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Management consulting

Shopping Blogs — Mon, 05 Sep 2011 12:42:39 +0000

The revenue rate of management consulting group PLC is increasing at a frequency of around 60% per year. But after comparing the profits made last year, it has been assessed that management consulting group has suffered losses throughout the year 2008. Still, the good fact is that this management consulting group has received 33% more basic profit than last year. It has been stated that the company posted the losses after comparing it with the profit of GBP 19.83 million made last year. The equity holders of the parent group suffered loss of around GBP 22.01 million that means loss of 6.8 pence per share. Previous records show that the equity holders got the profit of about 4.7 pence per share or GBP 13.18 million in the last year. The current underlying profit rose to around 33% from the last year’s profit. The last year’s profit amount was around GBP 26.1 million whereas current underlying profit is GBP 34.7 million.

The underlying share of the management consulting group has also noticed 4.9% growth. It means that the earnings per share rose from 5.9 pence to 6.2 pence. It has also been recorded that the revenue figures of the continuing operations soared from GBP 214.49 million of last year to GBP 343.05 million. This way the revenue rate of this management consulting group is increasing on a rate of about 60% per year. This group invested non recoverable cost of around GBP 21.5 million in 2008 as compared to the previous year’s GBP 2.5 million. This cost was invested in the multiple restructuring programes pursued during the year 2008. The management consulting company invested around GBP 26.7 million this year whereas it did not spent a penny in the year 2007 for impairment of the company’s goodwill regarding parson consulting.

The administrative expenses also increased this year from GBP 86.28 million of previous year to GBP 170.24 million recently. As a result of this, the company incurred an overall loss by making investment of around GBP 15.9 million than the profit amount of GBP 21.9 million in the year 2007. The additional debts taken this year for financial acquisitions lead the company into losses by increasing the interest expense or total investment income to around GBP 4.2 million as compared to the GBP 2.1 million interest expenses made last year. This company is looking forward to get better share prices because of its widening profit base, benefits of the cost lessening measures adopted in last months of 2008 and competence to generate more cash in the business.

All these improvements can definitely increase the share prices of the company and can motivate more and more equity holders to invest on the shares of the company. Above all the directors of this company have recommended a final dividend of around 0.90 pence per share. The final dividend recommended by the company directors was around 0.82 pence per share in the previous year. The company directors have specified a particular date by which the ordinary shareholders have to pay the amount. The scheduled date for paying off share dividend is 2 July. London stock exchange is the trading ground for MMC.L which is trading at 31.00 pence up 8.77%. One can go through the official website of the company on the internet so as to find out the data suggesting fiscal loss as well as profit of the company.

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Call Centers Benefit From Business Management Consulting Services

Shopping Blogs — Thu, 07 Jan 2010 11:15:25 +0000

The best laid business plans will go to waste if they are not backed up by a strong sales team. Whatever your service or product, there is probably an entry level staff team tasked with taking orders or maybe even selling to your clients. This is especially common for large corporations who utilize a call center.

In a call center, millions of sales and dollars may pass through the hands of the telephone staff. It goes without mention that the success of a call center will rely on the aptitude and qualifications of every individual part of the whole.

Businesses such as call centers that rely heavily on a sales team can benefit from professional business management consulting services to build a sales training program and tailor it to the needs of individual industries.

The truth is that any business with a budget and revenue goal has to have a sales plan. Whether a business purposely sets forth to create such a plan can be the determining factor between a bankrupt business and a profitable one.

Business management consulting services will be able to provide a professional outline to develop a sale team for your company. Typically, a relationship between a company and its consulting service is an ongoing one rather than a one time arrangement. While this can be an extra cost above the overhead of running the entire business on your own, it is a cost well worth the money.

As the relationship between a client and a consulting firm grows, the business management consulting services will continue to mold themselves even more so to the special sales niche of the client.

Business management consulting services can provide sales advice to help start, plan, facilitate and manage your sales training process. A large part of having an excellent sales team is ensuring your staff has excellent product knowledge of all your services and products.

One very effective way to use business management consulting services is to allow them to manage and operate product training and quality assurance. While product training and quality assurance are very different arenas, they fit very well together and using a third party management service for these areas can have tremendous benefit.

A management firm will be able to record and keep each employee up to date with changing products or services and monitor employee compliance. Continuous learning is often done with seminars or e-learning tools that employees can login to and complete. Monitoring compliance or quality assurance may be as simple as requiring employees to take a quiz or fulfill a quota of hours staying updated on e-learning. These are very innovative and effective tools for keeping a large team of staff aware of changes and improvements.

Businesses also find that contracting consulting firms to conduct a seminar or workshop yearly, bi-yearly or quarterly is just the right amount of training to keep employees engaged and fresh. A conference at a local resort or hotel can liven up a team stuck in a winter rut or sales slump.

Many businesses call in motivational speakers to pump up and challenge their staff during a conference or workshop. It can greatly benefit your business to get a fresh perspective from a speaker not usually in the industry circle. Often, these speakers come with an outsiders point of view and can refresh a team and send them away ready to make more sales and give their best effort.

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Management Consulting Can Get you Six Figure Pay

Shopping Blogs — Fri, 11 Dec 2009 06:05:56 +0000

Management Consulting Can Get You Six-figure Pay

Management consulting involves assisting businesses in solving their problems and improving their productivity, plus developing their future strategies. This job requires sorting out the best business practices, analyzing the techniques used, altering management and training programs to produce a better workforce, implementing technologies, and developing a better business model. This task can also be as simple as rendering advice to the companies.

