TAP Financial Partners

Outside Consultants and Advisors? Do You Need Them?

Home » Insights » Outside Consultants and Advisors? Do You Need Them?

Do you need help from outside consultants?

You can do a lot, but you can’t do it all or hire all the people you need at critical times in your development. It’s that plain and simple. Do I need, can I afford and should I bring on outsiders to assist?

To run a small and growing business you are going to need help. Whether internal or external, certain professionals are crucial to ensuring a lack of initial missteps (whether that is as simple as a good corporate attorney or small business accountant) and to assist you to develop markets and corporate financing capabilities in the future. Consultants help companies to address their weaknesses and recommend solutions based on their specialized knowledge and experience. For many companies, it does not make sense to hire a full-time person if there is only a short-term need, and therefore consultants can fill that need in a more cost-effective way than a permanent hire.  Outside consultants work with you on three things – problem-solving, strategic planning, and execution of strategy.

Top reasons why businesses look for outside consultants:

  • Shortage of time
  • Lack of experience
  • Staffing flexibility
  • Unbiased opinions
  • Conflict resolution
  • Speed and efficiency

Some consultants may come with direct and indirect financial resources, and they certainly come with plenty of experience of having seen both good and bad planning and implementation. The good ones don’t work for free but should bring more to the table than they cost if they can assist in a collaborative approach to helping you avoid certain pitfalls and make well-informed decisions, hopefully avoiding many of the usual growing pains that can often upend your growth initiatives. There is no substitute for your hard work, but this is not a total substitute for experiential knowledge, know-how, and “battle scars”. You want to surround yourself with the right internal people and the right external team at critical times when building your company. In hiring a business consultant, you need to weigh the costs and benefits. Only you know the particular needs of your company, but there is a strong chance that a business consultant can help turn your needs into profits.

To learn more about how TAP can utilize our resources (our own time and money) to provide consulting services designed specifically for your needs please reach out to us here.

Additionally, some do’s and don’ts on evaluating advisors and consultants are available below:



Share on: