If you are small or medium enterprise (SME) looking to grow your business or improve your processes, you might consider engaging a management consultant. One of the main questions you would likely have is “what is the cost of a business consultant in Singapore for SMEs?”
That question is tough to answer in absolute terms. Depending on the experience, expertise and demand of the consultant, fees can run from a few thousand dollars to several hundred thousand dollars. Obviously, that is of no help. So understanding the consulting process is a good start.
SCOPE OF A CONSULTING PROJECT
Initial Consulting Study and Diagnosis
After the initial contact and meeting with the consultant, the consultant will understand what you, the client, would like to achieve and what specific area he can offer value in.
There will a preliminary problem analysis, and typically, the broad scope of the consulting project is identified.
Depending on the scale of a project, a larger more complex project will require a comprehensive study and review by the consultant or consulting team.
The purpose of the study and review is better to understand the company, industry, market and competition as well as identify issues and prioritize solutions to problems. Or, it could be a feasibility and viability study on whether to proceed with the project itself.
Depending on the scope of the study and review, you can expect to pay for it because of the amount of work and time it takes to do a comprehensive study and generate a review report presentation. Some consultants might propose to do this study & review as part of the project itself.
For example, if you are engaging a business consultant to assist in strategic marketing and branding, the study and review process or phase of the project will likely involve:
- Market Research (Offline/ Online)
- Conducting Interviews
- Competitor Research
- Examining Sales/ Costing Reports to Identify
- Barriers to Profitability
- Strategy Planning
- Marketing & Sales Cross-Functional Alignment
- Sales Conversion
- External Forces
- Brand Equity & Positioning
Assuming a consultant is available, this process can take anywhere from 5 to 60 working days to conduct the study and create the review report/ presentation; depending on the size of your business and scope that the consultant has to cover.
If you are hiring a top-tier firm like one of the Big 3 strategy firms, you can expect to pay tens of thousands or even hundreds of thousands of dollars for a study and review.
However, most boutique firms will conduct the initial study and diagnosis as part of the sales process. If the project scope is extensive, a boutique firm may charge a few thousand dollars for a study and review.
Regardless of the size of the firm, this fee is generally a fixed cost and not a per-hour charge.
Project Execution
Depending on the nature of the project, after the initial study and diagnosis, the project enters the execution phase which is the start of the project proper.
For example in a strategy consulting project, the business consultant helps organisations define, refine, and optimise their strategic direction to achieve long-term business goals.
Unlike operational consulting, which focuses on process improvements and execution, strategy consulting is concerned with high-level decision-making, competitive positioning, and long-term growth.
The phases of a strategy consulting project can include:
Discovery & Research
- Conducting market analysis, competitor benchmarking, and internal diagnostics.
- Gathering stakeholder input and aligning expectations.
Strategy Formulation
- Developing high-level strategic options based on research insights.
- Conducting scenario planning and risk assessment.
Validation & Refinement
- Engaging with leadership to stress-test strategic recommendations.
- Refining plans through financial modelling and feasibility studies.
Execution Planning & Governance
- Outlining a clear roadmap with milestones, KPIs, and governance structures.
- Preparing for transition to operational teams or further implementation support.
HIRING THE BUSINESS CONSULTANT FOR A PROJECT
Regardless of whether the initial study and review is a stand-alone project or part of a consulting project, if you decide to engage the consultant for a project, the consultant should present a project proposal (as outlined in “Project Execution” above), and statement of work that includes a project timeline, deliverables and KPIs.
The proposal should also include a line quotation or indicative costs. The consultant’s fee depends on many factors such as:
- The Complexity of the Project
- Scope of the Project
- Size of the Business
- Duration of Engagement
Typically, a good consultant will recommend you to start with a smaller specific project that will have the most positive impact in a relatively short time (around 3 – 6 months). This is enough time for a proper diagnosis to be performed, proposed solutions to be implemented, measured and reviewed.
Subsequently, a larger project with a scope that covers 12 – 18 months can be embarked upon.
HOW A BUSINESS CONSULTANT'S FEE IS CALCULATED
Based on the above example, most consultants will propose an estimated time (number of hours/ days/ weeks) that it will take to complete the project.
Most consultants will charge by the hour or at least estimate the number of hours needed for a project and calculate a quotation for the whole project based on the time required.
The cost of a business consultant in Singapore depends on the experience and credentials of the consultant and whether it is one consultant working on the project or a team.
