Why do companies need strategic management consultants?
This is high level stuff, ladies and gents. Management consultants are the guys that companies ship in when things aren’t going well. With their magic wand in tow, these are the experts who can advise companies on how to do just about everything better than they are already doing.
The world-wide market for consulting is estimated at over 300 billion dollars a year, with the UK making up an estimated £9 billion of that each year. There are over 50,000 people employed within this industry, which contributes over £1 billion every year to British exports.
The sharing of knowledge and expertise has been a huge contributing factor to the UK’s economic prominence throughout the world. Management consulting is very much a big part of this, with the services of expert management consultants utilised by organisations across the globe.
What exactly is the process of a strategic management consultation?
Commonly, strategic management consultants will start a project by being given a brief by a company. This will explain a precise business-related issue with which they need assistance.
The management consultant will often work on site with the client, and use their knowledge and expertise to better understand the specific issue. When they have conducted their analysis and made their conclusions, they will put forward their suggestions for business change, and they will often they help them through the implementation of the proposed initiatives too. The overall goal of this process is to enhance the company’s business performance and productivity.
Companies and organisations dictate everything they do by an overall business strategy. This strategy involves crucial processes that have often been defined and implemented following a huge amount of research, debate and deliberation. If one of these processes is flawed, ineffective and inefficient, or has become out-dated, this can have seriously negative implications on the future of a business.
What responsibilities does a strategic management consultant have?
Consequently, strategic management consultants are needed to provide expert guidance to make sure that organisations keep functioning at an optimal level. In short, there are huge responsibilities involved in these management consulting careers.
Strategic management consultants may assist with the strategy of a specific project; they may revive a department’s business processes; or they may scrutinise and improve the operations of a company as a whole.
How do I get a job in strategic management consulting?
Usually the companies that specialise in providing strategic management consultancy are smaller than most; it’s very much a niche area.
The kind of projects you will work on completely depends on your individual expertise. Although there are opportunities for graduates, the majority of management consultants will have worked in a particular industry for years and years, and will be regarded as an industry expert. Consequently, a lot of people that get into strategic management consulting will have jumped ship from another industry at some point.
Be under no illusion, though; this industry is highly competitive. Management consulting companies are looking for the brightest people and will accept nothing but the best. With fantastic salaries on offer, a varied workload and the opportunity to work anywhere in the world, this can be an enviable career path to pursue.
What does a strategic management consultant do?
Well, the majority of your time will be spent researching and analysing business processes. As well as the analysis of data and existing business case documents, this might involve holding interviews with employees, focus groups or workshops.
Following the initial analysis stage, hypotheses are formed, recommendations made, and then the proposed business changes are then often implemented with the assistance of consultants.
The traditional view of management consultants rocking up, delivering their white paper and walking out the door is very much part of history now. Most will now stay on throughout the whole implementation process and project lifecycle, which can provide consultants with a very interesting and varied workload.
Sounds good? If you’ve got the ability to ride into a business on a white stead and come to their rescue, you might want to look further into jobs in strategic management consulting! They’re looking for heroes…