What is management consultancy?

- Management consultants help businesses improve their performance and grow by solving problems and finding
new and better ways of doing things. It's not just in the private sector either many firms work with public sector
organisations to help develop their services and, where necessary, reduce costs and make savings.

- Management consultancy is considered to be amongst the most interesting, intellectually stimulating and
potentially financially rewarding work available in the professional services market, and as a consequence is highly
sought after by job seekers, many of whom come from an accounting background.

- Management consultants help organisations to solve issues, create value, maximise growth and improve business
performance. They use their business skills to provide objective advice and expertise and help an organisation to
develop any specialist skills that it may be lacking.

You will primarily be concerned with the strategy, structure, management and operations of a company. Your role is
to identify options for the organisation and suggest recommendations for change, as well as advising on additional
resources to implement solutions.

Differentiate management consultancy from management accounting?

- The main responsibility of consultants is to resolve the business dilemma of their clients. To execute this, they
analyze the scenario presented to them, along with the factors affecting it. This connotes going into the details of
the market situation, the companys financial status, competitors strategies and capability of human resources. The
recommendations of consultants guide top management in making decisions related to their operations.
Management consultants have diverse and dynamic role for they can settle any problem of a company, and they are
sent to different sectors, too.

Accountants, on the other hand, focus on managing financial information. They maintain accounting records,
develop company budget, process payable and receivables, audit financial documents and compute business taxes.
Their records are considered crucial because they reveal the status of the company. They can tell whether the
company is financially thriving or is doomed to bankruptcy. Many companies have their own accounting
departments, but some just outsource accounting services to external providers.

What are the specific tasks of management consultant?

Responsibilities
As a management consultant, you'll need to:

carry out research and data collection to understand the organisation;

conduct analysis;
interview the client's employees, management team and other stakeholders;
run focus groups and facilitate workshops;
prepare business proposals and presentations;
identify issues and form hypotheses and solutions;
present findings and recommendations to clients;
implement recommendations/solutions and ensure the client receives the necessary assistance to carry it
all out;
manage projects and programmes;
lead and manage those within the team, including analysts;
liaise with the client to keep them informed of progress and to make relevant decisions.
 Duty Description
Problem Defines the problem through management consultations, team meetings, case framework analysis,
Identification and other applicable strategies.
Breaks the problem into small, manageable segments; identifies the factors that affect the problem;
Conceptual Thinking
decides how to approach the project.
Conducts objective research on current market trends, the clients competitors, product demands,
Research
best practices, and other related topics to support critical analysis.
Interviews or facilitates focused group discussion with stakeholders, managers, supervisors, and other
Interview
employees for additional data gathering.
Checks and analyzes information such as financial status, salary structure, expenditures, business
Document Review
flows, sales statistics, and other relevant data.
Synthesis Summarizes all gathered data and facts; deduces logical conclusions based on valid arguments.
Progress Report Attends regular meetings and reports project progress to management.
Recommendation Brainstorms, finalizes, and presents recommendations for solutions to the business dilemma.
Programs Develop strategic programs, communication plans, and other attainable change management
Formulation approaches to implement desired transformations in the organization.

Identify the good qualities of management consultant?

1. Team Players: Ideal consultants will fight in the trenches with their colleagues, are dependable, have a

strong willingness to learn, and are receptive to feedback. They are not afraid to challenge ideas, but do so

productively and with respect.

2. Professional: Great consultants are able to relate to the client whilst maintaining professionalism. Building

professional relationships is critical for project success, and when done effectively, consultants can quickly

become a clients trusted advisor.

3. Influencers: The ability to instill change is contingent on ones ability to influence. If a client feels like you

have not adequately listened or cannot confidently outline the way forward, they will not be receptive to

your solutions. Top consultants listen effectively, perform their due diligence, exude confidence, and

continuously deliver on their promises.

4. Analytical problem solvers: Analysis is at the core of what consultants do we need team members who

can analyze large amounts of data, ask the right questions, and deliver tangible results. Project managers

and clients seek consultants who can detect the root cause and provide pragmatic solutions.

5. Driven and productive: The best consultants are disciplined and work both hard and smart; they are able to

deliver measurable results in the shortest amount of time. Exceptional employees have a deep and
 personal desire to perform; they are constantly driving towards the next best thing rather than simply

trying to get the job done.

