David Knoble, CPA, PLLC

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An Increasing Need for Consulting

CFO Mag­a­zine reports that now is a “buyer’s mar­ket for con­sult­ing.”  They go on to tell us that man­ag­ing the engage­ment (from the client’s per­spec­tive) is key to keep­ing the costs down.  There are sev­eral items notable in this arti­cle can affect you as well.

Many large and medium sized com­pa­nies have been down­siz­ing over the last year.  As a result, many account­ing and finance depart­ments have also been trimmed back to less than what is needed.  As this trend con­tin­ues, many projects in these depart­ments may be put off indef­i­nitely.  Unfor­tu­nately, these projects may be impor­tant to increas­ing cash flow for the com­pany.  As com­pa­nies strug­gle with this para­dox, they quickly real­ize that con­sult­ing projects may help them imple­ment needed work at a cost far below full-time staff on the payroll.

A smaller busi­ness has the same prob­lems, only it seems to be true even in a good mar­ket.  The good news is that the same prin­ci­ples apply to a smaller busi­ness as a larger one — the cost of a con­sult­ing project that adds value to the com­pany may be far below the cost of hir­ing a full-time pro­fes­sional to man­age it internally.

What is even more inter­est­ing is that larger com­pa­nies are inte­view­ing both big firms and smaller firms to help them with their projects.  CFO Mag­a­zine sep­a­rates larger firms as offer­ing “depth and speed” to get a project com­pleted while smaller firms offer “the per­sonal touch.”  One CFO remarked his rea­son for choos­ing the smaller firm was based con­sid­er­ably on who he trusted the most.  Smaller firms typ­i­cally meet with an orga­ni­za­tion and present the peo­ple that will be work­ing at the com­pany with the com­pany personnel.

Espe­cially now, when every­one is rolling up their sleeves to help a com­pany sur­vive, review the projects that have been on hold.  If you could pick one project to do right now that will add the most value to your orga­ni­za­tion, what would it be?  Con­sider hav­ing some firms quote you on a price to com­plete that project.  You may be sur­prised.  You may find that the ben­e­fit would be above the costs to get the work done.  For now.

CFO Mag­a­zine fore­casts strong growth over the next three years in con­sult­ing ser­vices.  As demand increases, so will the prices.

Our firm can assist you in areas of tax, account­ing and oper­a­tional con­sult­ing.  As a small firm you get  com­pet­i­tive rates.  With our expe­ri­ence, you get com­pet­i­tive knowl­edge.  Think about a project that would ben­e­fit your com­pany.  Then think about the results you could expect if that project were com­pleted.  Then call us so we can help you get there.

© 2009, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC

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