Finding Management Consulting for You

Management consulting, also known as strategic consulting, refers to the industry that helps organizations to improve their performance through detailed analysis of existing challenges faced by the business and propose development plans for improvement. Many organizations seek the services of management consultants to gain an external perspective and objective advice sans personal bias.

Management consulting primarily involves assessing an organization’s current and potential areas of opportunity, proposing strategic plans, guiding the organization to strengthen or expand their employee and client base, and creating decision-support systems that eliminate a fair amount of risk from decision-making. It aims to help an organization to develop the roadmap to achieve their chosen level of growth and development and to achieve their proposed objectives in a planned manner. Managing an organization is tough as it encounters complex problems and faces tough competition. When an organization hires management consulting services, it enhances the management decision-making process and helps in improving the business process. Consultants ensure the growth of the business by implementing transforming strategies.

Management consultants offer their services in various domains such as area strategy, marketing and sales, organization, operations, innovation, project management, process design, and customer management. High-quality services improve customer satisfaction and increase their competitive edge.

High Impact Services
Management consultants provide services that have a high impact on the business. They assess the current status of the company in terms of the company’s goals and objectives, human resources, performance records till date, company revenue, market share, and positioning. After a thorough analysis of various aspects of the organization, they advise and design programs to fill the gaps between the current levels and the desired levels.

After a detailed analysis, consultants propose new measures that may result in:
• Developing management and supervisory skills and know-how
• Improving internal and external organizational communications
• Raising the bar in terms of organizational performance and achievements
• Expanding the company’s customer base and market share
• Identifying training and operational needs to improve productivity and work performance
• Improving employee morale and higher levels of motivation

Playing Multiple Roles!
The management expects their consultant to play multiple roles and seek help or advice on various aspects. A consultant, apart from being a problem solver, should also be a good coach or mentor who leads the organization in realizing its mission and in having a focused vision that is implemented and executed in its entirety over a period of time.

The consultant should ideally display thorough knowledge about the domain or industry to make important and informed financial decisions on behalf of the company. He/She must be someone with business integrity on whom the organization can place their trust in order to reveal its classified information. Also, consultants must ensure that they maintain confidentiality and protect sensitive information that is vital to the company. They must act in the best interests of the company under any and all circumstances.

An ideal management consultant would possess in-depth knowledge of the domain in which the company operates and would be able to articulate and communicate the company’s objectives very well. He/She must be a leader, who drives the vision of the company and guides, coaches and leads by example. He/She must constantly try to self improve – both personally as well as professionally.

Management consultants are invaluable to every organization as they are their driving forces for development and growth. Their deep insight and futuristic solutions are intangible assets that form a major part of the intellectual property employed by the company. Management consulting as a domain has highly evolved as a lucrative career option in the current scenario, with multitude companies mushrooming in every sector. It facilitates companies to focus and leverage on their core competencies while eliminating operational inefficiencies and non-value added activities.

Management consulting has transformed the face of the business and the economy to greater heights and has shown a very bright future to look forward to!

Tips on Choosing Best Exhibition Booth Company

Choosing an Exhibition Booth Company is something that can take your business ideas to a new height. Although it is not recommended to wait for the bitter, you should look for a reputed exhibition stand contractor who can provide you ample of benefits in terms of money and business reputation. Conventions and trade shows are organized in nebulous marketing areas and it is difficult to decide what to do there.

When it comes to exhibition cubicles, people know what is attractive in others booths but, they are unable to understand how to make their own trade stand creative and alluring for business people. This is why Exhibition Booth Company comes into picture. These companies have professional teams that plan, exhibit and design your business cubicle for trade shows. Those who waited for last minute should keep following tips in mind while hiring an exhibition stand contractor:

1. Talk to the rental company

Appoint a meeting with reputed business exhibition stand contractor and discuss various facets of arrangements. Call or mail the company before visit the place. An ethical service provider will give you unique ideas about setting and design of the trade stand that can help you to create an impressive profile about the company services and products. Don’t forget to ask following questions:

  • What type of services and products they promote?
  • How frequently will you need to rent the business booth?
  • Which business show will you attend?

Give basic information, this will help providers to know about desired services and requirements to sell your products.

2. Get the graphic details

Some business faces rejection in market due to failure in graphic design. This does not mean that these firms won’t have a skilled graphic team. It simply means that what is written on the letterhead of company or logo is not understandable to general public with tradeshow graphics. Business show graphics should convey an appropriate message in less than 5 seconds. They need to represent business ideas about your services and products.

Exhibition stand should reflect your business image more than the logo in every aspect. This includes flowing, lighting and furniture settlement. An ideal Exhibition Booth Company will help you in picking ideas and designs to achieve promotional goals.

3. Visual representation

Exhibition stand contractor should provide you complete planned exhibit through computer models. Look for an appropriate rental model and its features. You can also ask for computer mockup to take final decision about the business stand. An alternate option is to ask for the portfolio that includes photographs of various trade shows arranged by the company.

