What is Management Consulting and why do I need it?April 17, 2017
What is Management Consulting and why do I need it?
As a business owner, have you ever felt the need to reach out to professionals because you may just not know the answer? Or have you felt that you want to hire someone to help bounce ideas off of or help with the “business side of things”? Management Consulting is something that businesses of all sizes could benefit from, however businesses owners are typically confused or unsure of what management consulting is. Well you’re not the only one!
I have been asked this question quite often when it comes to these services. Consulting or Advisory are terms that is thrown around but not everyone really understands what they actually consist of. In general, consulting or advisory are functions in which business owners require specialized or expert advice to solving arising or on-going problems or issues within their business. Whether the problem is wanting to grow your business or figuring out who will take over your company, management consultants can help businesses find the right solutions for your business.
Management consultants focus on bringing together multiple specialities like Strategy, Finance, Human Resources, Project Management and much more to the table. Through these, specialized information and analytical tools are then used to develop a “complete picture” solution in achieving your overall business goals. The process consists of a consultant going through your business with a “fine-tooth comb”, and strategically evaluate the business as a whole (both internally and externally) to develop the information you need to pick a direction and what will benefit your business the most.
Being able to hire a management consultant is something in which every business should consider at one point they are considering any changes to their business. By having an unbiased outlook on your business and operations, could reflect some changes that can be made in order to make your business flourish and achieve your overall goals. If you’re able to bring in a consultant within your business, will allow you to solve various problems that maybe you or your staff might not. Having that clear objective in solving problems and achieving the overall objective will help speed up your progress and achieve great things.
How does the process work?
Every clients situation is different, however the basic framework is typically the same:
1) Introduction & Setup
- Understand the general business situation
- Identify the root cause or problem the client is trying to resolve
- Discuss various options the client has already considered
- Evaluate the complete scope of the business and activities
- Compare client to how competitors perform
- Analyze other factors may affect the client (internal and external)
3) Strategy & Recommendation
- Declare a recommended solution based on the analysis
- Develop a strategy to achieve the overall objective
- Provide additional resources to support the recommendation
4) Implementation & follow-up
- Assist with the development of all new processes & procedures
- Regular “health” checkups to see if the strategy is being followed
- Provide additional support in any “road blocks” that may be occurring
Utilizing management consulting services can be very beneficial and bringing in a professional solely dedicated to solving your business issues may result in a much greater return than you could of ever imagined.