Vetting help when a funder demands a study before releasing money

When a lender, investor or development agency says "no money until you've done a study," you're in a bind. You need the study to unlock funding, but you also need to know the consultant won't waste weeks producing a document that satisfies the funder's checklist without actually telling you whether your venture will work. The real question is: how do you vet a consultant when the person paying their invoice is someone else?

Confirm the funder's actual requirements first

Before you spend energy vetting consultants, get the funder's requirements in writing. Some funders have a specific template or methodology they'll accept—others are vague about what "a study" means. Ask whether they require a particular professional accreditation, a minimum qualification level, or prior experience with similar projects in your sector or geography. Ask whether they'll pre-approve certain consultants or reject work from others. Some development agencies have a list of accredited service providers; some banks require studies to be done by engineers or chartered surveyors in specific disciplines. If the funder has no preference, you have more freedom to choose on quality alone. If they do, that constraint narrows your search.

Once you know what the funder demands, you can filter consultants accordingly. This also prevents you from commissioning a study that meets your expectations but gets rejected because it doesn't match the funder's format or depth.

Check credentials and prior work in your sector

Ask for the consultant's professional registration number and verify it exists. If they're an engineer, check the Engineering Council of South Africa; if a quantity surveyor, the QSRA; if an environmental specialist, ask which professional body they belong to and confirm their standing. A consultant should be able to give you this in seconds. If they hesitate or deflect, that's a warning.

Next, ask for three to five studies they've completed in your industry or for a similar funder type in the past two years. A feasibility study for a retail expansion should be led by someone who has done retail. A study for a renewable energy project needs someone with energy sector depth, not just general business knowledge. When you request samples, check that the studies name the client (or confirm confidentiality where needed), date the work, and show a clear go/no-go recommendation backed by specific findings—not waffle.

Call the references yourself. Ask them: Did the consultant challenge assumptions or just validate what you hoped? Were the numbers realistic, and have the outcomes matched the study's prediction? Did the funder accept the study without pushback? How long did it take, and was scope creep a problem? A consultant who's done solid work will have references willing to vouch for both rigour and the speed at which they delivered.

Verify their approach to independence

Here's the tension: the funder is paying, but the study must be honest. Ask the consultant how they handle conflicts of interest. For example, if the study recommends "do not proceed," will they still deliver that finding plainly, even though the funder may then withhold money? Ask whether they have a policy on what happens if the client (you) or the funder (the bank or agency) asks them to soften a negative conclusion. A reputable consultant will say they won't do it. If they're vague, or if they've worked repeatedly for the same funder and produce studies that always recommend "proceed," treat that as a red flag.

Also ask about their scope: who sets it? Ideally, you and the consultant agree on the key questions upfront in writing, and the funder signs off on the scope. That way, no one can later claim the study should have covered something it wasn't asked to address.

Getting clarity on timeline and output

Before you brief them, agree in writing on the turnaround time, the number of revisions included, and exactly what the deliverable looks like. Will it be a written report, a presentation, a one-page summary plus appendices? If the funder has a template, make sure the consultant agrees to use it. Ambiguity here leads to delays and rework.

Once you're confident about credentials, references and independence, you can commission the study with more confidence. On Strove, you can search for business and strategy consultants with verified reviews and direct access to their track record and client feedback—a shortcut to finding someone whose work has already been tested and rated.