How to become a Business/Management Consultant
- Price: £5.99
- Published: August 2017
- Type: Business Opportunity Profile
- Format: PDF
- Qualifications and skills
- Key market issues and trends
- Trading, commercial and legal issues
- Further information
Business/management consultants provide specialist skills, objective advice and expertise to corporate and public sector bodies, charities and not-for-profit organisations. Management consultants focus on assisting organisations to improve performance, develop strategies and manage change. Their services typically deal with issues relating to the structure, management and operation of an organisation, covering strategy, financial and management control, supply-chain management, performance management, business process re-engineering (BPR), human resources and recruitment, and operations.
Management consultants are often engaged in an interim management role by organisations that require temporary senior management assistance.
The management consultancy sector is centred on approximately 55 leading firms that are members of the Management Consultancies Association (MCA), the representative body for management consultancy firms in the UK. Their members comprise around 60% of the sector, employing around 38,000 consultants and working with 90 of the FTSE 100 companies. These larger MCA member firms often engage smaller consultancy practices and freelance consultants on a subcontract basis to assist with large projects.
Clients engaging management consultants include organisations in a wide variety of sectors (both in the UK and abroad), ranging from banking and finance to healthcare, retail, hospitality, energy, manufacturing and media, as well as public sector organisations, charities, central government, local authorities and healthcare trusts. Consultancy services are also required by private equity venture capital firms, for example to provide 'hands-on' practical expertise and support with mergers and acquisitions.
This profile provides information about starting up and trading as a business/management consultant. It describes the skills required, the training available, the current market trends and the key trading issues. It also explains the legislation that must be complied with and provides sources of further information and support.