Management consulting is in demand in non-business sectors as well. The non-profit organizations, government agencies, and other such bodies are turning towards management gurus to get top advice and effective strategies for improving their performance in their respective fields.

Management consulting is, no doubt, an exciting task. Everyday is a challenge for consultants. They have to detect problems or loopholes, which may be simple or complex, and find solutions. Sometimes, they can do with just a little research. At other times, the problem requires them to do a complete re-assessment of the strategies and business plans of the organization. It can either be a matter of acquisition involving millions of dollars or an issue of downsizing.

In the present scenario, the demand for management consultants has increased, thanks to economic recession. Businesses do not want to take risks and wish to have a foolproof strategy to survive in the market. No matter how big the corporation is, a little management consulting is always welcome.

There are three kinds of management consulting firms. The first one consists of large companies with diversified services spread across the globe. Their broad spectrums of services include consulting in information technology and consulting in management practices. The second kind consists of specialists in strategic and management consulting . They render advice on management, but are not specific to one field. The third one consists of small companies that are experts in specific technologies or fields.

Certain corporate houses build their own team of consultants who supervise all the management decisions. Such internal teams revolve around areas like process management, organizational development, information technology, recruitment and training, research and development, and process development.

Although internal management consulting may pose certain problems, there are still more preferable. So, this is one career option where you get to rub shoulders with the top-notch management of the corporate world. Imagine, they come to you for advice, it does not matter if you are just in your early 20s. Besides, there is a variety of businesses you can associate with. You can be a management consulting specialist for a retail chain. Next, you can be a consultant for a garment exporter. The salary package in this job is attractive right from the beginning. And if you stick to this job, you can easily grab six-figure pay in a few years.

Little wonder that unconventional jobs like management consulting are catching up fast with the new generation. It is a profession that not only requires knowledge about the field, but also skills like communication, presentation, and interpersonal relationships. If you think you have it in you, management consulting might be a good career option. Remember, if everything goes well, you would be at the peak of your career before you reach 40.

Management Consulting is a Growing Business

Shopping Blogs — Fri, 11 Dec 2009 06:05:56 +0000

As businesses and corporations expand globally, the area of management consulting has also expanded. Many times, a company will grow rapidly and not be able to catch up with itself in the areas of technology or productivity. Businesses also buy and sell companies at such a rate that disruptions are bound to occur. These changes also bring new changes in staff. All of these factors can combine and negatively affect any kind of company, no matter how successful it has been in the past. Your traditional management staff might not be able to keep up with all of this.

If your business or company is ever in this situation, management consulting might be what you need. These consultants basically come in and help a company improve overall or in just one needed area. They analyze your problem areas and put together a plan for your improvement. You can hire just one consultant to come in for a special problem they have expertise in. You can also hire an entire management consulting firm or team to review and fix many aspects of your company. They can provide even temporary help on just one project or overhaul your entire system. If your leadership team is changing and you have hired all new people, a human resource consulting team can make it a smooth transition. If your industry is technologically behind the times, a technology consultant can come in and recommend changes. With the way technology changes quickly, this field is becoming more and more necessary. Most management and upper level employees can not keep up with technology on their own. Consultants can keep your management consulting company current and can also make sure those changes do really improve your companys performance. If you need your leadership team to inspire employees or improve morale, a consultant can come in and rev things up.

There are so many reasons any company would need outside management consulting services. Traditional businesses and industries are not the only ones seeking outside advice and help. Government agencies and non profit organizations have also found the advice and solutions given by specialized and experienced management consulting firms helpful.

When choosing a consulting firm or individual there are many things you should watch out for. As with hiring anyone, always check references and qualifications. Just because someone seems to walk into your business with the right walk and attitude to fix all of your problems, does not guarantee that they know anything you do not already. Management consulting is just like any other business in that there are always bad seeds out there.

One criticism of the field is that some management consulting firms and consultants always turn to firing folks as a cost cutting maneuver. If this is the only solution they have for saving your business money, you might want someone more forward thinking. Some management consulting firms will also provide you with a plan that looks great on paper but can not really implement the changes they propose. Some also might try to overcharge for their ideas which are not that innovative to begin with. If turning to consultant, always keep an eye out for cookie cutter proposals. These are simply prepackaged ideas that they think will work because they worked for other companies. If you turn to management consulting , you will want reliable, affordable and original advice to make your company the best it can be.

Management Consulting to Increase Self Storage Profitability

Shopping Blogs — Fri, 11 Dec 2009 06:05:56 +0000

Management consulting services help to systematize and improve the productivity of warehouses. The consulting firm examines the prevailing problems in the business and formulates strategies for overcoming those obstacles. The main aim of the management consulting is to multiply the profits of store-house facilities.

Management consulting lays out a structure for functioning of the warehouse and also make you implement the plan. Consultation firms, especially involved with store-room facilities use specially designed strategies and their experience in the field to give the best results. The goal of maximizing profits and client satisfaction is achieved by adopting the following steps

1. Monitoring

For efficient functioning of any business, it is very important that all details are constantly monitored. Management consulting firms can help the storerooms to monitor the operation of the business. This includes store-house rent, late fee for erring tenants, and waivers etc. All these charges usually amount to about 3 to 5 percent of total earnings, which can go unnoticed. It also encourages the store-house staff to be more efficient and regular in fee collection. They also guide the businesses on planning the price structure. Consultation firms generally make use of warehousing program to track these details and provide correct and precise report to the vendor.

