Don't misunderstand what we're advocating. There are many times when retaining an elite or Big Four management consulting firm is appropriate. Our view is that too many organizations become overly dependent on these firms, to the detriment of their internal teams and employees.

We've sat on both sides of the table — as Big Four management consultants and as clients. Too often, organizations let management consultants manage them rather than the other way around.

There are many factors to consider when deciding whether to retain a management consultant. One factor is whether the inflow of know-how will exceed its outflow. Another is whether the decision the consultant is being hired to resolve is reversible or irreversible. A third factor is bias. If your internal team is biased toward one solution or has lost its way on a project, a consultant may offer an independent, objective perspective. The operative word here is "may," as consultants often bring their own biases.

Often, senior leaders use the "speed to market" metaphor to justify retaining consultants. Remember, speed and agility are required on both ends — initial capability delivery and sustaining, extending, and fully using the capability. Sometimes, to go fast, you have to begin slow. As with most things, striking the right balance is crucial.