Business Consultants help an organization solve their critical business problems, helping them make better business decisions. They work with clients with the goal to improve a business's structure, efficiency, profits, performance, work productivity and thereby increase profit. Depending upon the type of organization Business Consultants may also be called management consultant or business analyst. They identify, analyze and solve client's problems, prepare various documents such as requirements documents, and work hand in hand with business users at client locations. If you like the idea of giving advice to other businesses, and have a particular interest in one of the specialized fields like human resource, health care, financial services, real estate or e-commerce, you may well consider being a Business Consultant.Choosing a career as a Business Consultant is stimulating and the pay can be excellent. By opting for this career you can allow yourself to gain experience in many facets of business and perform different tasks each day. There are various firms providing general consulting services for a wide variety of industries, whereas others specialize in a particular industry such as human resource management ,marketing, operations consulting, IT consulting strategic planning or organizational development consulting. As a Business Consultant you may be working for a consulting firm, an independent project or be self employed. Some of the general work responsibilities of a Business consultant are as below:
- Consulting, advising, and fill gaps between actual situations and desired ones
- Improving work performance and organizational communication
- Conduct research and information gathering.
- Structure documentation and presentation of findings
- Achieving customer satisfaction and customer loyalty
- Raising the company's customer base and market segment
Salaries and Job Outlook*
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Most companies seek to hire Business Consultants to keep up with the latest technology and business practices and to improve efficiency and control costs. Employment in this field is expected to grow as more businesses look for a competitive edge and therefore hiring consultants is widely accepted and encouraged across industries. Business consultants find job openings in a variety of areas such as Professional, Scientific and Technical Services, Financial and Insurance Services and Public Administration and Safety.The salary of a Business Consultant depends mainly by the firm one is hired by. Top-ranked strategy consulting firms usually pay attractive remuneration along with bonuses and relocation expenses. Most Business Consultants are entitled to insurance, luxury accommodations, transport allowances and numerous opportunities to network, being the most attractive part of their compensation. The average salary earned by a Business consultant ranges in between INR 8.0 lacs p.a to 12.0 lacs p.a.
Education and Training
The minimum education requirement for this profession is a graduate degree, preferably in management, business administration or economics. Candidates with an MBA degree are at an advantage as the program allows them to gain additional knowledge in business, theoretically and practically. Most top college graduates are recruited in large numbers by big consulting firms.
Valued Traits & Abilities
Business consultants are respected and relied upon in every industry in every country. Opportunities are best in areas that reflect current business trends and needs, such as IT, environmental, workplace safety, manufacturing, banking, production and others. With experience, one could specialize in a particular area of consulting, become a partner in a firm, work freelance or set up an own consultancy firm. Business Consultants get hired by a wide variety of firms including large firms (among the top 30 consulting firms), small or boutique firms and internal consulting for corporations.
Also known as a systems consultant or software / hardware consultant seeks ways to apply technology to business processes and help clients improve profit margins and get a higher return on their technology investments. They may work independently or may work for a technology company or management consultancy.
Their main aim is to advise and assist clients in optimizing their finance function. They are also called as Financial Advisors who help clients with financial planning decisions for retirement, education, day-to-day expenses and investments.
Human Resource Consultant
Responsible for providing human capital management advisory services to businesses that help them improve the business in many different ways. Developing policies, training and implementing a robust recruitment process are some of the advisory roles they play.
- Tech Mahindra