At some point in the growth curve, most entrepreneurs recognize that the prospect of success is enhanced by relying on the expertise and input of skilled outside advisers. Throughout history, political, military and business leaders have achieved success by drawing on specialized experience of proven experts.
The rapid expansion of today's businesses is critically dependent on careful selection of knowledgeable consultants and skilled employees. Nothing substitutes for gut intuition, but when and how to use advisers is puzzling to even the most sophisticated entrepreneur.Utah businesses, more than most, are reluctant to engage consultants. In part, our pioneer heritage prompts us to be independent and self-reliant. Recent studies show Utah businesses are less inclined to network, collaborate with business colleagues or engage outside assistance. This trait stifles growth and interferes with our acceptance on a national level as having a sophisticated business climate.
Advisers come in all shapes and sizes. They include accountants, advertising and public relations representatives, attorneys, commercial and investment bankers, insurance or bonding agents, headhunters, public agency officials and a variety of specialized consultants. The range of services provided is almost unlimited.
Good advisers are like good foot soldiers. They're experienced, they're loyal and they're focused. Their skill can save you their fee many times over in avoided mistakes and expediency. Seasoned professionals are comfortable in task-oriented and finite roles, and they will remain steady when internal systems become overloaded.
It is our perception that consultants are almost universally misused, the most familiar trait being the "eleventh hour" engagement. Additionally, too many entrepreneurs become consultant dependent and keep advisers involved too long, working on inappropriate projects, and often paying for work that could be accomplished internally or more efficiently elsewhere. In order to obtain the best from a consultant, let's look more closely at four common situations.
1. ". . . feet to the fire and back to the wall." Crisis situations become overwhelming and a consultant is hurriedly sought after all else fails to correct major problems, problems that may not have existed in the first place had a
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ADVISERS