Contacting a consulting company is a strategic decision that can set the vector for your business development for years to come. This article will consider the best business development consulting firms in the modern market.
The purpose of a business consulting
In a modern market economy, consulting services have long been an essential element of the infrastructure that supports it. No single serious economic and managerial decision in countries with a market economy is complete without consultants: economists, lawyers, marketers, etc., individuals, and more often united in consulting firms. Consulting can be seen as a professional service or a method of providing practical advice and assistance. At the same time, it is also a method to help organizations and executives improve their management practices and individual and organizational performance.
Depending on the tasks set, they diagnose problems and analyze business processes, developing and implementing valuable business solutions. The assistance of external consultants may be required in many cases. Firstly, it may be associated with the upcoming expansion of the organization, with a change in the form of ownership, the scope of the company, or the need to audit its activities or bring the company out of a crisis. But, first of all, the help of involved specialists is needed when registering a legal entity or an individual entrepreneur at the very first stage of business.
The most common types of consulting services are:
- General management consulting. Consultants deal with issues such as determining the goals and value system of the organization, developing a development strategy, forecasting, etc.
- Administrative management consultants. Their main task is to optimize the management of the organization.
- Financial management consultants. They deal with financial planning and control issues, taxation, accounting, placement of shares and units on the market, credit, insurance, profit and cost, insolvency, etc.
- Marketing consultants. They deal with market research and provide decision-making in sales, pricing, advertising, new product development, after-sales service, etc.
From the point of view of the importance of this specific area of business is the profound influence that professional consultants have on making the most important management decisions in the corporate sector. After all, the owners and top managers of companies are the main consumers of the “products” of consulting firms. Moreover, over the past two decades, top government officials have increasingly resorted to the services of independent consulting companies, thereby, as it were, transmitting their influence to the level of state economic policy.
The top business development consulting firms
The consulting industry has existed for more than 90 years since the beginning of this century. According to a survey of the global consulting market, the annual increase in sales of consulting services from 1996-2022 amounted to 15%. So, the list of the best business development consulting firms includes the following:
- McKinsey & Company
- BS LLC
- Ebitda Catalyst
- L.E.K. Consulting
- Simon Kucher & Partners
- Wood Mackenzie
- Mott MacDonald
A consulting firm is a company whose specific activity is the presence of several market elements with uncertain fluctuations in the volume and structure of demand, a high degree of risk in conducting a commercial operation, and aggressive, growing competitors. Therefore, it is more often focused on flexible marketing management using situational plans and scenarios developed as potentially dangerous situations arise. Strategic planning and marketing consulting services are interrelated, and the marketing activity plan is the main part of the company’s strategic plan. The firm’s general policy should define the strategy, indicating the constraints and criteria that must be considered in this strategy.