Business consulting forms part of the advisory services offered by specialist consultancy and professional services firms.
The primary focus of business consulting is what a company can do to boost revenue and profits. This can spread across a number of different specialist areas which all have an impact on profit generation: typically areas like risk consultancy, regulation, management consultancy and strategy.
The lowdown on business consulting
Business consultants are advisers who work with executives at businesses of various sizes, from medium-sized enterprises to hugely complex global organisations. They carry out extensive market research into their specialist area which involves aptitude in things like statistical analysis and financial forecasting.
They have to be able to communicate what they learn in a straight-forward manner that will be simple for the client to digest and use to improve their business. They also keep up to date with industry developments and regulator obligations to ensure their clients’ business is brought into line accordingly.
A business consultant’s expertise can be invaluable to a company’s success: they often provide advice and support to their clients in negotiations, such as within legal disputes when their business knowledge is required, or with industry regulators.
Salaries reflect the importance business consultants hold for businesses. Professionals outside of the City can earn £30,000 to £50,000, whilst some City salaries can be in excess of that. The graduate route is generally the way forward in this competitive profession. A 2:1 degree is a standard requirement (it doesn’t necessarily have to be a business-related subject).