Management Consulting Firms and the Challenges They Face

April 5, 2016

Updates

Management Consulting Firms and the Challenges They Face 

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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.

The competition
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.

New business
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.

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