Consulting is a $300 billion industry. It’s huge. It’s growing. It’s profitable.
Consultants are the staple of corporate life since a couple of years in trades such as strategy, operations, tax, finance, HR, or IT.
Today, over 700,000 consulting firms offer services across virtually in all aspects of business globally. In recent times, consultants have become an integral part of a large organization because of their strategic direction and brilliant ideas.
With such heavy competition across the country, it is difficult to retain the current position of any Consultancy firm. It is necessary for them to be updated with the latest trends, management skills, and technology to use it and ensure sustainability.
Where there are several flaws that can hamper the industry, effective strategies can be formed in order to sustain in the competitive market and multiply the output 10X.
There are many consulting services that are dependent on humans as the main source of research, analysis, recommendations, process management, and facilitation. Lengthy and overstaffed engagements are tied up to billable hours or days to maximize revenue under many consulting services.
Unforeseen challenges find their path with the elevating pace of changing trends and issues while sticking to research and any strategic plans. However, even with this principal flaws-all of which are contrary to the vital interests of the clients-the industry doesn’t stop to grow. In the previous year, for example, the consulting industry saw a 4.1 percent growth rate.
In order to form strategic plans to have a stronger hold in this competitive market, there are several questions that a new age consultant should ask themselves. For example, what are the possible challenges that need to be addressed for growing the business by 10x or even 100x? How can one leverage big data, artificial intelligence collaboration tools, and other technologies to create a change in the level of knowledge that one delivers.
While the solutions to these queries have to be answered in order to get the things done right, strategic plans must be implemented by the consultants.
The most important factor before planning strategies is to research the latest trends and analyze whether these ideas will help generate leads or not.
Communicating effectively with colleagues and clients is inevitable in many professions, but strategy consultants require more than just the basics of verbal and oral communication. There are times when you are expected to explain a complex concept to someone who has no grounding in the function or industry you are trying to explain-and some maybe even hostile to your presence. So, without being brash or egotistical, communicate with ease and comfort.
The pivotal part of consulting is to be precise with the work without any errors in spellings, grammar, and calculation related mistakes. This signifies professionalism and solid proficiencies.
Having a capable team to handle the most complicated work is an important strategy. Delegating work to respective resources and getting it done from them is a practice that has to be followed.
Understanding the clients business better and requirements is a challenging task. Also, keeping a variety of options in front of them should always be a priority. A good consultant will provide you with a range of options that can be quickly evaluated and choose the best one for the situation.
A new age consultant has to look over all the possible opportunities diligently and decode the best solutions in the trade. In today’s business world, the ‘tyranny of success’ is a well-known dynamic: what provoked the success of the present times will ultimately lead to future failure. A new age consultant who has awareness of all the present limitations of the existing business model while searching for opportunities that tap into evolving technologies will have the best chance to retain its position in today’s time.
About the Author
Ashwin Satish Bhadri, CEO of Equinox Labs is a National Level Speaker on FSSAI and he has trained over 35,000 people on FSSAI. He personally advised over 1000 companies on their FSSAI Compliance, EHS Policies, and Critical Infrastructure Maintenance. He works with several elite brands to help them develop Food Safety Programs and also work closely with FSSAI for implementing the new food safety orders in the country.
Strategies to Become a New Age Consultant
