supply chain consulting business is a company that provides consulting services to help organizations optimize their supply chain operations. This involves helping organizations to develop and implement strategies for managing their supply chain.
Our focus in Supply Chain Consulting has been challenging. There are not many firms that specialize in this critical business area in this part of the world. An article in Harvard Business Review suggested that Supply Chain consulting may not attract the kind of investments that big firms make in other areas like Auditing, Tax, and Financial Management, for instance, because clients are not willing to pay the fees that the service will attract. We consider ourselves pioneers in this part of the world for this area of specialization, and we hope to carve a path for others who might consider a future career in this space.
What benefit have you been able to render to your community?
Investing in the development of human capacity in the community has led to economic growth and development, as individuals are better equipped to contribute to the economy through their skills and knowledge. Through the foundation, we have developed the capacity of individuals and helped enhance social and economic mobility, as individuals are better able to access opportunities and achieve their full potential. Developing the capacity of individuals has led to improved quality of life, as individuals are better able to meet their needs and achieve their goals. Investing in learning and development has helped to build social cohesion, as individuals are better able to participate in and contribute to their communities. Developing the capacity of individuals has helped to reduce poverty and inequality, as individuals are better able to access opportunities and improve their socio-economic status.
How have you been able to manage supply chain disruptions during operations?
We conduct a thorough analysis of the client’s supply chain to identify potential risks and vulnerabilities. We look for potential bottlenecks or single points of failure and assess the impact of disruptions on their operations. We develop contingency plans, which are necessary to prepare for potential disruptions, and we identify alternative sources of materials or components if necessary. We identify backup suppliers or develop in-house capabilities to reduce reliance on external sources. We stay in close communication with our client’s suppliers to understand their capacity and any potential disruptions that may affect their operations. Contingency plans are established with key suppliers to ensure that clients have access to necessary materials and components in case of disruptions. We regularly monitor and assess the situation and stay prepared to adjust as needed. Sometimes we recommend adapting production schedules, sourcing materials from alternative suppliers, or implementing other measures to mitigate the impact of disruptions. We keep stakeholders (customers, employees, and investors) informed about potential disruptions and any actions taken to mitigate their impact.
How do you manage pressure from clients for delivery?
Communicate expectations clearly to clients at the outset of a project or engagement: set realistic timelines, outline the scope of work, and establish clear deliverables. Communicate effectively with clients to ensure that they are informed about progress, any potential delays or challenges, and any adjustments to timelines or deliverables. We check in regularly with our clients to ensure that their expectations are being met and address any concerns or issues that may arise, provide updates on progress, explain any delays or challenges, and work with them to adjust expectations as needed. Prioritizing workload is important to ensure that high-priority tasks and projects are completed on time. We delegate tasks, seek additional resources, or prioritize tasks based on their importance. We regularly monitor and track progress on tasks and projects to ensure that they are on track, and we try to identify any potential issues or challenges. If there are any issues or challenges that are impacting delivery, we identify and address those issues as soon as possible. We work with suppliers to resolve any issues or identify alternative sources of goods or materials and we develop contingency plans to respond to potential delays or disruptions. If the pressure from clients is becoming unmanageable, we seek support from management to help manage the situation. This may involve seeking additional resources or assistance to address any challenges or issues that are impacting delivery.
Can you say your business has improved over the years and what yardstick will you use to measure that?
We develop and measure our key performance indicators (KPIs); these include financial metrics such as revenue and profit, customer satisfaction scores, employee retention rates, and efficiency measures, and establish baseline benchmarks for our KPIs so that we can measure progress over time, and constantly analyze historical data to reassess our baseline. We track and measure progress against our KPIs and benchmarks regularly, collect data on key metrics, analyze trends, and compare results to our benchmarks. We celebrate successes with employees, customers, and investors, and share results with the organization. This helps to build momentum and support for ongoing improvement efforts. Based on our progress, we make necessary adjustments to our business improvement efforts: we revise our strategy, implement new initiatives, and adjust our goals and targets. Other measures that we use to measure our growth are our Market share, our Client base, and employee growth.
What is the expansion plan for your business?
We will determine which industries and sectors we want to focus on, and what types of clients we want to target. This will help us to develop a clear and focused growth strategy. We are reviewing our marketing plan to help us reach potential clients and promote our consulting services using tactics such as increasing our online presence, attending more industry events, and networking with potential new clients. As our business grows, we may need to hire additional consultants or support staff. We plan to develop a plan for building and expanding our team to ensure that we have the resources and expertise to meet the needs of our clients. We are considering the expansion of our services to meet the changing needs of our clients and to tap into new markets. We will be developing new offerings and partnering with other firms to provide a wider range of services. We will regularly monitor and track our progress toward our growth goals and adjust as needed. We will keep reviewing our financial data, keep gathering feedback from clients, and continue to conduct market research to identify new opportunities.
How have you been able to handle challenges to get the desired result in the long run?
