First, determine your needs and do some research.

• Know your business.
• Know your current operations and your financial picture.
• Determine the specific need(s) you want an advisor to address and if you need “hands-on” or “hands-off” assistance.
• Get referrals from business associates.
• Ask questions about skills, performance, and results.
• Research.
• Get more information about potential advisors from their websites.

Interview the candidates.

• Set up appointments to learn more about advisors and their services.
• Look at the advisor’s credentials.
  • Ask about their training, employment, and consulting work.
  • Has the advisor successfully handled issues that relate to your objectives?
  • Ask for, and call, references.
  • A few specific questions may help you find the best match.
• Consider chemistry.
  • Your relationship with your advisor must be one of trust, and you should be able to work closely and comfortably together.
• Presentation.
  • Is the advisor well prepared and confident?
  • Does the advisor look and act professional?
• Discuss your needs and expectations.
  • A capable advisor should be able to understand and “frame” your issues, but should not be expected to have a solution before digging into the data.
  • If you need help in various areas, does the advisor have access to any specialists you may need?

Review proposals and fees carefully.

• Proposals should outline achievement of clear business outcomes, not simply tasks.
  • Training is a task.
  • Improving sales results is an outcome.
  • Does the time-frame for the project appear to be well thought out and achievable, or is it unrealistic?
  • How does the advisor charge?
  • Fixed-fee rates are optimal, but be sure to evaluate services covered under that rate.
  • Hourly rates might result in a “running meter” attitude or result in a “never-ending” project.
  • If the fee is not fixed, you should consider a cap on hours.