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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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Management Consulting Firms are in Great Demand

In the era of internet, where the access to data and information is effortless, the entrepreneurs have gradually changed the course of carrying out their businesses. Simultaneously the need for strategic advice is also growing be it a small or big enterprise. There are practical business problems which entrepreneurs face on a day to day basis which requires effective guidance at the right time which can be a win-win situation to them. There are various reasons for the growth of Management Consultancies and which has created a great demand and place in the industry;

Qualified Consultants: The changing technology needs in the early 2000’s gave a breakthrough to the management consulting industry.  This industry has been giving immense opportunities to many aspiring management graduates worldwide. The demand for consultants is on the rise because of the logical, creative and analytical approaches they use to advise their prospective clients.   The world’s leading consulting firms hire the graduates who become qualified consultants and advisors with specialized knowledge in various areas related to consulting.

Knowledge Management Systems: Bain and Co, Mckinsey, Deloitte Consulting, Boston Consulting Group are pioneers in the management consulting industry.  They have grown over a period of time and are now leaders ever since consulting industry is in existence.  What makes them stand out from others?  The application of management know hows have reformed over a period of time with the advent of internet.  Since management consulting firms are knowledge based services companies and predominantly rely on accurate data and information to provide strategic advices, the need for Knowledge Management application becomes important.  Very few established companies have knowledge management systems which helps in deriving appropriate business advice and solutions.

Customized Services: Perhaps the fact that there are various sectors and industries with varying business requirements which consulting industry serves right from marketing, human resource, accounting to legal services etc. Every consulting firm tries to help their clients with strategic guidance with the use of latest technologies like analytics and big data, machine learning for their varying needs.  Even though consultants face challenges, the basic idea is to help them with an in-depth understanding of the target market and the market scenario.

Value based services: Creating value to its customers is the aim of every consulting company.  This will in turn help them earn prospective clients in the long run.  Also retaining clients is very important these days as there are number of new entrants are on the surge who are driving customers’ attention with unique services.

Changing Trends: Gone are the days when the traditional approaches were a need more than choice. The technology revolution has given rise to easier methodologies like E-consulting and freelancer consulting which is emerging and hence the growth prospects of this industry are plenty.

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