We try to set clear and specific goals that we want to achieve and establish benchmarks to measure progress toward these goals. This has provided focus and direction for our efforts. We clearly identify and assess the challenges we face and determine their potential impact on our long-term goals. We create plans to achieve our goals with specific actions and milestones, then we identify resources and partnerships, establish timelines, and set priorities. Clearly communicating the plan to all relevant stakeholders, including employees, customers, and investors helps to ensure that everyone is on the same page and working towards the same objectives. Service delivery expectations are clearly communicated to clients at the outset of a project or engagement. This includes setting realistic timelines, outlining the scope of work, and establishing clear deliverables. We check in regularly with our clients to ensure that their expectations are being met and we address any concerns or issues that may arise. We provide updates on progress, explain any delays or challenges, and work with them to adjust expectations as needed. It is also very important that we stay flexible; we are prepared to adapt and adjust our plans as needed in response to changing circumstances or challenges. We revise our strategy, seek out new resources or partnerships, or adjust our timeline. We do not let the pursuit of perfection get in the way of making progress toward our goals. We focus on making consistent, incremental progress and stay focused on the long term. Finally, we are not afraid to seek out support and guidance from others, whether it be through mentors, advisors, or peer networks. This has helped to provide valuable insights and resources to help us achieve our goals.
What do you think you do differently compared to others who render the same services?
We are different in the way we do business because we start by identifying our unique selling points (USPs). We identify what makes our service business unique and what sets it apart from competitors, our specialized expertise, our problem-solving methodology, and our excellent customer service. We clearly communicate our USPs to potential customers through marketing and branding efforts. We highlight our unique selling points in our marketing materials, on our website, and in our interactions with customers. It is important that we deliver on the promises that we make to our customers to differentiate our business. We consistently provide high-quality services, strive to always meet customer needs, and we go above and beyond to exceed expectations. We stay up to date on industry trends and developments and remain open to new ideas and approaches, which help our service business stand out. We try to introduce new services and technologies and adopt innovative approaches to solve our client’s problems. We build strong relationships with customers and try to foster customer loyalty. This has helped to differentiate our business and set us apart from competitors.
How do you intend to penetrate the African market?
We will conduct thorough market research to understand the current state of the African supply chain market, including trends, challenges, and opportunities. This will help us to identify areas for growth and development. Specific industries and sectors are experiencing growth or have a high demand for supply chain services in Africa; we intend to focus our efforts on these sectors. To reach potential clients in these target markets, we will continue to create a strong online presence and use testimonials from previous work. We will be developing new offerings and partnering with other firms to provide a wider range of services, and we will analyze the pricing of competitors and adjust your pricing accordingly. Most importantly we will build relationships: with key stakeholders in the African supply chain market, such as suppliers, customers, and industry partners. This will establish our business as a trusted and reliable provider of Procurement/Supply Chain Consulting services.
Which difficulty do you foresee while handling the business?
Consulting is a competitive field, and we face strong competition from other firms offering similar services, so we must continually seek out new clients and work to retain existing ones to maintain a steady stream of revenue. Managing client expectations effectively to deliver high-quality services and maintain positive relationships is also a challenge, and we will continually invest in our knowledge and skills to remain competitive and provide valuable services to clients. We will effectively manage our resources, including staff, time, and budget, to deliver services efficiently and effectively. To deal with uncertainty and disruptions, we will adapt to changing circumstances and manage risk effectively.
What would you say are your biggest constraints in service delivery to clients to meet their objectives?
There are always constraints on our already limited resources such as time, budget, and personnel, and improper management of these can impact our ability to deliver services effectively. Sometimes we face challenges in meeting the complex needs of clients, particularly when they require specialized expertise or customized solutions. Finding ready-made infrastructure such as technology and facilities can impact our ability to deliver services efficiently and effectively. There are also regulatory or compliance issues, which require them to adapt their services or processes to meet legal requirements. External factors, such as economic conditions, stiff competition, and changes in the market can impact our ability to meet our client’s objectives.
How do you measure the success and failure of your business?
There are several ways we measure our business performance, including:
Financial metrics such as revenue, profit, and return on investment provide valuable insights into the overall health and performance of our business. Gathering feedback from customers provides valuable insights into the quality of our products or services, as well as our overall performance. Surveying client employees has provided valuable insights into the overall culture and performance of our business, as well as highlighting areas for improvement. Measuring key process metrics such as cycle time, error rates, and throughput has provided insights into the efficiency and effectiveness of our operations. Market share has provided valuable insights into our business’s competitive position and overall performance in the market. How much business we can bid for, and win is very important.
What has been the significant growth process you noted over the years of operation?
One of the most obvious signs of significant growth in business is an increase in revenue. Secondly, we have observed an increase in sales and overall revenue. Thirdly, we have expanded our customer base, as more people have become aware of and become interested in the products or services we offer. We are also gradually increasing our market share and gaining a larger share of the overall market. We have managed to increase our profitability, by increasing revenue and decreasing expenses.
Growth in expertise and specialization has made us more valuable to potential clients. Improved marketing and sales efforts have helped us reach new clients and drive growth through increased networking, building relationships, and promoting the services of our business. Our improved quality of service has attracted repeat business and positive referrals, which has helped to drive our growth. Lastly, good financial management, including effective budgeting and cost control, has helped us grow over the period.
Which coping mechanism is employed to mitigate risk?
A well-written contract can help to reduce the risk of misunderstandings or disputes by clearly outlining the scope of work, deliverables, payment terms, and other important details. We get to know our clients and build strong relationships with them to help us better understand their needs and concerns., this helps us identify and mitigate potential risks. Having a diverse client base also helps to reduce the impact of any one client’s problems or issues on our business. Project management tools help us track progress, identify potential problems, and take corrective action to mitigate risks. Carefully monitoring and managing our finances has helped us to identify and address potential financial risks before they become problems. Keeping up with industry trends helps us anticipate potential risks and stay ahead of the competition. Lastly, have a plan in place for handling unexpected events or problems that may arise. This could include backup plans for key employees or systems, or a plan for recovering from a natural disaster or other emergencies.