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Consultants Help Fine Tune Your Business Performance
By Susan Jan
A consultant is a professional who provides expert advice in a particular area of expertise such as IT, management, marketing, or finance etc. Consultants identify companies' marketing or needs, and they help companies improve their performance and profitability by analyzing existing problems and developing future strategies. They help determine the most effective marketing and solutions to your business, as well as the best ways to execute these solutions for the betterment of your business. Consultants generally use formal methodologies to analyze problems or to suggest better ways of completing tasks. Consultants help execute your plan and strategies, allowing you to focus on other important issues and meetings.
Management and consulting grew rapidly in the 1980s and 1990s with industry growth rates of 20%. Consulting is highly cyclical and is sensitive to general economic conditions. The consulting industry declined between 2001 to 2003, but has been experiencing some growth since.
Nowadays there are three major types of consulting firms. One
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type is the larger consulting firm that offers a wide variety of consulting services, ranging from IT consulting to management consulting. Another type is the established management and strategic consulting firms that focus mainly on management consulting that covers any specific industry. Yet another type is the smaller boutique consulting firms with consulting focus and expertise on specific industries or technologies.
The more established consulting firms today include Arthur D. Little, a general management consulting firm; Booz Allen Hamilton was the first consulting firm to serve clients in both the government and the industry; McKinsey & Company, was one of the first pure management consulting firm and currently leads the field. It was also one of the first consulting firms to hire graduates of top MBA schools rather than hiring experienced industry personnel. Boston Consulting Group brought an analytical approach to the study of strategy and management. Bain & Company introduced its focus on shareholder wealth. Traditional accounting companies such as Arthur Andersen and global IT services firms such as IBM also set up consulting departments.
Businesses or companies can engage a or management consulting firm or an individual consultant who will draw up suitable plans and strategies and implement them. Consultants are generally well paid with some consultants charging $150 per hour, and sometimes even as high as $2,000 per day for their services.
For a more comprehensive look at Consulting visit elite-consulting.info. Susan also enjoys writing on a wide variety of topics at health-and-fitness-hub.info
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