That will really depend on what you want to do. If you have you expectations in line with reality you can clean house with some basic DIY stuff.
But if you're trying to rank under a keyword like "the", you're going to be in a world of hurt.
Rule of thumb here is to stick to companies who will talk to you about all that.
Social Media is huge. Never forget that.
In fact, I just FTPed a page yesterday, did my SEO/SMO thing and I'm already #14 in Google.
Now, that's not the 1st page mind you, but when you do it the old school way you're locked in for months and months and months of waiting. I like faster results.
In another week I'll be in the top 5.
Here's what you need to know to ask intelligent questions:
#1: What have YOU (the SEO person) to prove you're the stuff?
#2: Can you explain to me in language I understand what all this stuff is about?
#3: Can you give me advice on what we should to kick start the party?
Here's what I mean by #3: if you have not run an adwords campaign yet you do not know what words are going to turn into $$$.
If you pick the wrong person/company they'll have you up in lights for your company name, which is exactly the thing you don't want. BUT it'll look cool.
Here, this is a video I put up the other day that'll help.
Would love to chat with you:
http://www.theguruassassin.com/small_business_web_site_design.htm