One In Four Small Businesses Plan To Hire a Financial Consultant in 2021, According to New Survey Data
With the lasting financial impacts of COVID-19, some small businesses will seek insight from financial experts to improve their bottom line. A new survey from Clutch, leading B2B ratings and reviews platform, found 24% of small businesses in the U.S. plan to hire a financial consultant or advisor in 2021.
Financial consultants and advisors provide outside guidance for small businesses making financial decisions regarding accounting, payroll, investment strategy, and more.
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The survey of 500 small businesses also found that while 44% of small businesses have hired a consultant in the past, only 29% plan to hire one in 2021. This decline comes amidst the ongoing COVID-19 pandemic, which forced small business closures and layoffs around the world.
Small businesses should include consulting services in their 2021 budgets to secure valuable external perspective and expertise across a range of business functions.
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IT Consultants Are the Top Choice for Small Businesses in 2021
The shift to remote work environments means small businesses need secure networks and digital-first operations.Almost one-third of small businesses (29%) plan to hire an IT consultant to meet the demands of a digital environment.IT consultants can help small businesses by providing cybersecurity solutions, implementing new technologies, or helping migrate to new digital technologies or platforms.
Dan Bailey, president of WikiLawn, hired an IT consultant after a security breach left his business vulnerable.
“The consultants were able to address our backdoor security issues, recover data lost in the breach, and give us resources to help make sure we don’t make the same mistakes twice,” Bailey said. “For that, I’d say they were invaluable”
WikiLawn is among the 39% of small businesses that have previously hired an IT consultant.
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