2. Attracting Clients

Management Consulting also focuses on improving the retail appeal of warehouses. Various techniques are brought into practice to achieve this purpose. It may include marketing strategies, structural layout, interior designing, and hygiene etc. Immediate appeal directly translates into flow of clients and competition. Certain long-term plans are also suggested and implemented to achieve this purpose.

3. Reducing Costs

Management Consulting also aims at reducing the running costs and other expenditures in order to maximize profits. They suggest and devise methods to cut down expenses.

4. Increasing Trading

One of the most important functions of management consulting is to increase the sale of the storerooms. This is done both by revising the pricing structure and by changing policies regarding the price and rent of storehouses. Trading can also be increased by offering packing material and transport service to the clients. The store can also provide indemnity to the clients for additional income benefits.

5. Creating Space

Storing units must be adjusted from time-to time, to create optimum space. If smaller units are more in demand, the larger units can be divided into smaller sections. Similarly, if a particular kind of storeroom facility such as mobile store is required more often by the clients, then the resources should be used accordingly. . In this way, management consulting suggests ways in which warehouses can increase their occupancy.

6. Motivating and Training Staff

Management consulting also undertakes the job of inspiring, motivating, and training the storeroom staff. Efficient staff is important to satisfy the existing clients and also the prospective clients.

Consultation services are well-aware of the trends and demands of the industry. Thus, management consulting helps the store-house to get guidance, expert advice, and outside lend a hand in managing and enhancing their business.

What you Need to Know to Excel in Management Consulting

Shopping Blogs — Fri, 11 Dec 2009 06:05:56 +0000

Management consulting refers to the practice of aiding business organizations in enhancing their overall operations by assessing the issues they face and by developing plans for improvement. That makes this one of the most lucrative specialization fields in the current business scenario. The duties of management consultants involve offering expert advice and specialist skills for improving business operations and maximizing profits. Management consulting professionals often have to operate across various business departments like information technology, e-business operations, supply chain management, financial management, marketing, management controls and business strategy.

Role Of A Management Consultant
Often, the day to day duties of a management consultant are complex and varied. This is because consultancy is basically project-based and thus of an entrepreneurial nature. If you are interested in pursuing a career in management consulting , you must have fairly good knowledge of your roles and responsibilities. So, here are some of the basic responsibilities that you need to tackle to excel as a management consultant

• Collecting data required for effective management consulting
• Conducting research and analysis
• Assisting workshops and focus groups
• Assisting clients to implement plans
• Identifying pressing problems
• Formulating solutions and implementing recommendations
• Organizing business proposals and presentations
• Interviewing clients and their employees
• Managing existing projects

Basic Skills Required
If you are planning a career in management consulting and you need to establish yourself in this field, it is crucial that you possess these skills

• Good listening skills a management consultant has to work on creating close connection with clients. To understand the needs, demands and problems of clients, it is important to intently listen to them and make notes of their current business problems and what they expect from your side.

• Confidence in your abilities A management consulting professional is supposed to be exceptionally knowledgeable about the intricacies of the industry. This is why management consultants are expected to offer recommendations and solutions instantly. If you need your clients to believe in your abilities and expertise, you must project confidence in your decisions and stick to whatever you say.

• Good interaction skills Management consulting is all about mingling and collaborating with your clients and helping them enhance their business performance. So you must feel comfortable with dealing with different people on a daily basis.

• Problem-solving skills As a management consulting professional, you must have the ability to understand, assess and resolve the problems that your clients are facing. You must be skilled in isolating these problems and capable enough to advice your clients on the action plans to be implemented.

Depending on the demands and requirements of clients, management consulting projects can engage you for two weeks or a year. To accomplish certain projects, business organizations may hire just one consultant or an entire team of management consultants. Sometimes, the consultant may also need to work on the clients website or provide technical expertise in utilizing mediums like the internet. If you know your duties well, if you are able to use the basic skills to your best advantage and if you are committed to serving your clients well, management consulting can be the right career choice for you.

Basics of Management Consulting

Shopping Blogs — Fri, 11 Dec 2009 06:05:56 +0000

Management consulting is a growing practice and has seen a growth rate in excess of 20percent in the last few years. As a form of service to the business community, it is linked to the prevailing financial conditions. Practitioners of management consulting work toward improving the performance of companies by analyzing their existing business practices and problems.

Management consulting involves viewing problems with an outsiders perspective to identify the best practices and the analytical techniques of their clients. They then offer solutions that include changing the management and training skills, implementation of technologies, and development of various strategies.

Management consulting is not only related to businesses and industries, but of late is becoming popular in non-business fields, such as government, quasi-government, and non-profit organizations. These non-business entities are turning toward management consultations for the application of management principles that have been helping private enterprises for years.

History
This is not a new area of practice in the United States, as many might think. Its practice rose when management came to be thought of as a new field of study and practice. Management consulting first came into being long back in 1886 when Arthur D. Little, an MIT professor, started a consultancy firm. He started by specializing in technical research and then shifted focus to consultancy in general management.

Though it provides general business consultancy services, management consulting these days has many specializations. You will find management experts who provide specialized solutions through Information Technology consulting or Human Resources consulting, among others. The workings of the different industries may vary but the solutions in many cases overlap, as the principles remain the same.

Corporations these days have their own management consulting groups whose practitioners perform as their advisors. They look at the problems as a whole. They use their methodologies for identifying the problem areas, perform their analyses, and then suggest their solutions on ways to perform tasks efficiently and effectively. The solutions could be simple, or complex and colossal. Solutions could involve a total rethink on the way the organization had been run in the past.

