June 20, 2019
Introduction to Management Consulting
You know, on a recent weekend, I had nowhere to go, no one to meet. It was beautiful. So I went to the grocery store and bought a pack of sugar cookie dough, a bag of natural Cheetos and a bottle of cheap wine. Date night… with myself.
And I promptly drove home, slipped on sweatpants, plopped on the couch and flipped on Bravo. When I got tired of “The Real Housewives,” I switched to “Broad City.” Then I flipped to Netflix and finally started watching “Queer Eye.” I laughed, and I cried. Somewhere in there, I napped. Maybe more than once.
But, I think I’ll stop there, before I really embarrass myself.
We all have guilty pleasures. But there’s no need to feel guilty — especially when you can turn them into cash.
You know, each year management consultants in the United States receive more than $2 billion for their services.1 Much of this money pays for impractical data and poorly implement recommendations. To reduce this waste, clients need a better understanding of what consulting assignments can accomplish. They need to ask more from such advisers, who in turn must learn to satisfy expanded expectations.
This article grows out of current research on effective consulting, including interviews with partners and officers of five well-known firms. It also stems from my experience supervising beginning consultants and from the many conversations and associations I’ve had with consultants and clients in the United States and abroad. These experiences lead me to propose a means of clarifying the purposes of management consulting. When clarity about purpose exists, both parties are more likely to handle the engagement process satisfactorily.
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Thousands of professionals have dreamed about starting their own consulting business. It seems like a great career path: Hang a shingle, bring in clients, be your own boss, do awesome stuff and make bank.Yet consulting, as it turns out, isn’t sexy, glamorous or easy. It’s downright hard — harder than you might think. I encourage anyone with the moxie to start a consulting business. But I also offer cautions — a few “yield” signs that could save you a lot of grief and get you closer to achieving your dreams.
If you’re a seasoned entrepreneur, you’re likely expert at something other entrepreneurs need help with — be it complex accounting issues, or how to market an app to customers. So, the odds are high that someone out there will not only value your expertise, but be willing to pay for it.
Consulting.com breaks business down to basic building blocks (like Lego) and tells you how to assemble them for success.. Get proven processes, gain laser-like focus, join a community of entrepreneurs and reprogram your brain for superhuman ability. And they teach how to start a photography business the right way.
You Pass Hours — Sometimes Days — Playing Video Games
You spend hours trying to get to the next level, but guess what? You can play games and take your savings to the next level.
OK, that was a cheesy line from someone who’s obviously not a gamer, but listen: Blast is a savings app for Android made by gamers for gamers. It allows you to save, earn and win cash for playing games.
It works with every game in the Google Play Store, as well as top PC games, including Counter Strike Global Offensive.
The app is free, with no hidden fees.
And after all, how many times have you been stuck on a complex issue you knew could be solved by someone who’s already “been there”? You certainly aren’t the first (and you won’t be the last).
And, let’s face it, there are times in almost every entrepreneur’s business journey, particularly at the start, when some extra cash could come in handy. So, how can you parlay your wisdom, knowledge and experience into a paycheck without sidelining your ambition?
Management theories cannot be tested in laboratories; they must be applied, tested, and extended in real organizations. For this reason the most creative consulting companies balance conflicting demands between short‐term business development and long‐term knowledge creation.
Knowledge management as a conscious practice is so new that there are few successful models for executives to use as guides. In this excerpt from their article in the Harvard Business Review, HBS Professors Morten T. Hansen and Nitin Nohria and colleague Thomas Tierney of Bain & Company reveal two key KM strategies — codification and personalization — and their use among consulting firms.