Our work is transformative. Company leaders engage us to help them solve their most critical challenges and make their most important decisions.

Management consultants can add immense value. A formal study sponsored by the World Bank and using a control group of factories as well as a treatment group, quantified the results. The first year economic benefits significantly exceeded the cost of consulting.

But practically speaking, consultants are engaged for their expertise. If a company is struggling with cash flow and profitability, there are consultants who can alleviate the issue. Companies need to recognize there is a problem and accept they need outside help. Often times, executives feel they can manage on their own, but the reality is can they do it better than experts who only focus in that area? Additionally, there is a significant opportunity cost to taking on lower priority tasks, especially if it is not a core competency.

The other consideration is time. Even if management could execute certain tasks on their own, what are they giving up to do so? Also, there may be the fear of consultants taking their attention, but good consultants do not need any babysitting.

Finding the right management consultant can be one of the most important decisions you make to maximize your company’s potential.