Companies should look for a consulting firm that is capable of supporting them through all the activities that are required to support strategic change. Short of that, companies are faced with the undesirable task of finding additional consulting resources that are a fit with their culture and their needs.
Below are some benefits that a well-rounded and experienced business management consultant brings to a business.
Enables a business to expand its reach
The implementation of lean organization structures has reduced the number of people in a company who are capable of supporting complex one of projects. A seasoned and full service consulting partner provides the bench strength needed to properly plan and implement these projects. Some examples include:
- Analyzing the best supply chain footprint for your company
In the past three decades, US-based companies outsourced work to Asian regions because these countries provided a cost differential of more than 80 percent when compared to the costs in the US.
Understanding how this affects your company provides a strategic advantage in the marketplace.
Management consultants who specialize in near shoring will study a business (its total cost of ownership) and will assist its stakeholders in preparing and implementing supply chain strategies that maximize profitability, responsiveness and minimize working capital requirements.
- Planning US-based businesses
Despite having one-third of the total world GDP, the US attracts only a small percentage of foreign businesses who are interested in expanding their served markets. Most foreign businesses look for distributors, manufacturer’s representatives, etc to hawk their products. That is chiefly because many business owners are unaware of the trade policies, culture and buying behaviors of the markets in the US.
Nevertheless, these businesses should take up the assistance of a global management consulting firm to develop effective strategies for serving American markets.
- Improving operations
Businesses are constantly dealing with competitive headwinds and that is especially true for foreign-own businesses. Often they don’t understand how to boost efficiency, increase market share and optimize their product portfolios. Consulting firms who understand local markets can be their in-country partner to stream line operations, grow sales and increase profitability.
Read More: Top management consulting firms
Assist in manufacturing, sourcing and distribution
Consulting firms who specialize in manufacturing have a primary aim of making a client’s manufacturing, sourcing and distribution cost-effective, sustainable, profitable and scalable.
They can help companies achieve double-digit improvements in key business metrics and reduce operational costs. A manufacturing, sourcing and distribution consultant stream lines a business’s supply chain to ensure speed to market and optimized human and financial capital by assessing:
- Product management
- Business optimization
- Organizational design and development
- Vendor management
- Process redesign
- Value stream mapping
- Continuous improvement
- Logistics and distribution
- Supply chain effectiveness
Many management consulting firms are not capable of providing this level of support throughout an entire project so it is important to choose a consulting firm who can, otherwise there is a loss of planning and implementation continuity.
Aid in capturing market share gains
For many businesses, especially middle market companies, it is hard to keep tabs on everything ranging from product management to customer feedback to optimizing a supply chain. It is a lot of work. The lean nature of today’s business organizations are often overwhelmed with managing day to-day activities so planning for the future and implementing those plans is often given a lower priority.
Many companies choose to engage an expert strategist/consultant to help them plan for the future. For improving its’ market effectiveness, a business should hire a management consultant to create and implement strategies for:
- Product/service roadmaps
- Portfolio management
- Product/service marketing and sales techniques
- Product revenue life cycle
- Sales effectiveness
Focusing on organizational design and development
Every business is focused on exceptional performance and to set new benchmarks of excellence. In order to do that, organizations need to have the requisite knowledge of leading and managing employees, vendors and other stakeholders.
Businesses that have built a sizeable workforce and an extensive network of vendors requires organizational development consultants to help create organization strategies to manage organizational complexity.
Unlike a project that is focused on fixing a specific issue, organizational development requires a more holistic approach. Successful organizational development consultants deploy assessment programs and undertake a series of continuous improvement workshops to help companies understand their strategic and operating gaps and to develop the appropriate skill sets inside the organization. By doing so, they can improve the performance of a business’s workforce and ensure sustainability.
In general, an organizational development consultancy will work with a client to create programs that are focused on:
- Strengthening a business’s cultural environment
- Ensure compliance
- Revamping staffing, hiring and recruitment processes
- Analyzing change readiness in a workforce
- Improve organizational design
Consulting companies are bench strength for a company when they have a need to quickly and effectively implement change. A full service consulting firm is capable of helping a company understand its’ strategic and operating gaps and work with the leadership team to design and implement programs to deal with them.