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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.
What are the advantages of hiring an in-house consultant vs a freelancer?
Certain consultancy firms hire freelance consultants to extend their service offerings without expanding their full-time staff. However, having in-house consultants allows consultancy firms to build stronger client relationships, ensure consistent quality, and maintain better control over project timelines and deliverables.
It also allows them to ensure that the solvability and the number of staff meet the regulatory expectations for business continuity in case they become the outsourced party for a number of tasks, for example: AML backlog clearance after recommendations by the supervisory authorities.
Below are some of the advantages of hiring an in-house consultant compared to a freelancer:
1
Reliability & stability: a consultant fixed within a consultancy firm is more likely to be available for the duration of your project. Their commitment to the firm ensures that they are less likely to disappear or become unavailable, which can sometimes happen with freelancers. Moreover, fixed consultants often have access to a broader team within their firm, including backup in case they can longer work on the project.
2
Commitment & focus: fixed consultants are often more focused on building long-term relationships with clients. Their employment with the firm encourages them to prioritize the client’s long-term success, rather than just completing a project quickly.
3
Liability & accountability: a consultancy firm typically offers greater accountability and financial backing than an individual freelancer. If issues arise, the firm has the resources to address them, reducing the risk for the client. Firms usually carry professional liability insurance, providing additional protection for the client in case of any disputes or errors.
4
Scalability & flexibility: if the project scope changes, a consultancy firm can quickly provide additional resources or expertise by reallocating internal staff, something that might be challenging for a freelancer to accommodate.
5
Long-term support: fixed consultants are more likely to offer ongoing support and maintenance after the project’s completion, as their firm seeks to maintain a long-term relationship with the client.
Internally, these consultants will often assist in the recruitment and training of their new colleagues who have already passed the ‘fit for the role’ test. This allows the client to evaluate the benefit of the group rather than the advantage of the individual freelancer because they are temporarily incorporated into the internal teams of the client where teamwork should be held in high regard.
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.
We are delighted that the article "How to book a good consultant for your projects ?" was at your taste Pieter.
Thank you for your support, do not hesitate to reach us through our contact page or email at support@pideeco.be if we can be of any assistance.
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.
Nice knowledge-gaining blog about good consultants. This post is the best on this valuable topic. I like your explanation of the topic and your ability to do work. I found your post very interesting.
A beautiful article nicely described the importance of compliance services for businesses that want to explore their products to customers and the consultant's role in handling all the doubts, and legal permission to provide your company full access to sell products in the market. This information contributes such nice information to helping many new startup people who are looking for a good consultant.
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Compliance expertTue 21 April 2020
Experts in risk management and regulatory compliance
Pideeco is a consultancy firm providing legal services, business solutions, operational assistance and educational material for professionals in the financial industry.
We are based in Brussels and we specialize in regulatory risk compliance services covering the Eurozone.
Pideeco combines professional Regulatory knowledge and technical expertise to safeguard your business’ reputational and operational risk. Our unique customer-centric approach helps us build strategical and legitimate cost-efficient remedies.
Working with us means reaching out to complementary people, allowing for original thinking and innovative vision.
Perfect
We are delighted that the article "How to book a good consultant for your projects ?" was at your taste Pieter. Thank you for your support, do not hesitate to reach us through our contact page or email at support@pideeco.be if we can be of any assistance.
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.
Nice knowledge-gaining blog about good consultants. This post is the best on this valuable topic. I like your explanation of the topic and your ability to do work. I found your post very interesting.
A beautiful article nicely described the importance of compliance services for businesses that want to explore their products to customers and the consultant's role in handling all the doubts, and legal permission to provide your company full access to sell products in the market. This information contributes such nice information to helping many new startup people who are looking for a good consultant.