Has anyone hired a management consultant before? How did you know it was time?

by lcdfanyeahman. Posted on Sep 16, 2020    7    9


I've flirted with this decision on and off for years. It seems like a no brainier, what being a 23 year old founder (8 years ago) with no investors and learning as i go. Something tells me this could be well worth the cost. I imagine someone conducting a SWOT analysis on my business, going through goals we have, and basically, improving operations and revenue.

At the same time, it's not a small expense.

Can anyone share experiences bringing in outside assistance?


Comments

tixocloud 1

Depending on your business, does your local chamber of commerce provide such services? Alternatively, universities with business programs could also be an opportunity for you to get something in exchange for business details as a case study.

Management consultants are expensive and it’s really hard to find a good one. If you do go down this route, I’d have very specific questions to drill down their quality. Worked at companies where we’ve hired brand name ones and things turned out terribly. I was also a management consultant but I actively mentor startups and small businesses for free from time to time.

Actualise101 1

I've worked with the best consulting companies in the world. My advice is teach yourself, be proactive and learn something new every day. Potentially invest in a mentor, plenty of highly successful people in business give great free advice on youtube.

alreadywon 1

Management consultants are hired to answer questions like “we’re the worlds largest provider of fluorescent lightbulbs, should we expand our line to include LEDs?”. For your examples it sounds like you’re trying to fish in a fishtank with a bazooka.

Evodnce 1

It also depends on what your business is as well. There are genera small biz consultants, industry specific consultants, etc...knowing where you want to be will be the most beneficial in helping narrow down a consultant.

SpingboHooJack 2

Read the goal and the Toyota way

Eddym8 2

I'm starting a small business consultancy on a subscription model, which will keep costs lower for SMEs. I decided to make the move out of a larger company to do my own thing, and I'm hearing alot of positivity from my local community. To me it sounds like OP needs a consultant to provide some coaching. This will be a cheaper alternative to bringing a consultant on board and you will learn by doing with a professional to guide you. Hope that helps. Gerard from All Over Consulting.

YoramBaltinester 2

I think it's worth it. I started a business in 2001 and grew it for years until I felt that it exceeds my capacity to give myself answers. I pushed on and sold my company in 2013, but I can tell you in retrospect that had I taken a consultant to help me I'd sell it for much more because I would have grown it further and make less mistakes in the sales maneuver.

Reclusiarc 3

Read Zero to One then decide if its worth it. That book was the tipping point for me leaving consulting and pursuing my own business.

JRHolloway91 3

Management consulting generally has a hefty price tag for a small business comparatively. With that in mind, your business has to currently be healthy. However, when you have reached the limits of your own skill set and you can’t afford to not grow/ensure quality/etc. for your industry, it’s time to look into a management consultant.