How to Hire Top-Level Expertise on a Limited Budget
One of the biggest challenges faced by small to mid-sized businesses is attracting top-level expertise on a limited budget. Essential roles, such as chief financial officers and marketing teams can be difficult to manage when a full-time position is not always viable or realistic.
When small businesses factor in the cost of recruiting, onboarding, benefits, and training new hires, they may feel inclined to explore alternative strategies. A few common alternatives for business growth involve using (a) consulting, (b) outsourcing, and/or (c) fractional hiring services.
For those new to the concepts, the differences between consulting, outsourcing, and fractional hiring might seem negligible, as each of these services involves bringing in third-party support to assist with operations. Yet, each of these strategies possesses its own set of advantages and drawbacks. For those who are unsure as to which avenue may be right for their organization at this present moment, we have outlined the key differences between these three services.
1. Consulting Services
In business, “consulting” can refer to a wide range of practices. Most commonly, businesses hire consultants to provide expertise on a given subject, diagnose the challenges faced by a business, and make recommendations on tangible strategies to help the business reach its desired goals on an as-needed basis. Consultants are typically experts in a specific field who possess years of experience and a proven track record of success in their market.
For businesses that are struggling to reach their metrics within any department on their organizational ladder, specialized independent consultants and consulting firms may be a workable solution. Consulting services can assist with managing, accounting, marketing, and human resource needs, along with many other departments within organizations across a wide range of industries.
Due to the crowded marketplace, finding the right consultant service for your businesses often requires diligent research and an extensive screening process. As with any other service, the highest quality consultants and firms typically include high asking prices. Consultants are also incentivized to maintain a continuous relationship with their clients, and long-term servicing can eat into a business’s budget if certain goals are not achieved within an expected timeframe.
2. Outsourced Services
Outsourcing has become an increasingly common option for many businesses—especially as many growing businesses have transitioned to remote operations in recent years. Outsourcing involves hiring a third party to bolster or serve in place of the employees within a specific department of an organization. Outsourced professionals can be utilized for various departments but most are used for services beyond the organization’s core expertise such as marketing, accounting, bookkeeping, and IT.
Remote outsourced services give businesses access to experts across the country or even the world. They are not limited to the experts within driving distance. However, when businesses decide to work with outsourcing services, they give up a level of control. And the decision to outsource the duties and responsibilities of a specific department may also inadvertently send a message to other members of your organization that their own positions are replaceable, and therefore may negatively impact company morale.
3. Fractional Services
Unlike consulting and outsourcing services, fractional services involve the hiring of a qualified, internal part-time employee to work directly with businesses temporarily. Fractional services allow businesses to invest in talent and expertise while saving on costs associated with training and onboarding.
By working closely with an established team—particularly in a leadership position—fractional hires can develop a greater understanding of a business's core values and objectives, and create lasting strategies informed by first-hand experience and analysis. Fractional hires develop an intimate understanding of the unique struggles and growth opportunities of an organization.
Traditional consultants and outsourcing services typically view businesses from a certain distance. Alternatively, fractional hires are granted a level of access and control that can only be achieved by working alongside a team of employees and actively directing the future of an organization.
At Sebastian Lane Consulting, we offer fractional services to provide businesses with high-level sales tools and strategies at ¼ the cost of an in-house manager. We work with businesses on a month-to-month basis, as little or as much as needed to reach your goals.
If you have questions on how to improve your sales and operations, call Sebastian Lane Consulting at 443-534-6783 or email us at jesse@sebastianlaneconsulting.com to schedule your free consultation.