What Is Management Consultancy?

Businesses are limited in terms of their capacity to do things. No matter what type business you have or its size there is often a need to seek external help outside the organization to solve business problems. For example, If as a business owner you do not have a background in accountancy or in-house accounts personnel then you would need to source such skills outside your organization and hire a chartered accountant. Similarly if your organization does not have an internal marketing department then chances are you will seek the services of an advertising agency.

This is where management consultants come in. Management consultancy is the outsourcing of managerial functions to skillful professionals outside your organizations. Consultants are for various managerial functions. If you do not have an IT department or IT manager in your company, then IT consultants provide you the same service and charge you for their time. Marketing consultants provide expert know-how to promote your goods and services, and implement marketing campaigns at your behest. Strategy consultants would be hired in case the organisation wishes to develop a long term growth plan. HR professionals can assist with hiring of staff and other personnel related issues.

Thus for all business functions, outside help is available in the form of management consultants, who are professionals brought into the organisation to solve specific business problems for a limited duration. They are professionals who have the necessary skills that may be in demand in your organisation, but not available within your own staff.

Why would your business need management consultancy?

There are numerous reasons for this.

1. You might not have skills and resources available within the organization to solve business problems and it is therefore more cost effective to seek external help than develop in house expertise.

2. You might want a fresh perspective on issues facing the organizations and its market with external professionals then it is wise that specialists from the outside are brought in, and their fresh perspective thus becomes valuable.

3. If you are involved in activities that have a statutory requirement to use external professionals then it becomes mandatory to seek partnerships with appropriate management consultants.

4. You may want to tap in to skills and knowledge outside the remit of your own staff.

5. You may want to sharpen up your skills in special areas so that there is a transfer of knowledge and value addition to your business.

6. you might be wanting to get the job done within specific time scales and budget constraints which are not readily available due to your own work load.

Types of Consultants

Management consultants may be specialists in specific areas or they may generalists. Their role can be advisory or operational. They can give expert advice on a business problem that your organization is facing which you will then consider and take onboard and implement using your own staff and resources. On the other hand their role in an operational capacity implies that along with the advice they also practically help your business to make the change.

In essence management consulting is all about facilitating and implementing organizational change for its growth and longevity.

Management consultants are hired for the professionalism they offer to your business, the independent view points they bring to your organization and the resources available at their disposal that you may want to tap into so that there is no constrain on your own business. You will also be saving money by hiring consultants as it is cost effective to use personnel for the time period of projects, instead of hiring a full time employee on organisation’s payroll, who is paid irrespective of the project duration or outcome. For a more focused and result oriented work, management consultants are an ideal choice.

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