Should You Hire a Consultant for Your Small Business?

As a small business owner, you may want to do it all, from managing staff to overseeing your product line. And you may be the person who personally signs every check your business issues and pays the credit card bill every month.

But that doesn't mean you can't benefit from the perspective of an outside professional. And so you may be at the point where you're thinking of hiring a consultant to assess your business and make recommendations for improvements.

Of course, the only real downside to going this route is the cost involved. But if you're willing to make that investment, it might truly pay off in the long run. Here are a few signs that it may be a good time to bring in a consultant.

1. You're burning through cash

These days, a lot of small businesses are spending more money than usual to cover their costs. So are consumers, for that matter. We can thank inflation for that. In fact, 26% of small business owners reported that inflation was their single biggest issue in January, according to the National Federation of Independent Business.

But whether you're burning through cash due to inflation or another reason, that's a pattern you generally do not want to uphold. It might take a consultant to help you identify ways to trim your spending so you don't put your venture at risk.

2. Your growth has stagnated

Inflation is generally a sign of a strong economy, even though that may not seem like the case. In fact, the economy has been strong since staging a recovery in 2021. But if your business's growth has come to a standstill, it means the problem may be with your venture, not the broad economy. In that case, it could pay to have a consultant come in and identify ways to regain momentum.

Why a Business Credit Card Could Transform Your Small Business

These business credit cards that offer a convenient and efficient way to separate personal and business expenses, simplifying accounting and tax reporting.

Additionally, business cards can provide valuable perks such as rewards points, cashback, and expense tracking tools, enhancing financial management and the potential to help save money in the long run.

Offer	Our Rating	Welcome Offer	Rewards Program	APR
Ink Business Unlimited® Credit Card Apply Now for Ink Business Unlimited® Credit Card On Chase's Secure Website.	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	Earn $900 bonus cash back Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.	Earn unlimited 1.5% cash back on every purchase Earn unlimited 1.5% cash back on every purchase made for your business	Intro: 0% Intro APR on Purchases Purchases: 0% Intro APR on Purchases, 12 months Balance Transfers: N/A Regular: 18.49% - 24.49% Variable
Ink Business Cash® Credit Card Apply Now for Ink Business Cash® Credit Card On Chase's Secure Website.	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	Earn up to $750 bonus cash back Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening.	Earn 5% cash back in select business categories Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn.	Intro: 0% Intro APR on Purchases Purchases: 0% Intro APR on Purchases, 12 months Balance Transfers: N/A Regular: 18.49% - 24.49% Variable

3. You're not sure if the time is right to expand

Between recession warnings and inflation, growing your business might read like a risky prospect these days. A consultant could help you make the decision as to whether it's a good time to expand or not. They can also help you understand the ramifications of not expanding versus taking that chance.

4. You're looking to streamline operations

There may be aspects of your business that could work more effectively, whether it's the way you fulfill customer orders, do your marketing, or run payroll. A consultant might be able to identify ways you can streamline your operations and save yourself and your staff valuable time.

And when you're running a business, saved time can equal saved money, or more revenue.

Hiring a consultant doesn't just mean paying a fee for a professional's advice. It also means putting yourself out there and acknowledging that you may not have all the answers when it comes to business decisions. But if these signs apply to you, then bringing in a small business consultant could be not only a smart move, but one that prevents a host of unfavorable financial consequences.