It really is something only you can decide. I say go with a full time person.

This is really an interesting question. I have worked for various SAAS startups and have witnessed two approaches. 

1. Approach 1:

Promote internal resource to next level. It establishes a good will among employees that they have the growth and future inside the organization.

2. Approach 2:

Another approach is to hire a external BA. Its advantage is a new person with his own framework of experience brings new practices and adds value in the organization whereas its disadvantage is that it demotivates current employees. 

My Opinion:
In mid level or small organizations where there are people who have lesser companies experience should not be promoted infact new BAs should be hired, 

Thank you for initiating this important discussion on whether our company should employ a full-time BA or hire an external one. Here are some points to consider for both options:

Employing a Full-Time BA

Advantages:

1. Cost Efficiency: Over the long term, a full-time BA can be more cost-effective than repeatedly hiring external consultants.
2. In-Depth Knowledge: An internal BA will develop a deep understanding of our company’s processes, culture, and systems, leading to more tailored and efficient functional specifications.
3. Availability: Having a dedicated BA on staff ensures that there is always someone available to address immediate issues and ongoing project needs.

Disadvantages:

1. Potential Skill Gaps: An internal BA might not always possess the latest industry knowledge or innovative design skills if they don’t continuously engage in professional development.
2. Limited Perspective: Without exposure to various industries and projects, an internal BA might lack the diverse experiences that an external consultant brings.

Hiring an External BA

Advantages:

1. Expertise: External BAs often have a wide range of experiences across different companies and industries, bringing fresh ideas and best practices.
2. Objectivity: An external BA can provide an unbiased perspective, which might be crucial for identifying issues and proposing innovative solutions.
3. Flexibility: You can hire an external BA on a project-by-project basis, which provides flexibility and can be advantageous for short-term projects or specific needs.

Disadvantages:

1. Cost: External BAs can be more expensive in the short term, especially for prolonged engagements.
2. Learning Curve: An external BA may require time to understand our company’s unique processes and systems, potentially delaying project timelines.
3. Availability: External BAs may not be available for immediate needs or ongoing support once their contract ends.

Additional Considerations

• Hybrid Approach: We might also consider a hybrid approach, where we have an internal BA for ongoing projects and daily operations, and hire external BAs for specialized projects or when a fresh perspective is needed.
• Professional Development: If we opt for an internal BA, investing in continuous training and professional development can help bridge any skill gaps and keep them up-to-date with industry trends.

In conclusion, the decision should be based on our specific needs, budget, and long-term strategy. A thorough analysis of the current workload, future projects, and the potential return on investment for each option will guide us to the best decision.

Looking forward to hearing everyone’s views and reaching a consensus that benefits our company.