A consulting firm is a business that provides professional advice and services to its clients. They offer a range of services, from strategy and problem solving to project management solutions. Consulting firms are often hired by leading companies and non-profit organizations to provide an objective third-party opinion on important decisions, to break deadlocks, or to provide an injection of intelligent people and brains to address pressing problems. They can also help entrepreneurs adhere to best practices in creating a business, and provide financial advice or consulting.
Consulting firms are divided into many groups, according to size, prestige and areas of expertise. They can have one employee or thousands; they can query across a wide range of domains, for example, management, engineering, etc.
Management consultantscan create a strategic plan to better organize the company and promote productivity. An investment consultant can help organize a company's finances by organizing receipts, invoices, and other financial documentation in a tracking system.
Consulting firms often charge high fees for their services and can be extremely profitable businesses. The reason consulting firms are so effective at laundering money is because consulting services are irrelevant, therefore, prices are not transparent. By hiring a consultant for occasional jobs or to perform specific tasks, a company can save money while benefiting from the consultant's labor and experience. Understanding what a consulting firm is and how it works can help you decide if this is the right field for you. These services can range from expanding or improving a specific element of your business to needing the expertise to grow your business in emerging markets. Financial advice (or consulting, if that seems better to you) can take on multiple meanings depending on the context.
But what is a consultant? What does one do? What can be done? We've answered those questions above.