How to Tell It's Time to Hire an Economic Consultant

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How to Tell It's Time to Hire an Economic Consultant
(Photo : How to Tell It's Time to Hire an Economic Consultant)

Economic consultants can provide important assistance to many different types of companies, offering support in a wide range of areas, from antitrust and securities to telecommunications, practices of financial institutions, labor, energy, intellectual property, and more. While many tech companies have been taking advantage of these services, as the Harvard Business Review notes, from Amazon and Google to Facebook, Microsoft, and Airbnb, many smaller organizations can benefit from the expertise of economic consulting firms.

You're Starting a Small Business

Hiring an economic consultant can be a big benefit when starting a new business. After all, most new businesses fail, with nearly half shutting down in the first five years. Valuable advice from an economic consultant can help you beat the odds. These experts can provide various strategies for success by analyzing data, and once your business gets going, help it to weather storms in challenging economic climates.

Dealing with Complex Economic Situations

Hiring an economic consultant can bring critical insight into financial and economic situations through research and analysis. These experts can perform extensive research and collect data to pinpoint the most relevant details in a case when a company is facing litigation. They can review documents associated with court testimony such as evidence, depositions. and transcripts. 

Economic consultants use high-tech mathematical models that provide important predictions on economic impact and turn core testimony and research into more usable information. An economic consultant's analysis is only as good as the methodology and data used to create it, making auditing a critical part of their work. Economic consultants may spend up to 50 percent of their time analyzing other consultant's work, ensuring models are sound, and there are no mathematical errors or flaws in thinking. Most CEOs don't have the time or expertise for this, yet it can be essential for success.

You're Struggling to Navigate a New Market Place

Organizations should turn to economic consultants when they are struggling to navigate a new marketplace. Sometimes there are no case studies, research, or rules that can be applied to successfully manage a new or unique marketplace, but these experts can find the necessary information.

Designing Public Policy

As a company expands, they often need an economic consultant's assistance to work on public policy issues like data security, intellectual property, and privacy. 

Creating Reputation Systems

If your company is in need of a reputation system, for example, a platform like TripAdvisor, an economic consultant can help design this type of system by focusing on systemic biases that often occur in reviews. They know how to make the right choices to help mitigate those biases.

You Need Expert Testimony

Companies can face lawsuits such as wage and hour claims that typically assert an employee has been either uncompensated or insufficiently compensated. It can be because some work was performed when they weren't "on the clock" or wasn't documented in time records. These allegations often include overtime that went unpaid or unpaid break and meal times under particular state laws. They may also involve commissions or bonuses the employee believes weren't calculated properly. An economic consultant can bring the experience, expertise, and analytical capabilities to provide analysis and important testimony. 

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