Should i hire an outreach specialist?

Since last two months, our rankings have been in a steady decline. Traffic decreased by 40% and avg. rank decreased by more than 50%. We’ve spoken to an SEO expert recently and he suggested that although the on page and technical parts of the site are good, the back link quality is not good and not on par with competitors. He recommended we get an outreach specialist who can help us get featured on quality sites there by improving our link quality.

Do you think I should go with that suggestion or what do you recommend?