Business Consultant + Internal Auditor = Successful Business

Why Every Successful Business Needs More Than Just an Internal Auditor – A Business Consultant is Vital

As businesses navigate the complexities of today’s fast-paced world, a common dilemma arises: What is more important?

• Keep the ship afloat
• Move the ship from point A to point B
• Both of the above

1. Keeping the Ship Afloat

This concept focuses on ensuring that the ship remains in a stable and functional condition. It involves maintaining basic operations to prevent the company from "sinking" — in other words, avoiding legal, financial, or operational crises. The ship must stay afloat, ensuring the business is compliant and risks are managed.

2. Moving the Ship from Point A to Point B

Here, we’re talking about motion — the ability to move forward with purpose and direction. Whether the ship moves forward or backward isn’t the point, as long as it is progressing. This scenario focuses on strategic motion within the business: growing, innovating, and adapting to meet new challenges.

3. Both of the Above

In an ideal world, the ship is both afloat and in motion. The company is stable and well-regulated while also moving toward growth and long-term success. This balanced approach ensures that the business not only survives but thrives.

Understanding the Roles: Internal Auditor vs. Business Consultant

To fully grasp why both roles are essential for any business, let’s break down the key differences between an internal auditor and a business consultant.

The Role of Internal Auditor: Focus on Operations

The internal auditor is primarily concerned with ensuring that the company is stable, compliant, and free from risks. They focus on:

• Internal controls
• Risk management
• Regulatory compliance

In short, they ensure that the company’s daily operations remain intact and that no major financial or legal issues arise. This aligns with keeping the ship afloat—ensuring that the business continues running smoothly without external or internal disruptions.

The Role of Business Consultant: Focus on Strategy

In contrast, a business consultant brings strategic thinking into the picture. Their role is all about driving growth and innovation. They focus on:

• Identifying new opportunities
• Developing strategies for expansion
• Optimizing operations for better performance

This is where the consultant’s role comes into play when moving the ship from point A to point B. A consultant helps the business scale, adapt, and grow for the future, ensuring that the company remains competitive and well-positioned in the marketplace.

Why Both Roles are Essential for Sustainable Growth

To drive a business forward, both stability and strategy are required. The internal auditor provides the foundation of operational integrity and risk management, while the business consultant brings the vision and guidance for future growth.

Practical Example: The FMCG Sector

Let’s consider a real-world scenario in the FMCG (Fast-Moving Consumer Goods) sector:

• Internal Auditor in FMCG: The internal auditor ensures that products are compliant with local and international regulations. They might review processes at production facilities to ensure quality standards are met and verify that financial reporting is accurate. Their primary role is to mitigate risk, maintain financial integrity, and ensure the company operates without legal or financial issues.
• Business Consultant in FMCG: A consultant could analyze market trends and recommend strategies to launch new products, optimize supply chain management, or expand into new markets. They may also advise on how to leverage e-commerce or improve distribution channels to enhance profitability. The consultant focuses on ensuring the business remains competitive by driving innovation and efficiency.

While the internal auditor ensures the company operates smoothly and stays compliant, the business consultant looks to expand the company’s market share and profitability by adapting to new challenges and seizing growth opportunities.

Conclusion: Both Roles Are Key to Long-Term Success

In conclusion, while the internal auditor keeps the ship afloat, the business consultant steers the company toward new horizons. Both roles are crucial, but their contributions are distinct:

• Internal auditors ensure that the business remains stable, compliant, and efficient in its current operations.
• Business consultants focus on strategic growth, innovation, and long-term success.

When these roles work in tandem, a company can both stay secure in its operations and move forward toward sustainable growth and market leadership. In industries like FMCG, where the landscape shifts quickly, having a consultant on board can make the difference between staying stagnant and leading the market.

Article by; Florence Wairimu Ngugi

Florence Wairimu Ngugi is an experienced business consultant with a strong background in both business management and mathematical sciences. Holding an MBA, CPA, and MSc in Pure and Applied Sciences (Mathematics), Florence combines analytical expertise with strategic insight to help businesses achieve sustainable growth and operational efficiency.

As the lead consultant at Finabell Consultancy, she empowers businesses with customized strategies for financial management, operational efficiency, and risk mitigation. Florence specializes in driving sustainable growth, optimizing processes, and ensuring compliance and stability, all while aligning with long-term business objectives.