From an extra pair of hands to the person that advises on strategical decisions and the future of your company, consultants have become an important and integral part of companies and financial institutions all over world.
The consultancy industry has grown exponentially in the past years. Statista, an online platform specialized in market and consumer data, estimates that the size of the global consulting market increased over 23% from 2011 to 2020. It is also estimated that the management consulting services industry is expected to grow 10% yearly with a forecasted size of $1.3 trillion by 2026.
Good consultants can be an ace up the sleeve of any company. They can guide a company through the complex landscape of regulatory compliance, provide an objective perspective on a company's operations, or help to streamline or improve its processes and systems.
What makes a good consultant?
A good consultant starts with understanding the business model and the company culture of their client. This requires the consultant to ask the right questions at the beginning of a project. The questions asked might seem like lack of knowledge but are in fact necessary to get to the bottom of a clear understanding and right approach.
The approach as thus can only be successful if aligned and in respect of the other stakeholders on the project. It requires the consultant to leave their comfort zone and not be afraid to take the jump.
Consultants come into contact with a lot of people and have a brief timeframe to understand the mindset and the values of those persons that might be a different to the people they are used to working with.
Developing the ability to quickly and creatively approach the project and its people makes someone a perfect match for this kind of work. This is the key to playing the game. This meta motivation - if we refer to the Maslow pyramid of needs - is why consultants go beyond the scope and strive for constant improvement.
A good consultant is someone who can understand your company, comfortably liaise with its people - from senior managers to operational employees - and become part of the company culture while still having an unbiased viewpoint and being fearless in expressing their opinions. Coupled with their expertise, good consultants make valuable contributions to a company's success.
What are change management best practices?
If you book a consultant who wants to take over your entire company immediately, think twice. Not only will the change in management not happen, but the consultant will also not understand the project. Time is of essence, and a consultant that does not understand their role will take time away from the development and success of products, services, procedures, or methodologies.
Stakeholder management requires a consultant that understands the interaction between the different Belbin team characters and positions themselves in the required role. This demands reflection and experience in the kick-off phase of the mission and an ongoing awareness of the team dynamics and the evolving needs of the project.
Business compliance consultant mission sign-off
A good compliance consultant is the person who would fit into your company seamlessly and would not stand out as an average joe vis-à-vis your internal staff. You should also understand that the consultant will not be at your side forever, but isn’t that the sign that your organisation is back on track or has reached the maturity level where it belongs as a business?Mission accomplished.
Outsourcing Compliance Function
The benefits of outsourcing your governance risk and compliance activities can be numerous. Contemporary knowledge, wide range of skills, personality, resourcefulness, good mentality, correct communication even in crisis situations, and strong analytical know-how are the key elements we can bring to your company. Above all, our compliance experts will mitigate your business regulatory risks by performing efficient enterprise-wide risk management strategies.
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Thanks for sharing this informative article. Now consultants are the need of many businesses because consultants are well-aware of the things. Same as for the IT consultants they are good with the use of technology that's why most companies hire them to achieve their goals in an efficient way. If the business related to technology wants to grow their business then I prefer them to hire a good IT consultant for their business.