Debunking 4 Myths About Financial Management Consultants
Financial management consulting services cover a vast variety of services for businesses of all sizes. Most business management consultants in the finance sector are professionals with more than ten years of industry specific experience.
Below we attempt to debunk 4 myths about financial management consulting.
1) Financial consultants don’t understand my business
While most financial consultants know their core subject matter, many do not have deep industry expertise. It is important that the consultant has a specialty or has worked with other clients within your industry. For example, if your main business is oil & gas, then you should look for a firm that specializes in the Energy Industry.
2) Only large well established companies need business financial consultants
There is a growing trend for start-up and medium sized companies to use business financial consultants. CFOs are hiring business financial consultants on a temporary basis to help with:
i. Acquiring or divesting assets ii. Audit support iii. Budgeting iv. Raising capital v. Complying with state, federal, and international requirements vi. Financial reporting
3. We are too small for consultants
Temporarily bringing on consultants can be a better option than hiring full time staff to help with temporary/short-term problems. Business Financial Consulting can help with raising capital or setting up your business processes or ensuring that new processes have the necessary controls.
4. Hiring consultants will cost a fortune
In most cases, business management consultants pay for themselves in the value provided to the customer. Financial management consultants can be hired for a week, one month, six months or a year depending on what you need accomplished. Arrangement can be made for a set price to accomplish a set deliverable or report. The more defined the scope of work before-hand, the less likelihood of project budget overruns. So knowing what you want and who can consistently deliver your needs can save you thousands of dollars.