To Over-Consult Is an Insult

There are an estimated 50,000 business consultants in the U.S., and I'm one of them. Most of us aren't any good. 

Business consultants charge a fee to try to do for others what most of them can't do for themselves. It has been said they are clever people who borrow your watch to give you the time, then charge you for the information. Highly entrepreneurial folks. 

Many consultants make a living well beyond the benefits of the services provided. Otherwise sophisticated business people frequently hire consultants who have little expertise and even less personal business experience. 

Consultants and attorneys have many similarities. There are too many, business relies on them too heavily, and they are often more obstacle-oriented than opportunity-oriented. Unlike attorneys, however, consultants can hang out their shingles anywhere, anytime–thus assuring the consumer a broad variation of skills and competence. I've seen many who don't have a clue about what they're doing. 

If you have genuine need for a good consultant, be particular. Here are some suggestions: 

1. Know as precisely as possible what your problem is and match the consultant to it. Check at least three references he or she has helped with similar problems. 
2. Interview three to five consultants before deciding on one. You may wish to include a CPA firm with a consulting division if they are experienced in your area of need. 
3. After making your selection, require a written agreement describing the scope of the project, timing and amount of compensation, type of written report to be issued, and completion date.