What is Business Consulting?

Business consulting refers to discerning the status and general operating procedures in a given company and identifying ways to improve the overall business operating model, and help the business grow by making better use of the existing resources and projecting possible avenues of growth.

Business consulting services are required when some elements inside a company impede its growth and prevent it from realizing its full potential. Business consultants examine the overall operation. They systemically assess the function of each part of the business operating model, including management and supervisory functions. In the process, they identify specific circles of concern and prescribe strategies to address them. Generally, they take into account the projected trends of demand, while relating to consumer expectations.

What it takes to be a Business Consultant

In order to be successful in a business consulting profile, candidates require a background in areas such as computer science, sales, marketing, operational management, finances, or human resources. A role in business consulting involves analysis of business and other data from a quantitative and analytical stand point and providing recommendations to the clients. This, in turn, requires good command over spoken and written English, analytical ability and the ability to take logical decisions.

All consultants possess a common skill set that falls into four main categories: problem-solving skills, project management skills, interpersonal skills and management skills.

Problem-solving skills

Businesses come to the consultant when they have a problem. It is for him to identify it and figure out how to fix it using strong problem-solving skills. Ability to break down complex issues into relevant parts to address multiple difficulties is an essential skill that all consultants must possess regardless of their field of specialization.

Project Management Skills

In Business Consulting, each engagement is managed as a project. Business consultants should be able to clarify the project scope. Costing, pricing, deliverables and deadlines need to be properly articulated.

Interpersonal Skills

The profile requires candidates to have strong interpersonal skills. Conflicting opinions may exist within and across the business with regard to a problem. Exceptional conflict resolution skills are required to bring all strands of opinions together to address the problem.

Management Skills

Consulting is also similar to any other business in that sales must be made to survive. Selling, marketing, negotiating and contracting are all crucial skills required of the professional consultant. His intellectual capacity underpins the service he provides.

Remuneration

The consultants receive compensations in commensurate with the challenges they face in this profession. They receive a compensation that is 30 to 60 per cent higher, on average, than those who work in other industries. [Source: Business Standard] Currently, a professional consultant's annual package ranges from Rs 3, 62, 242 to Rs 1, 863, 669. [Source: www.payscale.com]