The Importance of Business Consulting

Business consulting provides advice and experience as a valuable resource for every country and every industry. There are several different areas in which this position applies, such as organizational development, technology, e-business, operations, communications, human resources, marketing, strategic planning, small business and other organizations that find the advice of professionals necessary for their growth. When this professional advice is needed, executives turn to analysts for their expertise to help them find ways to manage obstacles and create solutions to increase productivity and efficiency.

This consulting is provided with the receipt of a lot of respect in their area of expertise and is heavily relied upon for its skills and talents in every country and in every industry. Their independence is admired because it creates a flexibility when working with clients to meet their needs at a time that is convenient to the client.

It is also known as management consulting as well, and provides problem solving as well as plans and goals to help companies achieve success. In the United States, this position generates in the area of $100 billion each year. Even if the economy is slow and suffering, these specialists are needed to increase profitability for a company.

As an example of the extensive work that is involved in the process to assist clients with their needs, business consulting requires a needs analysis for clients to help them determine their goals and what areas the company needs to focus on for improvement. Once a plan has been laid out, the specifics of the project, the team that will be needed to implement the process, a timeline for results and the budget required to obtain those results will be outlined.

Business consulting is then implemented through the identification of solutions by presenting recommendations through a presentation and then implementation of the recommendations are covered. Once the process has been put in place, clients are encouraged to provide their feed back in a post-project review. This is only a very simplified version of what occurs during a consultation and the actual process includes much more.

Business consulting also includes the qualitative and quantitative ability to research and gather information when completing projects. The techniques used in the implementation of tools to complete projects are interviews, observation, focus groups and case studies, as well as surveys that allow an analyst to determine what the best route to follow will be in helping clients to achieve their goals.

The BIG 10 Questions that Could Change your Business

by Life & Business Coach Dieter Pauwels October 17, 2008

Successful organizations understand that the key to increased productivity and profitability lies in the ongoing professional and personal development of people.

These companies create an environment where people can grow, develop their unique talents and align their values with a corporate vision.

Your answers to the following 10 questions might illuminate some areas for improvement:

1. What is your level of commitment to the personal development of your staff?


2. Do you know what motivates and inspires your staff and/or employees?


3. What are your company’s vision and core values, and how do you communicate them within your organization?


4. Are you confident your top people will be with your organization 1 year from now? How do you know?


5. If you would be asked to rank your leadership skills on a scale from 1 to 10, how would you rank yourself? How confident are you with your answer?


6. How do you empower your staff or employees to help them co-create your company’s culture?


7. Does your organization inspire creativity and open dialogue?


8. Are you getting the results you want?


9. Do your managers and/or employees have the necessary tools, skills and commitment to help others develop their true potential?


10. What do you want more of within your organization? What’s missing?

More and more companies hire a business coach to work with individuals or teams within their organization to facilitate changes within the context of the organizations’ culture to achieve extraordinary results.

Business coaching is focused on individuals, not business systems. It allows you to move your organization to the next level by investing in your employees at the highest level: in them as people.

Coaching is about developing the most important aspect in business today: leadership from within. It is only when people can effectively manage themselves that they can effectively manage, inspire, encourage and lead others.

Companies hire a coach to work with individuals or teams within their organization to:

• Improve individual performance and self confidence
  
• Increase effectiveness and productivity
  
• Establish open dialogue and creativity
  
• Improve communication skills (interpersonal and negotiation)
  
• Retain employees
  
• Align personal values and beliefs with a corporate vision
  
• Create a leadership attitude
  
• Gain clarity to make objective and thoughtful decisions
  
• Assist in developing measurable goals and taking responsibility
  
• Improve time management
  
• Build leadership, management and team building skills
  
• Manage work related stress
  
• Increase energy and overall well-being

Business & Executive Coaching

What are the trends for Denver business coaching or executive coaching in 2007? Are you prepared for these changes?

• As a business coach or executive coach, did you know:
• Face to face coaching is the preferred method of delivery by 44%
• Email coaching is quickly fading and use by less than 10%
• Executive coaching from bottom up accounts for 92% of all coaching services
• Private pay clients drive 8% of the coaching revenues
• Executive coaching in person is more effective by 70% compared to phone coaching 30%
• Person to person coaching increases rates up to 80% compared to phone coaching
• One third of HR professionals do not view coaching as credible
• Leadership or leadership development accounts for almost 50% of all coaching
• Senior management accounts for 25% of coaching
• Bi-monthly meetings are becoming more popular than weekly meetings
• Client contact should be at least 10 clients a week
• Between 25% and 45% of the Fortune 500 companies use coaches
• 73% of all coaches make less than $10,000 in their first year
• 53% of all coaches make less than $20,000 a year
• 30% of all coaches have never been able to find 10 paying clients
• Only 9% of coaches are currently making more than $100,000 a year coaching
• Coaches who have been in business over 5 years earn $300/hour
• HR professionals report $215 hourly rate for coaching

Business coaching yields a proven return on investment ranging from 200% to over 1000%
These trends are important because the face of executive coaching is quickly changing. If you can provide results driven solutions that can cascade throughout the organization where ROI is quickly achieved and is sustainable, then your practice should grow in 2007. However, if you are still relying solely on telephone coaching, trying to reach HR professionals or focusing on non-leadership issues, then your practice may greatly suffer.

Maybe now is the time to revisit your strategic plan and make the necessary course corrections to your marketing plan and sales plan along with all supporting WAY SMART goals. With this industry growing at 40% annually, these changes cannot be made quick enough.

Mike Tafoya is a Denver business coach and executive coach with offices in Englewood and near Denver. Mike writes, speaks and coaches people in businesses to quickly double or triple results through the creation of an executable strategic plan along with the necessary leadership skills "to pull it off."