Managements may balk at the intricate solutions offered by the management consulting practitioners, but their value to them and their competency cannot be belittled. Their solutions could involve downsizing the workforce by the thousands, or liquidating a section of the business, or acquiring a new but related business worth millions.

Internal Or External Consulting
Managements are not sure whether to have their own internal management consulting group or to hire an external agency. Some feel that an internal group may not be as objective as an external one. Internal groups may provide simple solutions, such as those involving process management, technology, training and development, and organizational development, but shy away from providing harsh solutions which may adversely affect their future in the organization.

Others feel that solutions offered by external consultants may lead to conflict of interest and be biased in favor of one client against another.

These are points of view but there is no doubt that management consulting brings positive changes in any organization.

No Business can go without Management Consulting

Shopping Blogs — Sat, 04 Jul 2009 12:30:50 +0000

Truly, management consulting is something that no company should go without. Indeed, in order to make sure that your business is operating as smoothly as possible, you are going to need to make sure that you receive a bit of impartial input on your effectiveness. Indeed, an outside perspective is always invaluable when it comes to improving upon your efficiency and your effectiveness.

Put simply, you cannot help but view your own company with a little bit of bias. Indeed, you may find that many of your coworkers have, throughout the years, become close friends. Likewise, you may find that your departmental leaders have, throughout the years, become more and more independent, preventing you from understanding their effectiveness with any accuracy. The brilliant thing about management consulting , of course, is that it seeks to make these problems a thing of the past. Indeed, with good management consulting , you are not going to have to worry about your own biases affecting the overall performance of your company, your department, or yourself.

The ideal management consulting representative is going to meet with you several times before he or she is hired. Indeed, they are going to gather as much information as they can about how your company currently operates. After all, management consulting is doomed to failure if representatives do not command a deep understanding of how your company functions on a day to day basis.

Once they have gained an understanding of your setup, management consulting representatives are going to assign the appropriate overseers to the appropriate departments. They are not going to send any industry strangers in your direction. If, for example, your accounting department is in dire need of restructuring, they are not going to send a graphic design specialist to oversee the necessary changes.

Management consulting will also make use of proven internal evaluation methods. Having met with all of the company leaders, management consulting professionals can come up with a set of performance criteria that is both fair and relevant. Using these criteria, the management consulting representatives will be able to hone in on the departments and individuals that require the most assistance and improvement. Of course, down the line, these evaluation criteria can also be used to make any necessary terminations. Inherent to these criteria is a powerful means of holding your employees accountable for their individual performances.

Clearly, then, no company can optimize its performance without ongoing management consulting . Sure, consulting is going to add a bit to your monthly budget, but the money that you stand is save is always going to outweigh the money that you spend in these regards. If you have any questions about the services that are in your area, do not hesitate to look through a few professional directories. Before long, you will be able to root out all of the best consulting services that are in your local area. As always, be sure that you conduct a little bit of research, though. As with an employee, you are going to want to be sure that your consulting service is a good fit for your company.

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Do You Need management consulting ?

Shopping Blogs — Tue, 17 Mar 2009 12:55:45 +0000

If you run your own small business, you have probably heard of management consulting. The question is: do you need this service in order to keep your business running smoothly? Many small businesses do benefit from having this kind of professional on their side, though some do not. In order to understand what a consultant can do for your company you need to consider the definition of the profession itself. Once this is understood, you can determine whether or not you will benefit from this kind of service. What is a management consultant? Why do you need one?

In essence, management consulting refers to the practice of aiding businesses with development and growth. Many different organizations and businesses hire this kind of consultant in order to gain some kind of objective advice regarding a company. In addition, consultants come with highly specialized skills that can really be useful. Since these professionals deal with various organizations on a regular basis, they know the ins and outs of all kinds of business practices. Thus, the information that consultants hold is invaluable to a company seeking to expand and grow. If you aren’t looking to hire another permanent employee, don’t worry — most consultants are hired on a temporary basis or a per-project basis.

In fact, most management consulting professionals prefer to work on a contract basis only. This way, these professionals can handle numerous clients at once. In addition to helping a business grow and expand, consulting experts can also assist organizations with coaching skills, technology skills, strategies, and change management. Often, management consultants are hired when a company is starting to fail, though some small business owners hire these professionals before business becomes bleak. If you think that your company can benefit from a professional outside view, you may want to consider hiring a consultant.

Management consulting services are easy to find. A simple internet search will produce a number of consultants in your area. Alternately, you can ask colleagues for recommendations. Either way, make sure that you find the right kind of consultant for your business. Even if your company is not in any trouble, hiring an expert may still be a great idea. It never hurts to gain an object view of your company, and there is always room for improvement within any kind of business. Do you need a management consultant? Only you can answer this question, though it may be a question that you should seriously consider.

Management consulting- a great career option

Shopping Blogs — Mon, 16 Feb 2009 13:49:34 +0000

re you looking for a great career option that can get you name and fame both? Is it that you always wished to be a great part of the corporate sector but away from monotonous financing and banking? Have you been hearing much about management consulting lately and pondering how shall you pursue it? Do you think you can handle management projects, analyze situations and plan effectively even in crisis situations? Well, if the answers to these questions are in the affirmative then management consulting is a great career opportunity for you.

Why should you opt for management consulting?

