Management consulting firms exist for one reason: to help organizations improve performance. So, it might sound strange that organizations dedicated to making things better would be facing difficulties doing so. But every business faces challenges, and here are the ones that management consulting firms are saying they’re finding.
The search for good people
Of course it’s not just management consulting firms who are feeling the pinch in this regard — it’s a highly competitive marketplace, so finding the right fit and keeping them around for the long haul is a real challenge. But, there can be no compromise when it comes to finding the best candidates. Settling for anything less is fraught with its own headaches.
Management consulting firms aren’t just competing with the firm next door or down the street anymore. It’s a truly global economy, so firms are in competition with other firms around the world. Staying visible and relevant in such a big pond can really be a struggle.
With consulting firms competing in a global marketplace, it is any wonder that they’re having a hard time finding and retaining new clients? Sure, there are companies out there that need management consulting, but when there are so very many to choose from, new clients can go anywhere they like.
So a consulting firm is battling it out with other firms everywhere for a relatively small pool of clients. What to do? Why, come up with new and innovative ideas, of course. But coming up with a genuinely unique approach is a challenge unto itself, let alone getting it through all the noise to the clients who want to see it.
Putting it all together
So, finding the right people, fighting off the competition around the globe for new business and presenting that new business with creative ideas — that’s all it takes, right? Sounds simple enough. But fitting all the right pieces in place can be the biggest hurdle of all.
Management consulting firms have to solve their own problems before they can step up and solve another company’s. But all it takes is determination, forward thinking, timing, and a little bit of luck, and all of those pieces can fall right into place.