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Why Hire a Consultant: the New Return on Investment

Description:

This article details the benefits of hiring an outside consultant.

Content:

You’re a small business owner, you do considerably well for yourself. Your business is profitable, it’s not a Fortune 1,000 company, but it’s not losing money either. So why would you need a consultant? What would be the point because apparently you are doing well enough on your own? Let me answer you question, it’s because you’re not a Fortune 1,000 company. Funny thing is, even global corporations still bring in outside help, because they understand everyone needs a hand.

Now is the time for you to rebut with all of your predetermined excuses. Let me tackle a few for you. “My budget doesn’t allow for a consultant.” Although your budget does allow for expenses that are too high, fees/prices that are too low, minimal profits, and sub-par leadership, strategy, and overall output. You make a great case, let’s proceed. “Consultants do nothing for a company.” If that’s the case then why are they still around, and why do executives of the globes largest corporations use them when they are paying their own executives millions in salary, bonuses, and benefits to run the company in the first place. That is quite the convincing argument. “I can do what consultants do” if this is the case, then why aren’t you running a successful consulting practice? Why are you reading this article looking for tips, advice, or direction?

Consultants provided a wealth of knowledge, expertise, and insight that most owners do not see because they are too close to the situation. Consultants are analysts that can take apart a situation, show you which parts aren’t working well, and then repair, or show you how to repair your well-oiled machine. They are systems mechanics, operational physicians, strategic sages, and financial assemblers. Companies hire consultants because they lack either the time, knowledge, expertise, and/or vision to see what is going on in their own organization and where to go next. Consultants can provide a lucrative Return on Investment for your company. Let’s dig deeper into that mystery.

Let’s hypothetically say that even though you fashioned those excuses listed above and then some more creative ones on your own you indeed test the waters. You hire a consultant for a problem or project you have within your company. The consultant comes in and dissects your company from the top to the bottom and leaves you with an action plan. This action plan at the end of the fiscal year nets you $7,000 in decreased expenses; the consultant you couldn’t afford charged you $1,500 for their time. That comes out to a 367% return on your investment in their services. Is that a return that you cannot find in your budget? It seems that they actually did something for you, and if you could do that on your own why wasn’t it done sooner? Oh that’s right you wanted to spend an extra $7,000 a year from which you received no additional benefit; chalk it up as a charitable expense. When was the last time one of your employees gave you added value of 367% from their contribution?

Granted there are some snake-oil consultants out there that simply turn you around in circles, and walk away with your hard earned cash. Here are some tips to weed out the tried and true, from the pretenders. Ask for a proposal before beginning the relationship, this should map out fees, and let you know what their intentions are. Sign a contract, this legally binds the consultant to their end of the bargain, good consultants will come with their own because they desire to protect themselves. Ask about their background, training, and which areas they excel in. Ask them for a time frame, how long will it take to complete the project; is it going to be an ongoing relationship? Most importantly will they be available for you, consultants should be available to meet, discuss, and be open with what they’re working on for you. Those who desire to keep you in the dark are hiding something from you. Remember, in the end it’s still your company, they’re just there to add value.

Author: Jayson Cardwell

About Author:

Jayson Cardwell is the CEO and Founder of Cardwell Financial Group, a business and personal financial services company that assist established businesses, start-up businesses, and their owners navigate their businesses and finances. For more information visit them on the web at www.CardwellFinancial.com.

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