The business bond between an executive and compliance consultant depends on trust, not just results, to coexist.
From small business owners to mainstream corporate executives, operating a successful company takes thought, energy, strategy, leadership, ethics, organization, assertiveness, and a talented, dedicated team of personnel.
However, if there is one thing that a company executive will always endure, it’s that complications and problems enviably happen.
Now, as many executives encourage: “Why depend on a compliance consultant, an outside source and so-called ‘expert’ of vague services, to assure the formalities of my business are handled the way they should be?”
Well, it’s because you can’t always do so.
Between assessing status reports, listening to countless presentations, tracking reports and a catalog of other meticulous, trivial endeavors that eat away the day—an executive has little time to be, well, an executive.
And yet, the very idea to accept a third party consultant is deemed unrealistic to many corporate executives.
Thanks stories of about companies with compliance consultants who failed to meet executive standards, and jeopardized the company’s very existence—presenting it as a negative stigma, which fluidly navigates the business landscape.
However, like it or not, you may need the expertise of a third-party associate, where firms like this SEC compliance consultants agency offer comprehensive services, which intricately customizes their skills to your requirements, so that they’re handled the way you envisioned them to be.
Ultimately, finding the right compliance consultant agency you can trust allows you to be the best executive you can be. Forget its cheesy undertone—but being the best requires you to be at your best, and a compliance consultant can help you achieve that.
Here is what every corporate executive should consider before investing in a compliance consultant agency:
Determining which needs need Consulting
Once you’ve discovered that a compliance consultant agency was needed for your business, you’re ready to begin the screening process. And just as you would with your in-house employees during of the process of employment, survey their experience and make sure they have the services and necessary tools that apply to your needs.
For example, think of what you do first like before you buy a multivitamin—you look at each ingredient and determine its connotation to your health. With so many different options of supplementary products to choose from, you want to make sure the one you purchase will give you the most for your money and health.
Well, a compliance consultant is essentially a multivitamin with a suit and briefcase. So, invest time into reading their individual services and why each “ingredient” would help make your business “healthier.”
Narrowing Down Your Investment
Hiring a consultant agency is an investment in which can result to a significant impact in either two ways: good or bad. So, here are five strategies designed to narrow down whom to hire:
- Do some consulting of your own—ask outside colleagues in your industry for their recommendations of individuals or companies that have improved their business.
- Review the websites of key industry search engines, which apply to consulting agencies, such as the Regulatory Affair Professional Society. Think of key words that connect with the type of service you’re looking for, like mock SEC examination, developing business continuity or annual compliance review.
- Review the websites of the companies previously state that they have worked with in the past. Look at the consultant’s published work and specific projects which they helped to improve. If necessary, contact the references they provide, making sure that their “stated” projects are the ones actual stated.
Trusting Your Gut
Compliance is an essential part of what makes a business flourish. Non-compliance (like audits, industry penalties, losing investors, etc.) is much costlier than if you would have invested in it before something happened. Protect your business, construct cohesiveness and establish compliance. Once implemented, your business succeeds both internally and publicly.
As you get to better know your impending consultant, socialize with them in a more a casual manner; survey their intangibles and make sure that they seem like people you would want working in your company. For example:
- Pay attention to their posture. Are they confident? Nervous? Assertive in their communication and how they articulate?
- Do they act professional during nonprofessional situations, such as during lunch or at the golf course?
- Are they prompt, organized and methodical when they get back to you with emails or voicemails?