6 Ingredients of a good Management Consulting Practice

by EZDynamic |
Jan 18, 2022 |
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6 Ingredients of a good Management Consulting Practice

by | Jan 18, 2022

Management Consultancies are diverse in nature. They may be generalists or specialists. They may choose to consult in specific niches or functions, for e.g., regulatory implementation for the banking industry. Or they may range significantly from small niche firms of less than 50 people up to the Big 5 that employ thousands. However, irrespective of the nature of the consulting firm, there are several key characteristics and skill sets that make up a successful, effective and impactful consulting practice. These are the ones that are at the very core.

Up, Close and Personal with their client’s business.
While an understanding of a client’s business is the very cornerstone of a good consultancy practice, the difference is between a superficial overview and a deep, nuanced understanding. Of course, no one will know a business immediately, but the best way to assess is based on the questions they ask during the discovery phase. Beware of a consultant who offers solutions before conducting a thorough assessment – they’re just interested in either adding to their topline or gaining a notch to their ‘list of clients’ belt.

Problem Solving is in their DNA.
A good consultancy practice will help solve problems by providing a series of possibilities and reviewing with you, the pros and cons of each. There’s a difference between someone writing ‘problem solver’ as an organization skillset and actually being an effective problem solver. An experienced and good consultancy would typically follow a problem-solving method or tool and one that is backed by data. Another skill would be to help organizations solve their own problems by asking questions that veer them to the most effective solution for their business – participation creates buy-in!

They earn ‘Client-Love’!
A mature and good consultancy works hard at gaining client trust. The ability to instill change is contingent on one’s ability to influence. A good consultant would listen effectively, perform their due diligence, exude confidence, and continuously deliver on their promises. Skills to address business concerns, show financial value, problem solve and offer differentiated solutions that add shareholder value or make an organization succeed, play a significant role in becoming a client’s go-to for advice or perspectives. Clients don’t want me-too solutions offered to other clients or consultants that see the world in black and white, trying to bang square pegs into round holes.

They are willing to S – T – R – E – T – C – H!
A good consultancy would, innately, know what your business needs and would do their best to address or satisfy those requirements. Instead of counting hours or focusing on billable time, they are constantly looking for opportunities for your business, are willing to walk the extra mile, aren’t afraid to get their feet dirty and would have the “I’m willing to do whatever it takes” instinct. As a client, you know you can count on them when you need them, and you have the confidence that you have partnered with a consultancy that is deeply invested in reaching your business goals.

They manage people and teams with skill
To understand a client’s business, to gain their trust, to infiltrate their organization to study problems, to collaborate with client teams and to implement solutions within an organization requires a consultancy to have inordinately superior people skills. The modern-day workforce is diverse. A consultant could be dealing with an intern who’s wearing an Imagine Dragon T-shirt in the morning, and work alongside an experienced CEO in the afternoon. Collaborating with people from different backgrounds is a critical success factor for any consultancy. People empathy is an absolute necessity. All the knowledge and experience that a consultant has might be inefficient if they don’t understand human behavior first.

Confidentiality is their middle name!
Citing broad industry benchmarking statistics is one thing but there’s nothing worse than a consultant who tells an allied industry player “We implemented ‘xyz approach’ at Diorama Services and they added 5% to their profitability!” A strong work ethic and keeping a client’s confidentiality has to be second nature of a good consultancy.

In the boutique and niche consultancy space, EZDynamic is amongst the best Management Consulting firms in New York. We cater to the Financial Services sector and work with an entrepreneurial spirit and a focus to accelerate quality business growth and drive results for our clients. EZDynamic supplies consulting services in the areas of Business Strategy, Technology, Regulatory Implementation, Change Management and Staff Augmentation.

As a consulting practice, EZDynamic constantly strives to embody the qualities and skills needed to be a trusted and impactful partner to their clients.

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