Guide to Management Consulting News and Trends

Management consulting news and trends can set your company apart from the competition

By Lea Terry

1. Email newsletters for business management consulting services.
2. Magazines for business consultants.
3. Professional associations for management consultants.
   

Action Steps
The best contacts and resources to help you get it done

Sign up for management consulting email newsletters

Newsletters provide an overview of the latest developments in the industry, and can be a great starting point for further research. For the most current information about news and trends in the management consultancy industry, sign up for email newsletters. You'll get the latest developments delivered right to your inbox every month, week or even day.

I recommend: PROOF Management Consultants publishes a free quarterly newsletter containing the best tidbits compiled by the company's associates and other industry experts. T.T. Mitchell Consulting offers a free management email newsletter that focuses on basic management issues such as employee management and relations.

Subscribe to magazines for management consulting firms

For more in-depth analysis, subscribe to magazines for management consultants. They won't cover breaking news within the industry, but they'll offer a more complete look at the trends affecting business management firms.

I recommend: Management Consulting News is a free monthly online magazine for management professionals, and covers everything from building and managing a practice to using technology. Consulting Magazine, a fee-based print magazine, is designed for senior-level consultants, and offers information specific to the industry you specialize in.

Join a professional association for management consulting companies

For most professional associations, a key part of their mission is helping members stay informed on changes and developments within the industry they serve. By joining, you may have access to newsletters, magazines, research or conferences to help you learn about, understand and implement new methods and strategies.

I recommend: The Institute of Management Consultants USA offers information for both managers and management consultants, and is the only organization in the United States offering management consulting certification. The Association of Management Consulting Firms offers access to news and trends through meetings, conferences, reports and books, and research and publications.

Helpful advice for making the most of this Guide

• •  Keeping up with management consulting news and trends is important to staying competitive, but just because a new trend is popular nationally doesn't mean it's relevant for your organization. The situation within your geographic region or specialized niche may differ. Combine the newest methods with what's always worked for you, and with feedback from clients about what they like and dislike.

1. How to identify your needs for business management consulting.
2. Where to find the most qualified management consultants to match your needs.
3. Considerations for automation tools implemented by many business management consultants.
4. New trends for setting up internal management consulting practices

Action Steps
The best contacts and resources to help you get it done

Pinpoint your primary needs for management consulting

From asset management and financial strategies to customer retention and performance management, business management consultants cover a wide range of areas and expertise. Take time to narrow your business objectives before hiring a management consultant.

I recommend: Deloitte offers a list of many issues where management consulting can provide benefits. Businesses can also review the many specialized business management and consulting services offered by large firms such as Bearing Point and Accenture. Quali-Tech offers a business health quiz as well as a comprehensive list of typical services offered by management consultants.

Find a qualified, credentialed professional for business management consulting

Larger companies that come under more regulatory scrutiny will likely need the diversified offerings of larger firms. Emerging businesses can typically get by with smaller management consulting firms. They may offer just a few areas of specialization but will likely be more cost effective and flexible with contract terms.

I recommend: Large management consulting firms such as Bearing Point, Accenture, Deloitte and Capgemini have longstanding histories as reputable companies. eWork Markets offers a directory of management consultants by specialization as does Business.com’s change management, business performance management, business process management and human resources management consulting directories. Before hiring, check for professional credentials, such as the industry certifications offered through the Institute of Management Consultants USA (IMC USA).

Automation of performance management can complement management consulting

Performance management software continues to evolve and is a solid strategy for any growing company. Management consulting strategies often incorporate the use of these solutions to trace important components of business operations such as sales, accounting, production, employees and finance.

I recommend: Many management consultants work with leading vendors of performance management solutions, such as Hyperion, Cognos, Oracle and Business Objects.

Consider new trends for internal management consulting programs

Hiring third-party management consulting firms can get expensive. It also means that private business information is opened up to people outside the company. Some companies are addressing these issues by implementing their own internal business management consulting groups.

I recommend: Some management consulting firms like Kendall Consulting Group help companies establish internal consulting practices. Resources are also available through the Association of Internal Management Consultants (AIMC).

Helpful advice for making the most of this Guide

• •  Set benchmarks and measures to evaluate the progress of a management consultant
• •  Have at least three management consultants submit proposals, and meet potential candidates in person before finalizing a contract.
• •  Clearly define objectives for business management and consulting by laying out specific goals, expectations and timetables for achievement.

