Guide to Management Consulting

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).