Management Consulting | How-to Guides for running your business from Business.com

Is your company outperforming your competition or racing against the wind? Whatever the current status of your business operations, more than likely, an effective management consultant can help you take it to the next level.

Management consulting is a broad term that refers to the practice of helping companies analyze existing problems and strategically improve future performance. It often overlaps with more narrowly defined business management and consulting services that cover such areas as risk management, IT, and human resources. Specialized management consultants will often incorporate a variety of resources including analytical techniques, change management, coaching skills and technology implementations to get the job done.

In this guide to management consulting, you’ll learn:

How to identify your needs for business management consulting.
Where to find the most qualified management consultants to match your needs.
Considerations for automation tools implemented by many business management consultants.
New trends for setting up internal management consulting practices

Action Steps
The best contacts and resources to help you get it done

Pinpoint your primary needs for management consulting

From asset management and financial strategies to customer retention and performance management, business management consultants cover a wide range of areas and expertise. Take time to narrow your business objectives before hiring a management consultant.

I recommend: Deloitte offers a list of many issues where management consulting can provide benefits. Businesses can also review the many specialized business management and consulting services offered by large firms such as Bearing Point and Accenture. Quali-Tech offers a business health quiz as well as a comprehensive list of typical services offered by management consultants.

Find a qualified, credentialed professional for business management consulting

Larger companies that come under more regulatory scrutiny will likely need the diversified offerings of larger firms. Emerging businesses can typically get by with smaller management consulting firms. They may offer just a few areas of specialization but will likely be more cost effective and flexible with contract terms.

I recommend: Large management consulting firms such as Bearing Point, Accenture, Deloitte and Capgemini have longstanding histories as reputable companies. eWork Markets offers a directory of management consultants by specialization as does Business.com’s change management, business performance management, business process management and human resources management consulting directories. Before hiring, check for professional credentials, such as the industry certifications offered through the Institute of Management Consultants USA (IMC USA).

Automation of performance management can complement management consulting

Performance management software continues to evolve and is a solid strategy for any growing company. Management consulting strategies often incorporate the use of these solutions to trace important components of business operations such as sales, accounting, production, employees and finance.

I recommend: Many management consultants work with leading vendors of performance management solutions, such as Hyperion, Cognos, Oracle and Business Objects.

Consider new trends for internal management consulting programs

Hiring third-party management consulting firms can get expensive. It also means that private business information is opened up to people outside the company. Some companies are addressing these issues by implementing their own internal business management consulting groups.

I recommend: Some management consulting firms like Kendall Consulting Group help companies establish internal consulting practices. Resources are also available through the Association of Internal Management Consultants (AIMC).

Tips & Tactics
Helpful advice for making the most of this Guide

Set benchmarks and measures to evaluate the progress of a management consultant
Have at least three management consultants submit proposals, and meet potential candidates in person before finalizing a contract.
Clearly define objectives for business management and consulting by laying out specific goals, expectations and timetables for achievement.

The official source of Management Consulting is the Management Consulting page at Business.com

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