If the business is going on loss, then will you accept your failure and appoint a consultant to improve it or switch over to some other business?

Depends on cost of 'consulting' & cost of switch.

In most cases, hiring a successful consultant cost much less than switching to another business. But if you have no faith in your business, then switch.

Investing capabilities determine whether to continue with the Original by appointing a consultancy or to opt for a change in the line of business.

Consultancy is like undergoing a full treatment to regain the lost health by various measures, Consultancy experts suggest remedies to be strictly followed to come out of the difficult situation, the afterward actions are also equally important with change of the mindset.

Under weak financial situations it would be helpful to appoint a consultancy which may suggest business combinations  and financial restructuring with new hope of revival.

 I WILL PREFER TO APPOINT A CONSULTANT FIRST.