 

Ways to Do Business Process Mapping

The world standards that have been created like ISO 9001, ISO 14000, ISO 27000, etc., actually require a corporate entity to follow certain procedures, and get the desired and expected results as stated in the process. To achieve the same, business process mapping can be of great help. It helps to ensure that there is a smooth flow of work in an organization. It immediately shows the areas of improvement, and helps to reduce complexities or bottlenecks. It is also useful when different areas of function are working together, and the results are dependent on the effective working of all the departments, since they work in chain. In such cases, it shows the missing links that might have resulted in slag, lost opportunities, missed credits, or invoices. Largely, it helps in all the functional areas to work smoothly and simultaneously.

What is it?

It is a tool used to define the actual work being done, objectives of the business, and how the success of a process of business should be determined, and lastly the impact of the whole process on the customers. It is a four-step process, which can be analyzed. Since it shows the effectiveness of a process and the respective performance, it acts like a gauge and encouragement for the employees. Hence, it helps in ascertaining the requirements of a business.

How is it done?

Business process mapping has four major steps.

  • First, identifying the process, which means understanding the way the process works.
  • The second step is to gather information on that process, in the sense, collecting data as to the aims, risks involved, and key features.
  • The third step is interacting with the people working in that process, and understanding the practical obstacles and accordingly design the maps.
  • The last step would be to use the organizational methods and approaches to make it more effective.

In the first step, the basic thing is to turn the table and check the process as it is in the customer’s perception. That would help in understanding what exactly are the expectations and where the company is lagging behind. An organization has to compartmentalize processes according to the needs and understanding of the customer.

Once it has been identified; the key concepts, risk factors, and loopholes are to be studied and analyzed. The importance of that particular process has to be identified, so that the goals and achievements can be examined.

Then the next thing is to identify which set of people can bring about a change in the functioning and the result of the process, what kind of difficulties they face while working on the same, and where should the process be improved. At times it is as simple as that, because most of the time people who work on that process, already know where it requires improvement, but then due to lack of underwriting powers, fail to bring about the changes.

After all the information is gathered, the results can be mapped and the worksheets can be prepared. The two main methods of mapping are as follows:

  • Workflow Surveys
  • Process Profile Worksheet

Post mapping, it is time to cross-check and the method that is followed is personal interaction. Here, employees’ individual role is questioned, and it is tallied to see if it corroborates according to the map. It takes about 5 days but gives effective results, and helps to understand how a business works. There are several mistakes that are possible, since it needs extensive research; which involves analyzing the existing documents as well as the previous recorded document, question every step, critically examine if there are any duplications, and keep a track of all the information collected.

Flowcharts

Flowcharts actually show all the information and the conclusion of this huge procedure. It is a graphical representation of all the data collected from the beginning to the end, showing the path the process follows, every bit of action, impediment, and ultimately the end. It helps in future analysis and facilitates improvement.

Steps to Successful Business Planning

I believe that successfully developing a business involves five stages of business planning and development.

Stage 1:  Situation Analysis – Where are we now?

In this first stage of business planning and development, you determine where the business is currently in terms of finance and general positioning.  So, you’ll need to analyze not only the financial position, but also who the business is marketing their services or products to.  Are they addressing a market that has a lot of disposable income or no?  It gives you an idea of the general position of the business.

Stage 2:  Business Objectives – Where do we want to go?

Secondly, you have to consider where the business wants to go.  These are the objectives, or the goals of the business.  This is difficult, because most people will say they don’t know when asked where they see their business in three years time!  When you work out whether or not the business owner expects to triple their business or establish one that is ten times as big as they are currently, you can then start identifying the next steps the business will have to take.

Stage 3:  Strategic Analysis – How will we get there?

There is never a single path to get where you want to go.  In the third stage of business planning and development, you will want to consider a number of different strategies you could adopt in order to achieve the goals of the business.  I’ve determined that the strategies you can choose fall within one of five categories:

    • Product development – you can develop more products for your existing market
    • Market development – use existing products and move into new markets
    • Diversification – develop new products for new markets and take your business into a whole new area
    • Market penetration – spend money to win customers from your competitors
    • Acquisition – buying additional businesses to grow your business (mergers)

I would say that market penetration is by far the most common path.  To grow a business, though, it’s important to analyze all of the options of product and market development, as well as diversification and acquisitions.

Stage 4:  Cost Analysis – How much will it cost?

Regardless of which strategy you choose, the costs will be predictable.  There are a number of government agencies that can help analyze those costs, and financial forecast programs that allow you to consider the expected revenue compared with the expected expenses to see whether or not the business can afford to take on that particular business development.

Stage 5:  Fund Analysis – Where will the money come from?

I believe there are really only four places where a business can get funding to develop, and they include:

    • Business shareholders
    • Bank financing
    • Government grants
    • Private/public equity

Each of these steps are crucial to ensure good business planning and development.