About the Management Consulting Industry
The Management Consulting industry has been facing difficulties during the last years because of the recession. This fact might have forced some companies to rethink how they can meet their customer’s needs. An effective CRM system is a good component in being a successful Management Consulting firm. In IBIS World 2010 the Challenges and Opportunities within Management Consulting is captured:
“As firms in the Management Consulting industry develops more precise and sought-after specialties, their services will be increasingly valued. While the recession in 2008 and 2009 negatively affected revenue growth, industry revenue is forecast to recover as the economy recovers and corporations once again require the advice of management consultants for restructuring and compliance purposes. Although management consultants have historically been criticized for their services, many organizations continued to hire them because the benefits often outweighed the costs. In the near term, industry revenue is expected to recover somewhat in 2010, and growth will return through 2015 as specialist management consultants are increasingly tapped for advice.”
Key Success Factors
Managing and growing a successful management consulting organization is as much an art as it is a science. Your product is largely intangible, created and delivered by the minds of people who work for you. Your clients have an ever-changing, open-ended variety of needs, which creates a number of challenges for you as you balance staff allocation, optimize skill development and acquisition, and manage the profitability of individual engagements, client relationships, and the firm as a whole.
With such an open-ended business, your ability to deliver creative solutions will always be your most important asset. But, equally important will be the system that supports your organization, allowing you to efficiently manage projects, standardize practices, optimize resource allocations, reduce overhead, maximize profitability, and gain a crystal clear picture of your business position.
By choosing the right system to help you manage the operation infrastructure for your practice, you can dramatically improve your day-to-day operations, which in turn will allow you to do what you do best – serve your clients.