Don’t think fraud is a serious concern for your business? Think again. Each year, businesses report billions of dollars lost to fraudulent activities — and that’s only the reported ones.
Fraud doesn’t just come in the form of stolen credit cards and security breaches, though. It also comes in the form of a shady business consulting experience. A sneaky business consultant can provide your business with a ton of bogus advice, and then vanish into the ether.
This is only one of the mistakes with picking business consultants. In fact, we have five more for you. Keep reading for the top mistakes businesses make when looking at their options for consultants.
1. Mistakes With Picking Business Consultants: Not Reading Online Reviews
Reviews are the tell-all of this generation. Businesses can no longer hide behind testimonials and advertisements. Thanks to the Internet, customers can readily share their horrid experiences with no holds barred.
Before handing over your money, take a deep dive into a consultant’s reviews.
2. Not Comparing Consulting Fees
One of the benefits of hiring consultants is that you get professional business advice without paying a person a salary to do it. That said, do a double-take with any consultancy fees. Compare them to the competition, and avoid those with steep, unreasonable pricing.
3. Not Choosing Someone in Your Niche
Consultants, just like any other business, make grand claims that they may not be able to back up with evidence. Avoid consultants that can “do it all.” Instead, focus on consultants that specialize in your specific market or niche.
Consultants that really understand your business will be able to scale your business opportunities.
4. Giving Consultants the Reins
It’s important to understand that a consultant–as the name implies–is giving advice. They do not serve in any administrative capacity. Think of them more like cabinet members; they provide two cents, and you decide whether or not to incorporate them.
The beauty of consultancy is that you can hire multiple consultants at once. You can have them bounce ideas off of each other, coming to more reasonable conclusions. It never hurts to get a second opinion!
5. Trusting a Consultant That Gives No Actionable Advice
It’s easy to create a flashy presentation with glitzy graphics and multiple occurrences of the word “synergy.” It’s not so easy to provide bespoke, actionable advice that could feasibly improve your company’s posture in the market.
In other words, do not allow a consultant to sway you with a honey tongue. Make them dance for their dinner. They should be providing advice that translates into real-world action and impact.
Find a Consultant Today
If you’re new to this, it’s easy to make mistakes with picking business consultants. Treat them as you would any online product; use online reviews and choose those that specialize in your field or industry. Don’t let them run your business, but don’t let them shy away from actionable advice either.
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