According to Clutch’s 2025 Business Consulting Firm Pricing Guide, the average hourly rates for consulting services are as follows:
- E-Commerce Consulting: USD$50–USD$100 per hour
- Operational Change Management: USD$100–USD$150 per hour
- Business Strategy Consulting: USD$100 – USD$150 per hour
- Financial Consulting: USD$25–USD$50 per hour
- Management Consulting: USD$100–USD$150 per hour
These rates vary based on factors such as location, consultant experience, and the scope of services. For example, management consulting services typically range from $150 to $350 per hour, with project-based fees between $10,000 and over $100,000, and monthly retainer fees ranging from $5,000 to $20,000. (keevee.com)
The rates in Singapore are similar if your convert them to SGD.
So, if a consultant charges $150 an hour and spends 30 hours a week working on your project, the fee per week would be $4500 or $18,000 a month.
You can also negotiate with the consultant and give an indicative budget for the project. Based on your budget, the consultant may limit the number of hours he commits to your company while still being able to complete the project within an agreed timeframe. For example, if your budget is $2000 a week, the consultant may put a maximum cap of 13 hours a week for your project.
Another way to calculate and measure the value of fees is to agree on a fixed fee for an agreed scope of work. Essentially, the consultant will work on a project basis on a specific set of deliverables with milestones set. Payments can be made based on an agreed payment schedule as long as milestones are achieved. This is a popular approach to work with business consultants as the client can budget a fixed amount over time to manage cashflow.
Regardless of the fee that is negotiated, you must measure the investment with the potential return to make sure it is worthwhile engaging the consultant. A consultant’s contribution must have a return on investment (ROI) and long-term positive impact even after the consultant has completed the project.
ADDITIONAL EXPENSES
There may be additional out-of-pocket expenses that are incurred as part of the project that is not covered by the consultant’s fee.
For example, if the consultant recommends a CRM or automated marketing software that can improve your marketing processes and save time, and you agree to go with the recommendation; the cost of this software will have to be borne by you.
Another additional cost that may not be part of a consulting fee is training. If a recommendation is for your staff to undergo training for specific skills that will help your business reach its goal and beyond, the cost of the training is likely to be separate from the consultant’s fee.
Other common expenses to be reimbursed can include costs for air travel (if required), transport, printing (for reports), content development, copywriting, and creative & communication design work.
DOMAIN EXPERTISE, EXPERIENCE AND PROFESSIONAL CERTIFICATION
The value and asking price of a business consultant may also vary based on the consultant’s domain expertise, experience and professional certifications.
If a consultant has a unique skill set that few possess, it is not unreasonable if his fee is higher than others due to simple supply and demand economics.
For example, if a consultant has qualifications and experience in business operations, systems and processes for a specific industry, this may be relevant expertise that commands a premium.
A strategy consultant or strategic marketing consultant with particular insight and skills in SEO strategy or Search Engine Optimisation tactics to complement management consultancy services, this is a strong unique combination.
If a consultant has vast experience, a proven track record and up-to-date professional certification for niche expertise, the asking fee may reflect this.
At Evolve & Adapt, our domain expertise strategy and digital implementation. We are hybrid marketers, covering traditional marketing and digital marketing. Our business consultant Singapore and Malaysia team members have relevant experience and internationally-recognised certifications to ensure we can serve clients at the highest professional levels.
GRANTS AND FUNDING
Many countries offer grants, funding and subsidies to local SMEs. You may want to take advantage of such schemes to reduce your investment and get the best consultant you can afford after being subsidised.
For example, as mentioned above in Singapore, local SMEs can take advantage of the Enterprise Development Grant (EDG), or sometimes erroneously referred to the EDG Singapore grant. This is to help offset business consultancy-related costs (Up to 50% of qualified costs).
However, one requirement is that an Enterprise Singapore-recognised certified management consultant (TR 43: 2015) must be engaged.
MAKING THE DECISION OF HIRING THE BUSINESS CONSULTANT
In conclusion, several variables can factor into a business consultant’s fee.
The first consideration is to ensure the consultant’s domain expertise and experience matches your business’s needs.
While budgeting is a practical limitation, the cost of a business consultant in Singapore should not be your determining factor to hire a consultant. You should estimate and measure what tangible value and ROI the consultant can bring to your business, within an expected time frame.
Finally, remember this word of advice from investment guru Warren Buffet (via Benjamin
Graham):
“Price is what you pay; value is what you get.”
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