People always ask me “Why did I join Taylor White?” The answer is simple… I love helping people! To be more specific, I absolutely love finding solutions for my clients, and consulting is a fantastic way to do just that. Not only do consultants provide immediate value, but they can bring solid solutions to businesses. So, you may ask, “When is a consultant the best option for my business?” Below are my top 3 reasons why hiring a consultant may be the best business choice, especially during a tough market.
1 – Work is piling up.
Haven’t we all been there? If you find yourself overwhelmed or your staff is becoming overworked, a consultant can provide immediate relief while keeping your team (and yourself) sane! Accounting and Finance often have peak periods, but you don’t want to hire someone on permanently just to cover those few months. That’s where the consultant can come in. Another great benefit of an experienced consultant is this is what they do, and they do it well! They won’t require a long onboarding or training process, as they are professionals with skills that fit that specific job. Besides having to learn the flow of the company, they will know the rest, and often bring fresh, valuable perspective to the table.
2 – You have a special project
It’s OKAY to say, “I don’t know what I don’t know”. Whether it’s rolling out a new accounting pronouncement, handling a balance sheet carveout, or conducting M&A due diligence, an experienced consultant can provide IMMEDIATE support for you when you need them most. They can support the project needs themselves, or alternatively backfill for members of your team who might need help with their day-to-day while they are temporarily focused on a strategic initiative. Consultants often have diverse transactional backgrounds, so finding the right person for you is not as hard as you might think. Sometimes this special project will only take a few months to accomplish, so using a consultant can also be very cost effective – getting the project done by a quality professional, without having to pay them full time.
3 – Someone left your company
When the unfortunate happens, the knee-jerk reaction is often to rush to fill the position with another permanent person... and that doesn’t always lead to an optimal hire. While you’re seeking the right long-term resource, consider bringing in a consultant to keep the wheels on the bus, transition effectively with the outgoing team member, assess the workload, and perhaps even perform an efficiency analysis to determine what the job truly entails. This affords you the breathing room to be more selective in your hiring process and to focus on the interview without having to worry about the job not being done. Even better, when you do find the right replacement, the consultant can then help train the new hire before they leave. Lastly, hiring a consultant can sometimes be a great way to test the waters with someone who is interested in joining you permanently. How fantastic is it that you get to sample their work product and cultural fit before extending a permanent offer?
During our current pandemic, we have seen an increased need for consultants with many of our clients. The underlying reason is simple… accounting and finance work still needs to get done and many companies cannot afford to bring someone on full–time, or deal with inefficiencies within their department. Nothing gives me greater satisfaction than hearing from a client how well our consultant is doing and knowing that because of our partnership, life is better for them and their team!