These days an increasing number of qualified people are considering management consulting as a great career opportunity. Have you ever wondered why that is so? There are several people who have proven immaculate and extensive experience and knowledge regarding the industry who seek a very effective platform for themselves to shine high and put to use their immense potential and caliber. In fact, there are a lot of fresh graduates as well who are brimming with great and innovative ideas for the industry and are throbbing to use them for the betterment of themselves as well as the industry. The arena of management consulting is very vast, interesting and challenging. In fact, it has incredible opportunities for its aspirants to grow if they have the requisite qualities and skills to portray and excel with. If you think you can put up with ever present challenges, creativity and exhibit your management and analytical skills, this field is apt for you.

What is required of you to do in the job?

If you are successful enough to get in to the profession of management consulting then there are diverse jobs you will have to undertake and perform. As the basic objective of the management consultant is to aid in improving the performance of the client, all your essays should be driven in that direction. The companies seek innovative and fresh ideas from you along with other variety of useful services. They expect from you the identifying of the problems they might be facing with in growing any further than the current status they enjoy, creatively devising plans for them that can help them to solve intricate management concomitant problems and re- engineering/ designing of the critical processes.

Many clients also want you as a management consultant to transform the very fundamental way in which they run their entire business so that better profits and turn over is experienced by them. In management consulting job, you can be involved actively in designing, creating and building various new approaches for and to a business and helping the clients to integrate and effectively operate these approaches.

Why is management consulting so lucrative for you?

If you have a grounded experience of your industry, know the basics of it and can manage the given projects along with the concerned people well, then nothing can be better than management consulting for you. This is an ever challenging job where you get to meet leading management people, the key decision makers of successful companies, experts of various fields and many other talented individuals. This helps you to know people of your industry better and increase your intellectual realm theoretically and practically as well. You earn enough fame and eventually power also creeps in within your hands. So, if you have the skill and requisite qualities, why not make the most of it?

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Application of management consulting in a business organization

Shopping Blogs — Sat, 24 Jan 2009 12:31:58 +0000

Management consulting is one of the most essential parts of a company, especially for the one that takes the branding concept very seriously. It is a broad term that encompasses almost all the areas related to business management. Whether you are the owner of a new company or you are already a reputed and established organization, seeking services from a management consultant will help you in improving your company’s performance manifolds. These consultants will help you in solving any of your existing business related problems and they will also be able to suggest you which business practices to be followed in a particular situation.

A management consulting firm will also assist you in carrying out a change management. Changes are often made in a company so that the individuals, teams and employees can perform in a better way in future, as compared to their past performances. Making changes in a company is not an easy task as members of the company usually do not welcome the changes that may make some restrictions on them. After all, businesses need revamping from time to time so that their identity can be sustained but changes usually depend upon how people react to them. Most times, it has been found that companies fear to make the changes in their management because they do not want to upset the scheduled working routine. So, change management is needed when forward progression of a company is needed and it is felt that things should go smooth, even after implementing the changes.

Project management and HR consulting are also two of the major specializations in management consulting. HR consulting is helpful for a business organization to refine its HR processes as it defines business goals and employment philosophy which are prevalent in a business organization. This type of consulting also delivers issues that pertain to legal counseling, policy making, appraisal management and investment. Some practices may also include management of organizational changes, identification of career paths and assistance to the clients by way of competitor research methods. Companies that want to handle their HR activities in a systematic way always employ HR consulting services so that they can find out accurate solutions for their HR related queries.

Some management consulting firms also specialize in project management which involves planning, initiation, organization, resource management, project execution and other factors that influence a project’s success. The management of projects ensures that the projects are completed within pre-defined time and adhere to constraints such as scope, budget, time and quality. By way of the project management, each and every step of the project is tracked so that appropriate execution and rapid progress is ensured throughout the project. An important initiative in project management will be helpful in developing a project framework that defines its competencies, principles and methods regarding the work.

Usually, businesses tend to become complex with time and handling them becomes a new challenge. Almost all types of businesses depend upon external experts and management consultants who are able to analyze the situations and optimize the profitable ways ahead. In this way, the efficiency, returns and structure of the company are improved manifolds. So if you want to build an identity for your business and become a successful entrepreneur then it is wise to think about approaching a professional management consulting firm.

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Top 10 reasons why to choose management consulting

Shopping Blogs — Fri, 02 Jan 2009 13:44:53 +0000

Management consulting assists business organizations in increasing the business productivity by analyzing existing business troubles and flaws in business plans that hinder the growth of a company. Management consulting also provides recommendation of effective and legal ways to recover business from insolvency and assist new businesses to get firm establishment in the business sector. The consultation is dedicated to bring market friendly modifications in the business plans so as to eliminate the losses and boost clientele of a company.

Need of management consultant

Hiring management consultants can help the companies in providing professional assistance and advice regarding how to succeed in a business. Management consulting is the imperative services of present times where management consultants with sound knowledge of current business trends and development bring success to a business.

Here are top 10 reasons specifying the importance of management consulting:

A management consultant suggests practical tips and techniques to the employees by which they can bring maximum profit for the company. It is vital for the management consultant to gather complete details of the company so as to apply practical techniques of boosting company’s profit.
One of the premium roles of management consulting is to encourage communication between employees and employer so as to make the employees feel comfortable in the office environment.
A management consultant holds the responsibility of reorganizing the structure of the company.
A management consultant holds responsibility of suggesting latest managerial trends which can boost up profit level of a company.
A management consultant motivates the employees so as to make them work as a team and not as an individual.
A management consultant makes special efforts of bringing leadership qualities among employees.
One of the essential qualities of management consulting is to provide work guidelines to the employees according to work policy of a company and make them deliver their best performance. Different companies have different work policies and so management consultant should avoid suggesting similar managerial techniques to all the companies.
Analyzing company’s policies is one of the most important goals of a management consulting.
It is vital for the management consultant to make special efforts so as to improve corporate culture in a company.
. Management consultant should have a proper check on how the mutual conflicts and work issues of employees are being solved. It is advisable for the management consultant to suggest impartial and satisfactory solutions to the employees in case of any mutual conflict between employees.

