Consultancy is catching up globally with the rapid growth in technology. Although technology is a boon in bringing comfort to humankind, it has also brought out several changes and challenges. As a result, the aspirations and expectations of the clients are rising. In addition, it resulted in the mushrooming of more specialized areas. Several consultancy firms have come up to provide solutions in a focused and systematic manner for all these challenges. Here is the list of a few top global consultancy firms: Bain & Company, Boston Consulting Group, McKinsey & Company, Booz & Company, The Cambridge Group, and Deloitte Consulting.
Who are Consultants?
Consultants are experts in a particular area. Opinion leaders, thought leaders and seasoned experts in a field or industry often become consultants to have freedom of work and to share their experiences, ideas, and insights. They provide their expert knowledge to find solutions to problems. Having worked for several years, they have thorough knowledge in their domain. They are networks, domain experts, communicators, and leaders. They are creators, innovators, researchers, and advisers and go by the road less traveled. They are risk-takers with a flexible mindset to fit into unfamiliar corporate cultures. They are smart at soft skills, business acumen, spontaneity, and tact apart from strong hard skills. They are knowledge workers who are going to lead the future.
Management Consulting
Management consulting is the process of diagnosing problems and providing solutions for improving the performance of employees and also enhancing organizational effectiveness and excellence.
Pros and Cons of Consultancy
The job of consultancy is replete with highs and lows where consultants may have too many assignments at a time or no assignments at all. It is a highly challenging profession. When you become a consultant, you venture into unchartered territories. You cannot be assured of regular pay check and your financial position fluctuates depending on the assignments you get. Although you have initial hiccups financially, you will consolidate your position over some time and stand out as a consultant if you proceed with passion, perseverance, and persistence.
Challenges for Consultants
The challenge for consultants is that there is no job security and they constantly have the fear of drying up their work. You must keep your financial reserves ready for a rainy day. It might also happen that you get all clients at a time as business cannot be predicted. Therefore, it is essential to network with new clients and be involved in sharing your ideas and thoughts in various forums to get noticed. It builds your brand besides opening new opportunities for consultancy. It keeps you engaged and makes your presence felt. It helps in building your brand consistently and constantly.
Myths about Consultants
It is a myth to think that consultants are old people and people pursue this career in post-retirement. The truth is that there are young people who are consultants. The only qualification is to have competence in a field or industry for some time.
Consultants are supermen. It is another myth as the fact is that consultants are ordinary individuals with extraordinary knowledge in specific areas of interest and expertise. They are passionate with an uncanny ability to diagnose and resolve problems.
Consultants have to be a jack of all trades. The truth is that they have to be masters in a specific domain. However, being aware of various domains is an asset.
Internal versus External Consultants
Companies can look for consultants from outside as well as to deploy internally. The internal consultants know the system better and are focused on ground realities. They also know the organizational culture and climate. They come out with solutions with pre-conceived ideas and approaches. At times, the internal consultants may be under pressure to cover up inherent weaknesses and limitations. They may also be involved in organizational politics for their survival or to settle scores with others. However, the external consultants are not concerned about petty organizational politics, and their main concern is only performance and paychecks. They approach the problems on a clean slate without any fear or favor and bias and come out with solutions. They are thorough professionals in their work and approach and provide solutions. Therefore, both internal and external consultants come with their challenges. Finally, the onus lies with the organization to consider either the internal or external consultants or blend both to get the desired outcome.
Choosing Consultants
Check the credibility and credentials of the consultant through references, check the kind of projects and assignments previously handled, and their takeaways. Check for professionalism.
Don't get trapped with the wrong consultant. If you hire the wrong consultant, you lose money, and waste precious energies and efforts and the outcome is disastrous. Check for authenticity and background.
Check the expertise and experience of the consultant at length, breadth, and depth. Find out what is so special about the consultant and what makes the consultant stand out from others.
Consultancy as a Career
Consultancy is a lucrative career if you have the potential to perform with your domain competence. You must be willing to travel widely as per the client's needs. You will be your boss. You must be a networker, communicator, creator, and leader. If you have all these ingredients you can excel as a successful consultant. Few educational institutions offer consultancy as a specialization in their MBA and other courses.
To be successful as a consultant, discover your hidden talents acquire the relevant skills, and explore something new to get noticed. You must be a good networker and out-of-the-box thinker. You must be computer savvy with a global mindset. To excel as a consultant, get into related associations and clubs to get noticed. Deliver free speeches to have a foothold and acceptance as an expert in your domain.
Becoming a consultant changes your lifestyle. You will have more control over your life and pursue your passions. Usually, consultants are paid on an hourly, day, and project or commission basis. There is a lot of freedom and flexibility in consultancy as you don't have to work regularly except for the duration of the project or assignment.
Conclusion
Contractors are often the people who are involved in unskilled and semiskilled activities. They are narrowly focused. In contrast, consultants are skilled workforce and knowledge workers who are highly focused and advanced. Consultants have wider and larger roles to play than contractors. Consultants look beyond the role of contractors. The future belongs to the people who work smart and wise, but not hard. The future belongs to consultants, not contractors. Therefore, become a consultant, not a contractor to make a difference in the lives of others and organizations.
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