Generally, management consulting firms help well-established companies, by providing them with a wide range of services to solve their problems. Whereas, business consulting firms, provide professional advice to start-ups or smaller companies. Though the services that both provide are similar, there is a fine line that can be drawn between the two
Management consulting includes providing different services or solutions to a client. For example, if I have started up a company recently and have manufactured a product or developed a process for manufacturing or a certain technology and I want to patent it. Or if I require personnel, or a team to work on a certain project. Or if I have issues marketing my product. Or if I want the fresh outlook of an outsider for making decisions regarding acquisition of another company or new workplace practices or for any matter regarding my company. For all these problems and many more, I can approach a management consultant to do this for me.
Many companies opt for the services of a management consulting firm either when they require a third party or an outsider’s view to an internal problem, or when they have a lot of work to do, in order to meet a fast approaching and strict deadline.
Management is essential for all organizations, big or small, Profit or non-profit, manufacturing or service sector.
The term management is used in different senses. Generally the term management is used to refer to the principles of managing the activities of an enterprise. It is also used to refer to a field of learning or a branch of knowledge.
“Management is an art of getting things done through other people”
Management consulting firms also work for the clients in order to,
Make sure that deadlines are met.
Plan and schedule projects.
Make sure that financial targets are met.
Compile and present information.
Conduct research and interviews.
Develop new procedures or training.