Types of management consulting

Information technology consulting is one of the major services in large IT groups.
Human resource consulting is required for the management of a team of employees.
Medium sized IT management consultancy is helpful for both small and large firms.
Large strategic and management consulting is not limited to a specific kind of business and so can be utilized in different kind of businesses.
Boutique firm’s management consultancy is fruitful in boosting the productivity of small firms with less than 50 employees.
Global management consulting is emerging fast as a premium source to learn ways of contract negotiation, in sourcing, outsourcing and vendor selection for a business.

Whom to choose as a management consultant?

In order to get efficient and effective management consulting services, it is advisable to opt for a skilled, certified and reliable management consultant having sound experience and expertise of providing market and customer friendly modifications in the business plans of a company. The management consultant must be thoroughly regulated by the federal management consultation authority which is dedicated to provide legitimate solutions to those facing heavy losses in a business or confused as to how to start and succeed in a new business.

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Secret Shopping

Shopping Blogs — Fri, 22 Jun 2007 08:39:27 +0000

Mystery Shopping

Mystery shopping is a tool used by market research companies, retail stores, restaurants, hotels and many industries as a tool to measure the quality of products and/or services. Mystery shopping, or secret shopping, began in the 1940’s as a mechanism to measure employee integrity.

Secret shopping is also known as: mystery shopping, experience evaluation, mystery customers, spotters, anonymous audits, virtual customers, employee evaluations, performance audits, telephone checks and fulfillment assessments.

The concept of mystery shopping is centered on the idea that the customer’s perspective is important to the success of a business. In order to get an unbiased opinion of a company’s service, secret shoppers anonymously pose as customers and later provide feedback on their experiences and how satisfactory the product was. Companies may use this information gained from secret shopping to benchmark their customer satisfaction rates and find ways to improve the customer’s experience.

The purpose behind the concept of secret shopping is to allow businesses to gain improved customer insight into how the customer service related functions of their business are performing, and utilize the information gathered as part of performance management and service improvement initiatives.

Customer service has become a top priority for many sectors of businesses, especially restaurants, hotels and retail businesses. Customers often shop for product and compare two or more businesses before making a major purchase. With so much competition, usually geographically within a block or two of each other, it is imperative for businesses to out perform their competitors by focusing on the customer’s experience. How employees look, their actions, how many times they smile, how often they offer assistance- every little detail is constantly scrutinized by the customer. These businesses thrive on keeping their customers happy. Mystery shopping is a valuable tool that not only ensures the customer is happy; secret shopping keeps employees accountable and maintains that the bottom line of any business is profitable.

According to a recent US and World report that focused on lost customers by major companies, the report found that of the customers that left:14% left a business for better product, 9% went elsewhere for a cheaper product and 68% left because of poor service or the poor attitude of employees within the business. This study clearly demonstrates the significance of service quality and product quality.

In the service industry, it is not enough if the product meets the functional requirements of the customer. Businesses must also meet certain other customer expectations such as desirable behavior and a pleasant attitude of the person delivering the service. The customer’s satisfaction is the combination of product, environment and behavior/attitude. In today’s economy, it is essential to address what enables the customer’s satisfaction in order to see healthy business growth with the utmost importance given to measuring technical processes, product quality and customer service .

Secret shopping assesses the performance of employees and addresses conformance to the standard set by an individual company and within the industry. Mystery shopping provides feedback on behavioral aspects of service and usually deals within these areas which have been indicated by research publications to enable growth for a company.

· The responsiveness or readiness of an employee to provide service. Customers want to feel that help is available when they have questions or need guidance in choosing between similar products.

· The level of courtesy, respect and friendliness of personnel in contact with customers. Customers should feel appreciated and feel that the employee they are in contact with is sincere.

· The timeliness such as delivering product on time and also first contact resolution. Customers should be greeted and offered assistance within a few seconds of entering a business. Service and product should also be delivered promptly and on time, if not taken by the customer directly after purchase.

· The complete resolution, otherwise known as listening to the customers. The customer should not be talked over. Employees should answer their questions or seek an answer to the question.

· That there is good communication and empathy, when appropriate. Speaking in the customer’s language is also desirable, especially when the language is that other than the most common language to the area.

· Credibility is important to any industry and business. Taking ownership for errors and also resolving complaints are important when providing excellent customer service.

If a customer’s experience matches the customer’s expectations that will lead to customer satisfaction. When a customer’s experience exceeds their expectations that can lead to customer delight and the customer will be more loyal to that business. The goal of secret shopping is to highlight the areas in which a business or individual employee meets these areas and also the areas in which the business or individual employee can improve in order to meet these goals.

Customer retention and loyalty results from meeting and exceeding the customer’s expectations. The focus should not be to simply meet the goals, but to exceed them. Customer satisfaction and furthermore, customer retention demands the continuous improvement in an organization’s capability to examine its processes, environment and attitude. A business with good customer satisfaction and customer retention can not stop monitoring and measuring employee performance and the level of customer satisfaction or it would surely diminish. Secret shopping is a way to guarantee an ongoing evaluation of customer satisfaction.