6. Take initiative: Great consultants execute beyond their job descriptions or outlined deliverables. They think

on their feet, seamlessly adapt to shifting priorities, and are constantly delivering results.

7. Infinitely curious: The best people are rarely satisfied, somewhat skeptical, and like to continually challenge

the status quo not because it is expectation but because this desire burns in their core.

8. Balance strategy and tactics: Consultants who can tie the big picture back to the here and now will ensure

that the solutions they provide are practical today yet relevant tomorrow.

9. Quick, organized thinkers: Consulting requires team members to digest large amounts of information,

make quick decisions, and disseminate clear communications to their team and the client.

10. Low neuroticism: Lets face it Management Consulting is often a high-stress profession, whether it is

driven from having a tough client or tight project timelines. The most successful consultants are resilient,

are able to manage their emotions, and ensure anxiety does not hinder performance.

1. They understand their customer's business

It's probably not a surprise to you that this is the first characteristic I've identified. Clearly, understanding your

customer's business and providing appropriate advice based on your understanding is the cornerstone of good

management consulting.

How can you tell if a management consultant knows your business? The best way to gauge how well a management

consultant knows your business is by the questions they ask during the sales process. While no one will know your

business immediately, the questions the consultant asks will show you if they're on the right track.

Beware of consultants who offer a diagnosis before performing an examination - they're not interested in knowing

your business, they're interested in selling you something. A good management consultant also realizes that they

will never know your business better than you do. If I present an option to a business owner that they don't think

will work for them, I'll make sure they understand the implications of the option and then move on. Beware the

consultant with a new hammer that views everything as a nail.

2. They present a range of options and let the customer choose what works best for them

Everyone likes options. A good management consultant will help solve problems by providing a series of options and

detailing the pros and cons of each. While your consultant may have a good insight into your business, they will

never have the 360 degree view of your company that you do. A good consultant will provide options that:

have varying costs of implementation

have varying degrees of risk and reward

take into account your overall business strategy and tactics

integrate with other functions of your company (e.g. - marketing options that take into account your

financial strategy)

A good management consultant will provide you with a range of options that you can quickly evaluate and choose

the best one for your situation.

3. They see the world in greyscale

As a purchaser of management consulting services, the mistake I see most frequently is the inability to see beyond

black and white. After all, the businesses that are most successful are those that see the infinite shades of grey in

the world and develop strategies to exploit them. I don't want a consultant to tell me that their recommendation

worked for another customer and that accordingly, it will work for me. SMB companies need to be agile, nimble and

different than their larger competitors. If you can't see how I'm different and present options to me that exploit my

differentiation, you're useless to me. Those that see the world in black and white tend to spend a lot of time trying

to bang square pegs into round holes.

This is often a function of experience - many larger companies send the experienced people out on sales calls and

send the young, inexperienced consultant out when it's time to do the work. The person who impressed you is off to

the next sales opportunity. Hiring a management consultant is like hiring an employee - make sure you know who

you'll be working with in the relationship.

4. They keep your business confidential

There's nothing worse than a consultant who tells your competitor something along these lines, "You should

consider an xyz approach. We implemented it at Rapidan Strategies and they decreased their costs by 27%!" If you

want to cite broad industry benchmarking statistics, that's fine. But don't go spreading my (or your) confidential

business information around town.

I have an expectation of confidentiality; I now require anyone who works with me to sign a confidentiality

agreement. Management consultants that can't keep their mouths shut usually don't last very long in their industry.

5. They put your interests ahead of their own

In my 20+ years of consulting, I've found that things work out well for me when I put my customers' interests ahead

of my own. Does this work out in every situation? No, but in my business development process, I look for customers

that value my talents and share my business philosophy. What better professional situation can there be than

working with a group of clients that you like and who like you? Those are the relationships that endure over time.

Long-term relationships work out well for both parties. The customer benefits from a consultant that knows their

business well and can help them meet their objectives. The consultant derives a steady revenue stream and

develops efficiencies in delivering service. If you have great customers and you put their interests before yours, they

will take care of you.

6. They look for opportunities to help your business

A good consultant will have a broad professional network and will use it to help your business. Whether it's

introducing you to a sales opportunity or introducing you to a key hire, a good consultant knows your needs and

does her best to help you satisfy them. They know that sometimes you need something immediately and do

everything they can to meet your deadlines. As a business owner, you know you can count on them when you need

them.