Guide to Management Consulting Basics

Understanding management consulting basics can help you increase efficiency and profitability

By Lea Terry

1. Evaluate your organization's current management style.
2. Find qualified business management specialists through recommendations and by examining their client lists.
3. Consider how you'll maintain and monitor management practices after the consultant leaves
   

Action Steps
The best contacts and resources to help you get it done

Assess your company's management practices before you hire a management consultant firm

Before you spend the time and money on management consulting services, analyze your current practices and clarify exactly why you want to bring in an expert: To increase efficiency? Build a stronger team? Enhance communication? Answering these questions can help guide the management consultant in determining the best methods for your organization.

I recommend: Find the management theory that best suits you and your company at Thinking Managers, or by having managers take the Management Style Test at Queendom.com.

Find qualified management consulting firms through professional associations

Recommendations can help lead you to the most appropriate business management firms for your situation, and to narrow your search even further, get an opinion from a professional association -- either one serving management consultants, or one specific to your industry.

I recommend: Find management consultants through the directory offered by the Institute of Management Consultants USA. Or, to find business consultants experienced in your industry, consult a directory offered by your professional association, such as the American Academy of Ophthalmic Executives, which features a consultant directory at its website.

When evaluating management analysts, consider their client list

The client list may be one of the best indicators of how good a match a management consulting firm is for your organization. Looking at the companies they've worked with before can tell you if they've ever worked with companies of your size or within your industry, and if they work with companies all over the country, or just in a specific region. If their client list includes several high-profile or national companies, that's a good indicator the firm is well-respected.

I recommend: Major consulting firms like Accenture and Active Strategy include client lists on their websites.

Save money--and protect your privacy--by creating internal management consulting programs

Maybe you don't want the expense of hiring someone every time you have a management issue. Or maybe you're not comfortable continually sharing private business information and practices with third parties. In either of these cases, you can create an internal management consulting program, to regularly monitor management and recommend changes. You'll need an outside management analyst to help you set up the program, and after that, you can maintain it on your own.

I recommend: Hire an outside consulting firm, such as Kendall Consulting, to help you create your internal consulting program. Then, your internal management consultants can join the Association for Internal Management Consultants, where they'll have access to leading methodologies and best practices.

Helpful advice for making the most of this Guide

• •  Do as much research as you can before you hire a management consulting firm. Talk to current and former clients, ask for written proposals from firms you're considering, and conduct in-person interviews.

Action Steps
The best contacts and resources to help you get it done

Management consulting

Management consulting involves the examination of the current operations of an organization by a trained individual to identify problem areas and to work with the organization in developing a plan for improvement. Aside from providing advice, management consultants can also provide assistance with coaching skills, team building, implementation of technology and reorganization of staff.

I recommend: For a better understanding of what management consultants offer, check out Artemis Management Consultants, a management consulting firm offering customized workshops, management coaching and work redesign services to organizations.

Change management

It is only natural for people to get nervous when change occurs within an organization. Change management involves taking steps to communicate with employees the goals and objectives of the organization to put any concerns, as well as rumors, to rest. In turn, the transition process will go more smoothly with the support of management and employees and will provide the organization the desired results.

I recommend: Strategy+Business highlights 10 principles that you can use to understand and utilize change management in your organization.

Performance management

Performance management monitors progress toward established goals and includes involving employees in suggesting improvements in how the organization can better meet its goals and objectives. Performance management also involves planning performance expectations and goals, monitoring performance, developing employee needs through training or increased responsibilities, rating performance periodically and rewarding good performance.

I recommend: The U.S. Office of Personnel Management offers an overview of performance management.

Coaching skills

Effective coaching skills involve the ability to motivate staff, communicate effectively (both verbally and non-verbally) and provide feedback in a manner that staff will welcome and apply in order to achieve the goals and objectives of an organization.

I recommend: Learn more about the skills involved in being an effective coach by reading the course overview at Executive Coaching Studio, which provides managers, team leaders and supervisors training on management styles, continuous improvement and how to motivate staff and communicate effectively.

Performance measurement

Performance measurement involves establishing methods to determine how programs, projects and acquisitions are performing or meeting expectations using statistics or qualitative measurement.

I recommend: Business Performance Improvement Resource (BPIR) offers an overview of performance measurement and provides information detailing ways to use it in your organization.

Institute of Management Consultants

The Institute of Management Consultants advocates ethics in the management consulting profession. The Institute certifies members of its organization and provides continuing education through conferences, chapter events and professional resources. These professional development opportunities enable members to provide their clients specialized service in 'Communities of Practice' related to specific industries and consulting specialties such as process improvement.

I recommend: You can learn more about the services and resources offered by the Institute of Management Consultants at its website.