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Showing posts from June, 2017

What Is Management And Strategy Consulting?

Management consulting firms are hired to help their clients know how to best manage and operate their business. Management consultants offer their expert advice on operational techniques, strategy, resource allocation, human capital, and marketing within the framework of the client's industry. Management consulting has been around since the late 19th century. The first consulting firm was founded by MIT professor Arthur Little in 1886. Other top consulting firms have their roots in academia as well. Booz Allen Hamilton was founded by Edwin Booz who had graduated from Northwestern University. Management consulting experienced exponential growth in the 1940s and 50s as demand for business management and financial advice spurred demand. Firms grew to become more national in their operations, opening offices around the country to better serve their clientele. Growth continued through the 1970s and 80s as industry best practices were developed by powerhouse consulting firms such as Mc…

What Represents Management Consulting?

Considering today's tough economy, an effective management is crucial for any type of business. All industries face extremely tough competition, and only the best businesses manage to stay on top. The general state of economy has affected each and every sector and industry, and in order to reduce costs without sacrificing quality and productivity, proper management is crucial. With highly trained teams of professionals, management consulting firms offer quality strategic advice to numerous companies, in the most critical situations. Whether it is a general consultancy firm, a firm specialized on a particular sector or a niche firm, such professional assistance will provide innovative strategies and solutions that cater to the specific needs and requirements of a business. Consulting has become a thriving profession, as more and more companies, in an effort to downsize and reduce their costs, are in need of innovative strategies and practical solutions. Whether they are faced with…

What's the Difference? - CFO Versus a Controller, Accountant Or Bookkeeper

A. CFO Responsibilities: 1. Cash Management Cash management includes understanding your business's "operating cycle" (i.e. cash to cash cycle). To improve your "operating cycle" it is imperative you understand what it means, how to calculate it, and what influences it before you can improve it. Cash expectations your cash balance to be in 6 months?" Most of the time companies are fighting cash flow problems today and can't think about the future past this week. Forecasting and managing cash flow provide a real sense of control over the business. Implement a Cashboard-Dashboard, 13 week cash flow forecast and review cash flow reports at least monthly. The key for any business is to focus on cash, not just EBITDA and Net Income, as Cash is King! 2. General Financial Sophistication • A sounding board for the owner in making key decisions, as the Trusted Advisor
• Fewer cash flow surprises using a Cashboard-Dashboard and 13 week cash flow forecast
• Better …

Extended Role of Management Consultants

Over the recent years the idea of management consultants have changed dramatically in both, management consulting and in other professional services. Management consultants have started to rethink and redefine their business, widening and enhancing their service offerings, merging or establishing alliances with other consultants and professional service firms, and abandoning self-imposed restrictions on the sort of work they are prepared to undertake. These changes have been triggered by a number of factors, including the growing complexity and sophistication of doing business in national and inter- national environments, market deregulation and liberalization, new opportunities for innovative consulting, growing demand for integrated and "one-stop" professional services, competitive pressure coming from other professions and, above all, the advancement of information technologies and their rapid penetration into management and business processes. In using consulting and ot…

How To Prepare For Case Studies In Management Consulting Interviews

Management consulting interviews are notorious for case studies. They are not your standard job interview, but rather a series of case descriptions and hypothetical or theoretical problems in business, which are expected to be analyzed or solved by the candidate. Preparation for such interviews is crucial to success and getting hired with a top management consulting firm. Firms, such as McKinsey or Bain present a series of case studies during the interviewing process. The skills necessary to successfully perform on a case study interview are the similar skills needed to work effectively as a management consultant. Management consulting experts are required to understand the basic concepts in business, such as market structure or financials, as well as think analytically and in a highly structured manner. A management consultant's daily job basically consists of real-life case studies, so the case study exercise in an interview setting provides the hiring committee an active asses…

Doing Business in the United Arab Emirates - Smart "Must Do" Strategies

The United Arab Emirates (UAE) is a fascinating country that includes the larger-than life city of Dubai, the government and banking powerhouse of Abu Dhabi, and the serene ocean views of Fujairah as well as five other unique emirates. In addition to the glimmering cities, the United Arab Emirates (UAE) offers a melting pot of cultural influences through its vast expat community and its unique "middle east meets west" business climate. If it weren't for the desert and the Emirati national dress (women wear the black Abaya robe and Shela scarf to cover hair and body, men wear the distinguished Kandora or dishdash robe ranging from white to brown depending on the season and the Guthra headscarf), you may think you were doing business in any major western city. Don't let the appearingly casual and unassuming business climate fool you. Emiratis (UAE Nationals) are a proud and family-centered people who take great care in selecting business associates and friends. Before…