Business Consulting Services: How Do They Help Entrepreneurs

Minimizing the business risk is the mantra of Business consulting services firms and that is how they work.  Over the years the growth of business consulting services has changed from mere physical office to virtual offices and the techniques have been changing with the adoption of latest technologies. Earlier business consulting was meant only advising the other businesses in need.  But today it is much more than mere advising, there is shift from only advising to helping the entrepreneurs implement them. Nowadays it’s a cake walk for entrepreneurs to make decisions regarding the development of existing product, planning the marketing campaign or introduction of a new product in the product line etc with the help of business consultants. For instance, if a product based company is planning to expand its business internationally, the consultants will study the geography, competitors, political and economic factors of that region and provide valuable suggestions that will help the entrepreneur to take right decisions.

Business consulting Services sector is a huge market today – it has extended its wings to strategy consulting, Financial consulting, IT consulting, Human Resources Consulting. The services provided by the business consulting firms vary from industry to industry.  We have Big Five firms – Accenture, Deloitte Consulting, Ernst&Young, KPMG, and Price Waterhouse Coopers who have set the highest standards through the expertise and skills in their respective areas. Financial services consulting is more about advising about taxation and accounting related services. Similarly, Human Resources consulting firm like the Aon Hewitt or the Hay Group help by studying the talent mobility, Compensation and Benefits, Talent Management, HR outsourcing etc.

The consultant do the most challenging job which requires expertise and intelligence in forecasting the trends to have a competitive edge over the peers. The knowledge and expertise of the consultants is vast as they are exposed to a lot of facts and figures which lets them analyze and forecast market trends which is crucial for a company’s existence. The technology plays a major role – Use of sophisticated technology like the machine learning and predictive analytics in business consulting services helps in deriving the accurate outputs and easy decision making.

The contribution of services sector in 2015-16 is around 66.1%, which implies that the major contribution towards our country’s GDP is from service industry like the Business Consulting services which has been transformational since the time it evolved and the contribution of technology and globalization towards it is very significant.  Internet contributes the most in this field. E-Business Consulting is also making its way and taking over the traditional consulting practices.  Also freelancer consultants are in great demand who not only advice the small entrepreneurs in making effective decisions but in a cost effective way. The future of Business Consulting Services ecosystem is both a boon and a bane – automation is going to disrupt the business ecosystem as it will replace the valuable assets of the organisation i.e; employees or the consultants in the future.

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