Vol. 19, No. 5 | |
Criteria for Hiring a Firm to Help Your Small or Mid-size Business Achieve its Potential In downturns such as we are experiencing, there is a proliferation of folks and firms that purport to have all the answers to issues facing small and mid-size businesses. Firms pop up with articles in local newspapers with all the answers. New models with fancy and catchy acronyms like RED and FAST appear on the scene. Sometimes it is difficult for companies and business owners to determine who can really help them navigate the road ahead. We offer the following comments about what companies should be looking for in a partner to help them realize their potential. This is a reprise of Issues for growth article last published in February 2002. 1. Focus: Beware of “one stop shop†firms that say they do everything. These include accounting firm add-ons, or interim CFO firms. Accounting firms provide valuable services – audits, tax assistance, and compliance. CFO firms provide accounting, controller, and finance functions. The firm you engage needs to specialize in helping companies in your size range with your range of strategic and value issues … and have the track record to prove it! 2. Execution: Most consulting firms focus on the front end (their plan and their intellectual input). Make certain you feel comfortable with the execution and their proven ability to assist you in achieving results. 3. Overcoming Barriers to Success: Most consultants do not actually help organizations understand – and overcome - what is preventing them from being successful at the next level. 4. Value: Most consultants focus on the top line (revenue line) without understanding the key drivers of value. 5. Flexibility - to YOUR needs: Most firms have a “one size fits all†model and they will squeeze all clients into that same model. 6. Tell the Hard Truths: Most firms do not offer truly independent objective advice – they will not tell clients the difficult truths since they want the follow-on business. If it seems to good – or easy- to be true, it usually is. There are no magic pills or magic bullets. Success is the product of good direction and hard work. 7. Been in Your Shoes: Finally, most consulting firms will not have folks that have actually been in your shoes (as owners) – and emerged successfully. Ask if they have ever led a company through a successful sale. 8. The “Temporary†Consultant: Bewareof individuals or firms that sprung up during the downturn. Firms with less than 5 years experience many times exist only as long as it takes for the principals to find their next full-time job. Or to have their traditional business volumes return. That could leave your company in the lurch when they lose interest in you. What are your thoughts about these key points? Share your reactions on the Issues for Growth blog: http://davemead.blogspot.com. About The Mead Consulting Group The Mead Consulting Group, Inc. has been providing strategic planning & execution, strategic marketing, business development and leadership development services to mid-size businesses since 1981. We specialize in working directly with owners and CEOs to help their companies reach the next level of success. Our clients have achieved superior results and consistently out-performed their peers. In 2010 many clients are exploring new markets, examining new business models, and gaining new market share while enhancing profitability. Many are using scenario planning and building flexibility into decision-making to rapidly adjust to the market opportunities. It’s All About Results! We’ve stood in your shoes, worn your hats and walked your talk Like no one else, we can help you successfully navigate through § Strategic Growth and Execution § Increasing Profitability and Cash Flow § Maximizing Value for Exit But, don’t just take our word for it. Ask our clients. For more information, see our website www.meadconsultinggroup.com or contact Dave Mead at (303) 660-8135 or meaddp@MeadConsultingGroup.com |