How Financial Consultants Help Protect Your Company During Uncertain Times

The economic landscape is still shifting from the impact of the COVID-19 pandemic, and many companies are still feeling it.

Often, one of the natural outcomes of a season like this is to see the hiring of full-time employees slow down while the workload remains the same, leaving companies with two choices—let work go undone or saddle
their current team with it all and hope for the best.

Option one is not really an option. The work has to get done. However, when it comes to navigating uncertain times, the best human capital strategy also protects and prioritizes your current team. It not only
mitigates potential burnout or turnover, but it’s also the right thing to do. It’s crucial to increase employee retention, support your company culture, and sustain your team’s productivity.

In this post, we’ll discuss how hiring a consultant is a proactive and strategic approach to protecting your company.

Hiring a Financial Consultant is an Investment in Your Current Team

Many companies wonder if the cost of hiring a consultant is worth the cost. One argument that we hear often is…

“Wouldn’t it make more financial sense to simply delegate the workload amongst my current team?”

And we get it—there is a hard cost here. However, hiring a consultant is an investment that improves employee retention and protects your current team from burnout.

Choosing to push your current team to fill the gaps can result in turnover, which is even more costly and time-consuming to fix. In the current marketplace, employees prioritize their mental health and work-life
balance more than ever. Expecting a 50+ hour work week from your team may work occasionally, but is not a long-term strategy that’s in their best interest—or yours.

Replacing an employee is far more expensive and time-consuming than hiring an interim hire. When filling managerial positions, hiring costs can reach up to two times the employee’s salary. Interviewing and hiring processes often take an average of 42 days, while getting a new full time employee up to speed usually takes six months or more. On the contrary, an experienced consultant can be brought up to speed in a fraction of the time and without the commitment and expenses of a permanent, full-time employee.

Additionally, high turnover rates isn’t only costly—it threatens your company culture. Having a revolving door of employees and choosing to rely upon your current team to pick up the extra work as you search for a new full-time employee runs the risk of breeding stress and
resentment within the organization. Bringing in a strategic finance or accounting consultant to support your team eases the pressure of performing, protecting your team’s morale and motivation.

Finance and Accounting Consultants Enhance Your Productivity 

Consultants are also an effective way to preserve and even boost your company’s productivity.

Asking your team to absorb the extra work could also mean assigning tasks that are unfamiliar or outside of your employees’ expertise. This means your team will have to reallocate time and energy that they could be
spending on successfully delivering critical and profitable projects.

Relying on your employees to fill in ad hoc roles that they aren’t accustomed to can jeopardize organizational deadlines. When resources are stretched thin, your team will start to feel the pressure as they split
their attention to put out fires. If fire-fighting becomes a habit, it can be difficult to break the cycle, putting your company in a position where you’re constantly struggling to keep up, rather than getting ahead.

When you bring in a high-quality finance or accounting consultant, you allow your team to focus and reserve their resources for doing what they do best.

Over the past year, companies have found that remote work has expanded the talent pool beyond their local market, allowing them to find consultants with industry-specific skills and experience beyond their immediate
San Francisco and Austin markets. Teaming up with a firm with a wide network is an excellent way to find experienced consultants that can step into projects with little training and hit the ground running.

We know that candidate requirements can vary greatly by location and market. Our team is dedicated to understanding your company’s needs. When it comes to finding talent in Austin, we know companies need consultants
that can skillfully navigate Texas’s business landscape.

At BVOH, we’ve had many examples of companies successfully using consultants to weather uncertain times. In one instance, a San Francisco-based technology company had a hiring freeze due to an unattractive funding
climate. They opted instead to hire an Interim Senior Finance Manager in lieu of a full-time person. Our consultant was able to deliver results immediately and help them through a difficult time, which ultimately resulted in them hiring him as a
permanent employee once the hiring freeze lifted. This is a prime example of how consultants can drive your business’s success while also alleviating the pressures of finding a full-time employee. Next Steps: Find the right fit for your team

While hiring a consultant may increase your overhead initially, we see the benefits outweigh the costs time and time again. When resources are tight, and the economy remains uncertain, employee retention is the key
to long-term success.

Empower Your Team With the Best Talent in Finance and Accounting

At BVOH, we utilize our extensive network to find the right financial consultant for your company, whether you’re seeking someone with deep technical expertise or industry-specific knowledge.

We’d love to learn more about your company’s needs. Connect with us today.

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