Imagine having a high paying career where executives turn to you for direction in running their businesses. As a business consultant you will help businesses and other organizations identify problems, and you will recommendsolutions to those problems.
Business consultants are respected and relied upon in every industry in every country. Consultants are admired for both their expertise and their independence. As a business consultant (also known as a management consultant) you can choose to specialize in a variety of areas, including:
• communications consulting
• e-business consulting
• human resources consulting (HR consulting)
• operations consulting
• marketing consulting
• organizational development consulting
• small business consulting
• strategic planning consulting
• technology consulting (IT consulting)
• any other areas organizations need professional advice
According to research from Harvard Business School, the business consulting industry generates about $100 billionin annual revenues from U.S. consultants. Especially in a slow economy, companies need business consultants to help them increase revenues and cut costs.
It is no wonder business consultants are among the mosthighly paid professionals. A recent survey by the Association of Management Consulting Firms found entry-level consultants earn an average of $65,000 annually while senior partners earn an average of over $300,000 (including bonuses and profit sharing). Self-employed business consultants may earn $35 to $400 per hour depending on their market.
As long as you have the desire, you can become a business consultant. No special education is necessary to break into this career and succeed. (According to the U.S. Bureau of Labor Statistics, 28% of consultants do not have a degree of any kind.)
Lead author Craig Coolahan is a journalist who has written for the Times Higher Education Supplement. Co-author and business consultant Marg Archibald is former director of corporate communications for an airline and has taught university courses on business consulting. Co-author Tag Goulet is a leading career expert who has consulted for multi-national corporations and conducted business training programs for organizations such asAmerican Management Association International.
In this guide the authors share with you insider tips andexpert advice from more than 20 successful consultants to help you become a business consultant. The guide covers topics of vital importance to anyone who wants to become a business consultant, including:
How to Do Business Consulting
• Step-by-step overview of how to carry out a business consulting project (also known as anengagement), including:
o Conducting a needs analysis (includes a list of sample questions to ask clients)
o Determining project specifics including the scope of services to be provided, timeline, team, and budget
o Conducting a gap analysis (to identify the gap between "where we are" and "where we want to be")
o Identifying possible solutions
o How to present your recommendations to the client (includes a sample presentation outline)
o Implementation of your recommendations
o Post-project review (includes a sample client feedback questionnaire)
• How to use both quantitive and qualitative research and information-gathering techniques in your consulting projects, including:
o Observation
o Case studies
o Interviews
o Focus groups
o Surveys (includes a sample survey)
• How to conduct a SWOT Analysis (strengths, weaknesses, opportunities and threats) of a business situation
• Samples of consulting assignments
How to Develop Your Consulting Skills and Knowledge
• How to develop the skills employers and clients are looking for in business consultants, including:
o Critical thinking
o Problem-solving
o Communication skills
o Project management
o Leadership
• Additional skills that can give you a competitive edge in getting hired
• Traditional educational programs including the top MBA programs (plus tips and resources to help you apply and get accepted)
• How to get educational credentials more quickly orconveniently through:
o accelerated, executive, part-time, or mini MBAs
o distance learning
o business seminars
• The best resources (books, periodicals, websites, etc.) to teach yourself business consulting
• How to quickly get practical experience to build up your credentials and help you get hired as a consultant, including:
o Internships (plus how to get an internship if you are not a student)
o Volunteer opportunities
o Consulting for your current employer
o Other opportunities for hands-on experience
• Links to many valuable resources you can use in business consulting including project managementsoftware
• Information and resources on business ethics
• How to identify emerging business trends that may affect your clients
Getting a Consulting Job
• Job titles and entry-level positions in consulting
• Types of employers and how to find them:
o Large firms (includes links to more than 30 top consulting firms)
o Small firms or boutique firms
o Internal consulting for corporations
o Other types of organizations that hire management consultants
• A type of employer that business consultants should beware of
• How to find job openings
o Where consulting jobs are advertised
o On-campus recruitment
o Finding job openings through referrals
o How to create a consulting job with your current employer or a new employer
• What you need to know about recruiters or employment agencies
• How to write a winning resume including sample resumes for:
o An experienced consultant
o A career changer (this sample shows how to create an impressive resume without a business degree or previous paid consulting experience)
o An internal consultant
• How to prepare a cover letter including sample letters for applying to a consulting firm and a corporation
• Advice to help you ace the interview
o How to prepare for an interview (what to bring, what to wear, and more)
o Samples of questions to expect
o Advice and resources for succeeding in acase interview
o Following up after a consulting job interview (includes a sample thank you letter)
• Considering a job offer (includes resources withsalary information to help in salary negotiations)
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