Studies have also shown that a business can increase their profits by almost 100% by retaining 15% more of their customers than their competitor retains. This is because the cost of acquiring new customers is usually higher than the costs associated with retaining customers. Firms and businesses with loyal, long term customers can financially out perform competitors with higher customer turnover.

Focusing solely on attracting new customers and neglecting customer retention is much like adding water to a leaking bucket. Brining new customers in the door while former customers walk through the door of your competitor can harm your bottom line. This is why management must focus on employee behaviors, service issues and the customer’s experience in order to establish a differentiation between the company’s competitors.

The level and quality of service a business delivers to its customers is vital to the company’s success. The customer’s total experience with a business and the employees within that business dictate whether the business will succeed or fail, whether it will be profitable or not. Simply having expectations about what sort of experience customers should have in not enough. Businesses must measure and inspect. Objective, anonymous, third party assessments of the customer’s experience will provide a business the information needed to ensure the expectations for the customer’s experience are carried out in reality.

Customer service happens; good or bad, it continually happens. It is clear that how service happens can be controlled by managing the areas discussed and that the customer’s perspective is everything. Secret shopping helps capture the consistency and level at which a business provides service. Mystery shopping has one objective in mind: to rate the customer experience.

Once a business has contracted a secret shopping company, the mystery shopping is performed randomly from a third party. Tools used for mystery shopping assessments can range from simple questionnaires to complete audio and video recordings to detailed reports with complete employee background history.

The internet has provided an entirely new outlook on the secret shopping industry as many secret shoppers shop online. Video and audio recordings are also more often shared via the internet and the report, or evaluation, of the mystery shopper’s experience can be sent through the internet. Many secret shopping companies are completely administered through the internet. This allows the mystery shopper to use the internet to register for participation, find secret shopping jobs and even receive payment. The internet also allows the corporation or business being shopped to receive the results in a timelier manner than previous methods.

Secret shopping may be performed by physically shopping at the company, shopping online and shopping on the telephone. The avenue in which the shop is performed also affects the degree and points that can be measures by the shopper. For example, a secret shopper that it physically present will be able to judge the cleanliness of a business as well as how long it took to be greeted. A secret shopper conducting as mystery shop online will be able to assess the ease and user-friendliness of the site and also how satisfactory delivery and response times were. A mystery shopper conducting an assessment over the phone will be able to measure behaviors and attitudes and how knowledgeable the employee. These various methods allow nearly any business in the service industry a way to know what really goes on between the customer and employee. Each method provides its own benefit over the other and oftentimes, these methods can be combined to provide the widest view of the customer’s experience.

When a client company comes on board with a secret shopping provider, a survey model is usually drawn up and agreed to that defines what information and improvement factors the client company wishes to measure as part of the mystery shopping process. Common points of measurement and information provided by the secret shopping service are:

· The date and time of the visit or phone call

· The name of the store employee

· The number of employees in the store, or designated department, upon entering

· How long it takes before the secret shopper is greeted

· Whether or not the greeting is friendly

· The questions asked by the secret shopper in order to help find a suitable product

· The employees willingness or sincerity in helping the secret shopper

· The types of products shown to or discussed with the secret shopper

· If or how the employee attempted to close the sale

· Whether or not the employee invited the secret shopper back to the store

· The cleanliness of the store and the store’s associates (when conducting an in person shop)

· The speed of service

· Compliance with company standards that relate to service, store appearance (when applicable), and behavior/ presentation.

Mystery shoppers are sometimes given specific target areas or a specific assignment. For example, if a restaurant wanted to monitor the service they provide to customers with special needs, the secret shopper may pretend to have a peanut allergy, a secret shopper in a retail store may ask specifically about financing options, a hotel secret shopper may as for certain services, etc. Secret shoppers sometimes measure everything from the moment they drive onto the property of the client company all the way to the delivery of their purchase. However, not all secret shops include a purchase.

Some secret shopping is intended to measure the sales techniques and presentation of the client company. Not all cases require a purchase. In many instances, a secret shopper will enter a facility or pick up the phone and only inquire about a product or service. Because the shopper does not intend to purchase the product or service, this also presents an opportunity to assess how strongly an employee will try to close the sale. The shopper will submit the date to the secret shopping provider company. These measurements provide the client company with valuable insight into how the customer perceives their service. The information gathered during the secret shop is then analyzed before quantitative and qualitative statistical analysis reports. The data and reports are then returned to the client company that will measure this information against the previously defined criteria or industry standard.

The most common venues to be mystery shopped are retail stores, hotels, restaurants, fast food chains, banks, gas stations, car dealerships, apartments, health clubs, airlines and cruise lines. Even doctor’s offices are becoming game for mystery shopping, as many patients cringe at the thought of waiting beyond their schedules appointment to see the doctor. Virtually any context in which there is a customer/ employee interaction is open to mystery shopping . In the UK , mystery shopping is increasingly used to provide feedback on customer services provided by local authorities and other non-profit organizations.

A 1994 survey indicated that fast food outlets consistently scored the lowest in customer satisfaction among several industries. Due to this criticism, it is estimated that 75% of the 95 largest fast food chains now use a secret shopping program, up from just 45% five years ago. There is no argument that today’s consumers expect the best price, top-notch products and superior customer service.

The secret shopping industry had an estimated value of nearly $600 million in the United States in 2004. In 2004 secret shopping companies experienced an average growth of 12.2%. The report estimates that more than 8.1 million mystery shops were conducted in 2004. Secret shopping is more embedded into company procedures in European regions, and similar reports are available.

Mystery shopping programs are valuable because:

· Most customers who have unpleasant and unsatisfactory experiences will not raise their complaint to the company. They will not return.

