Auditors come in all shapes and sizes, for just about every facet of your business. Some will call themselves auditors, others consultants, and still others, simply, experts. But whatever their title or expertise, they are all ultimately trying to do one thing – make your business better by giving you an objective, third party review of your business and its potential shortfalls.
Many small business owners are weary of consultants – and perhaps rightly so. They either have worked with one in the past who did not provide any value, or they have heard one of the many horror stories of a consultant collecting a fee and never fulfilling their commitment. For those companies, however, who do take the time to find a good, well-referenced auditor or consultant, the impact can be dramatic.
The most common types of auditors would be in the financial accounting, efficiency, and legal spaces. Financial accounting auditors will look for opportunities to improve profitability by cutting costs, making the business more efficient, or uncovering errors in accounting. Efficiency experts focus on optimizing staffing, increasing sales productivity, or finding other ways to improve how a business is run. Legal auditors will review HR policies, OSHA policies, or some other legal aspect of a business to be sure there are no opportunities for lawsuits or government fines.
These auditors are generally experts in their field and will be able to bring insights that you and your team had never considered. They are also removed from your company and, as such, will bring a non-biased perspective to the table, which may be needed. If a specific part of a business is simply not working, it may be time to cut it, however, that can sometimes be hard for business owners to see, themselves.
Third party auditors can save a failing business, help a new business run effectively, and help bring any business to the next level. Just be sure to do your homework to find one that is well referenced, well respected, and can give you a concise idea of what they will do for you. Otherwise, you might be throwing your money away.