Obviously we don’t know everything. If you did you wouldn’t be reading this blog right now. As humans we can’t know everything or even be specialists in too many areas. I could go into a heated debate on how certain companies run their organization based on specialization or rotations. That is another topic in itself.
One of the best routes a new or aged entrepreneur can follow is one with a consultant at your side. Consultants can give you the specialist insight that would have taken you months or even years to acquire. Many entrepreneurs are specialists in a specific division and hire a consultant anyway to get a second opinion which isn’t a bad approach as well. Over time you might not keep up on new technologies or advances in a field that you once followed.
A consultant can be anyone you ask advice from. As a fresh player in the game your consultants might be your grandfather, a close friend, or that algebra teacher with the weird smile. This plays into the topic of networking and keeping a list of people that have knowledge or power to take you places.
Traditional consultants do cost money. Are they worth it? It depends on your situation, but in many cases they bring new innovative ideas and passion to problematic topics. Make sure to do your research and work with your resources before hiring someone.
During my two years in business I have turned to consulting to solve some issues. One example was using an accountant to help us with the legal side of the company and how to correctly file taxes. Taxes can be a huge pain if you don’t have someone you can get advice from. The other use of outside consulting occurred at our 1.5 year duration. There was a short time span where Wakefield wasn’t growing at the rate we had previously. The solution was to talk to other entrepreneurs and get advice on how to expand with caution. Previous to talking to this consultant we had searched the web for advice and guidance. The online route didn’t have specific enough advice for us to tap into.
Don’t take the shortcut today that will cost you tomorrow.
Tips: Talk to your consultant before hand and set up a NDA (Non-Disclosure Agreement *This legally binds the consultant to confidentiality on a specific subject or matter).