1. Great consultants are flexible

Great consultants adapt to new projects, work cultures and colleagues easily. They come in, they fit in and they get
the job done. Their soft skills and technical expertise allow them to take on their roles quickly and easily.

2. Great consultants have great discipline

Great consultants work hard and they work smart. They know how to accomplish the best results in the shortest
possible time with as little friction as possible. Great consultants are problem solvers: bring them in and the work gets
done.

3. Great consultants are confident

Great consultants are confident about their skills and expertise. They expose a natural collaborative leadership and
they leave their egos at the door. Great consultants are team players: they put company goals and team spirit first.

4. Great consultants are persistent

Great consultants dont give up. They accept frictions, unforeseen circumstances and negative feedback, they learn
from them and they move on. They will analyze and learn from every setback in order to prevent it from happening
again.

5. Great consultants are studious

Great consultants never stop learning. They need to stay on top of the developments in their fields of expertise. It is
their job to bring the latest knowledge and skills to the table when others cant.

6. Great consultants are like MacGyver

Remember MacGyver, the hero of the popular TV show? He could solve any problem with his mind and his Swiss army
knife. The same goes for great consultants; they use skills and knowledge from previous projects to solve new
problems and challenges.
7. Great consultants go further

Great consultants see the big picture and the small parts that can make it better. Consultants bring a fresh view, and
as such they can offer surprising insights that can solve problems and boost the clients business.

And last but not least:

8. Great consultants are sociable

Great consultants listen first and they speak second. Their primary goal is to help other people and businesses. Great
consultants build trust because of their will to help their clients accomplish their goals.

Identify the skills needed from management consultant?

High ambition for success: If I could pick 1 characteristic to predict who'd make it up the levels, this would be the
one. Management Consulting is a tough field and everybody there is already very smart. The most determined ones
will stand out. The best way to develop this "skill" is to really be passionate about the job.
Content skills: Some people may use the word "analytical" here but its just a part of content. Content skills
include everything from: knowing how to structure complex issues, how to crunch massive data, how to intake and
organize complicated insights from multiple sources (i.e: clients, experts, reports, data, etc.) to knowing how to
logically and concisely present information on output forms (e.g: slides)
People skills: People skills in consulting are much more difficult than keeping good relationships with your
neighbors. You have to make people do things they are not directly benefiting from, teach people how to do things
they think they know better than you, etc. In addition, it is equally important and difficult to maintain good
relationships within your consulting firm too.
Learning capability: No matter how much you know, there are always things you don't. Learning in management
consulting is an on-going and never-ending process (even for partners and directors). From learning new industries,
new geography, new functions, to learning how to work well with different people, etc.
Time / resources management: In college, we usually increase output (e.g: grades) by increasing input (i.e: study
more hours). In consulting, everybody is already maxed out. There are only so many hours you can give in any given
week. So those who make best out of their time and resources (e.g: your support teams, client members, experts,
etc.) are the most successful. Though 80/20 is an important tool to do this, its much more than that. E.g: be
hypothesis-driven, be top-down, parallel tasks, leverage existing works, etc.

- Consultancy involves a high level of responsibility and pressure. There can be some stress as there will be
tough targets and tight deadlines to meet.
Consultants can spend considerable time travelling between client sites in the UK. As they need to be based
in clients' offices, considerable time away from home may be required if the client site is not local.
Consulting work can be carried out on an international level, with many client organizations having offices
overseas. This can provide opportunities for travel and work abroad.
Consultancy firms have a strong commitment to diversity. Initiatives such as targeted graduate
recruitment; internal mentoring and diversity networks to support people from under-represented groups
have been established.
Self-employment is an option after you have spent a long time in a conventional, corporate, salaried
position and have acquired significant knowledge of the market place and/or industry.
Is the career of management consultancy attractive to you?

Yes. Because Management consulting offers the chance to keep learning and developing throughout our career.
One of the most appealing aspects of management consulting is the huge variety of projects youll work on,
colleagues youll work with and clients youll meet. Many consultancies also offer international travel opportunities.
Youll be entrusted with responsibility and working with senior clients very soon into your career, which is exciting if
youre the type that thrives on challenge. Also have a reasonably prestigious and offered a good income.