If you’re on the market for a business consultant, you’ll naturally be wondering how much these services will cost you. Rates vary depending on various factors, though we’re breaking down the costs from an industry perspective applicable to businesses in Dubai, as well as the kind of service and results you can expect from this growing industry.
Business consultancy costs
This varies greatly and will depend on the following:
- The level of experience the consultant or firm has
- The scope and duration of the work needed
- The type of service you enlist - whether it’s a freelancer or a firm (which can range from small to boutique and multinational)
Since there are a lot of factors which influence the rates of a business consultant, many firms do not openly share their fee structures. Instead, they offer free meetings where they can discuss their services in relation to your business needs. Thereafter they may be able to give you a figure to work with.
While there may be general market rates, there are certainly no standard rates. Here are some ballpark figures nonetheless to help you plan accordingly. Remember, the level and kind of service, as well as the relevant experience are what result in these figures and you will often end up getting what you pay for. The model ideal scenario is to ‘shop around’ to compare quotes, services and case studies.
- Entry level freelancers charge anything from AED 250 ($70) per hour
- A strategy-based firm changes around AED 1,200 ($325) per hour
- Contractors and agencies charge around AED 2,000 ($550) per hour
Alternatively, some consultants will instead determine their rates based on a ‘per project’ basis, or based on a monthly calculation if used on a retainer basis.
The business strategy and consultancy sector is growing in the UAE, with competition at an all time high. This has been driven by growth in other sectors and has resulted in an annual increase in salaries for consultants. Demand is especially high for bilingual consultants (who speak English and Arabic) and have public sector experience. This sector has also been experiencing growth in Saudi Arabia, with particular demand for consultants with knowledge on strategy and experience with project-based work, including strategies devised for growing and market entry businesses.
Business consultancy services
A business consultant offers their knowledge and expertise to a business in order to help them devise the most effective strategies and operations. All kinds of businesses can benefit from these services, though consultants themselves often specialise in specific niche industries. This is valuable for your business as it means you’re getting industry expertise, whether you’re just starting out or need to refresh your business model.
In short, they step in to thoroughly assess your business and then devise ways to improve it with tried and tested methods and solutions. The kind of help they offer your business will be tailored to your needs, however it can include management styles, the re-working of your business plan, improving cost effectiveness or marketing, to name but a few areas of concentration. This is done through a constructive session of feedback and of course, your buy in will be necessary before the suggested solutions are introduced.
The value of business consultancy
Working with the right business consultant can completely transform your business for the better. They are there as assessors ro enhance strengths, capitalize on opportunities, disseminate threats and improve upon your weaknesses.
It all begins with accountability and the objective power of an outsider assessing each part of your business. They will be able to determine what’s working and what needs work. This will ensure that your business is functioning optimally in a holistic sense. The consultant will put measures in place to ensure that each business function is running as it should for long term success.
Business consultants have insider knowledge pertaining to your industry which could be a highly beneficial resource for your business to be armed with as it can assist you in developing a competitive edge and exposing you to aspects you may not have otherwise known about.
The consultant is armed with knowledge and techniques that are proven to improve business operations, so you can be rest assured that their services will result in positive changes and results, as well as solutions you may have been lacking. They are not only there as assessors and solutions architects, but as teachers too, implementing the changes and teaching staff where necessary.
Working with a business consultant can be greatly beneficial to your company. Their expertise will guide your operations to ensure that you are performing optimally in your industry. The costs of these services vary, though they should be seen as a worthy investment to the long term success of your business.
Looking for a growth consultancy to work with?
Nexa has helped companies strategize the growth of their businesses for over 15 years. Our team of digital and growth consultants have helped businesses in the UAE, UK and USA through our offices in each of these countries. We're industry agnostic, allowing us to apply wide experience across many types of businesses, allowing us to create strategies that are innovative and new to your industry. Book a consultation with us at Nexa.