· Dissatisfied customers are likely to tell several friends and family about their unpleasant encounter. Who in turn, probably avoid doing business with the offending company. Word of mouth greatly affects the credibility and reputation of a business, whether negatively or positively.

o It should be noted that negative word of mouth travels more quickly and farther than positive word of mouth. Therefore, it is all the more important to guarantee a positive customer experience.

· The use of secret shopping to provide independent and impartial feedback reduces any perception of favoritism in incentive programs. Secret shopping can also allow the employee to feel more comfortable in the workplace if they don’t hear that the management is scrutinizing their every move because an anonymous, third party will provide the assessment.

· Secret shopping helps determine whether customer’s actual experiences are intended. Mystery shopping reveals whether or not good customer experiences are consistent and how they may vary. This allows the client company to purposely set in motion a plan of action that can help increase the consistency of positive customer experiences.

· Secret shopping programs can identify areas of training which need improvement and can identify areas of training that are working particularly well. Knowing what the successes are will help keep morale up while a business focuses on improving the areas that are substandard.

As discussed previously, there are several types of secret shopping . Services offered by secret shopping providers may include:

· 24-Hour Reporting: Reports/ results are delivered or accessible to a client within 24 hours of the store visit/ phone call/ internet visit. (48 hour and 72 hour reporting follow the same logic.) This is the closest form of real time secret shopping available and provides the fastest results. Because of timeframe, the results are often not as detailed as some reports can be generated but require more time.

· Audio Recorded Secret Shops: These are secret shops in which sound is recorded. They can be used for either customer service or employee integrity issues. Recording phone conversations unknowingly to all parties involved is restricted in some states.

· Competitive Secret Shops: These are mystery shops in which a client company contracts the secret shopping company to visit the competitor and information is noted on the same survey used by the client company. These shops are usually requested to compare customer service or pricing with a competitor.

· Customer Service Evaluation: This form of secret shopping is the most typical form in which a secret shopper poses as a customer and then, after leaving the facility or ending the phone conversation, fill out a survey form regarding policy compliance, customer service, selling skills, facility appearance and/ or product quality. This form of secret shopping is also sometimes called General Mystery Shopping.

· Customer Service Training: These mystery shops are usually requested and conducted as a follow up to a General Mystery Shop. The results of the surveys are tabulated and based on the information acquired, training will focus on areas needing improvement.

· Cybershops: Mystery shops conducted via the internet are referred to as Cybershops. They are often used to determine how easily a client company’s website is to understand and how easy it was to find what product or service the customer is looking for.

· Discrimination Testing: Mystery shops can be used by establishments to collect information on treatment of customers with varying demographics. These are sometimes requested by the client company to ensure equal treatment and sometimes requested by the government. Depending on the setup of these programs, these shops may be restricted by law.

· Incentive Based Shopping Program: This is a mystery shop program whose results may spur a reward to the employees who were secret shopped.

· Integrity Evaluation: These are secret shops in which employees are evaluated covertly, in order to measure or determine their honesty. These are usually requested as a result of a problem and typically focus on the cash transaction between the shopper and a specific employee. These shops are restricted by law in some states. It is advisable that only licensed private investigators perform integrity testing.

· Internet Performance Evaluation: This secret shop utilizes the internet to evaluate performance of internet related transactions. These typically focus on measuring the email responsiveness to customer inquiry from a web site.

· Internet Reporting: This refers to the capability of a secret shopping company to send reports to the client over the internet, or the capability of a client to access the reports via the internet.

· IVR (Interactive Voice Response) Reporting: This is the capability of a secret shopping company to receive reports from shoppers via automated telephone response systems. Additionally, IVR may be used to capture comments directly from customers, which can be used in conjunction with mystery shopping as a means of measuring customer satisfaction.

· Merchandising Audits: These can be over or covert visits by representatives who are asked to check merchandising and point of purchase issues; including, but not limited to, the stocking, placement and pricing of specific merchandise and POP materials. These are usually requested to ensure policy compliance by either a retail store or the manufacturer of the product.

· Mystery Shopping: This is the use of pre-calculated and qualified consumers, such as independent contractors, or professional staff trained to evaluate a business anonymously using a prescribed evaluation form. The evaluation may take place in person at the business establishment or through public media such as the telephone or internet. Mystery shopping is also referred to as secret shopping, spotter services, shopper programs, undercover performance evaluations, anonymous consumers, shopper audits, virtual customers, and so on.

· Operations Audits: These can also be over or covert evaluations of adherence to operational guidelines. These are usually survey based with yes / no questions and supplemental comments. They are not based on opinion but rather based on actual measurable policy compliance.

· Price Audit: These can be cover or over as well, and record the prices of various products or services. They are usually used to evaluate pricing compliance by retailer or manufacturer; or to respond to price changes among competitors. A small price audit of most common or high ticket items may be included in part of a competitor shop.

· Questionnaire and Program Design: This is a service offered by many secret shopping companies or marketing research companies in which they assist the client with survey questions and program design. The vendor may make recommendations as to the focus of the shop, the content and wording of the questions, the number and frequency of the shops, reporting formats, incentive programs and the use of the information.

· Specific Individual Evaluations: These are usually integrity related. A shop may be requested by a client because there is a reason to believe that procedures are not being followed by a specific employee.

· Telephone Performance Evaluation: This form of secret shop utilizes a survey to covertly evaluate the compliance with telephone procedures of an employee or call center. These types of shops may also be performed to evaluate the sales performance of the client company.

· Video Recorded Secret Shops: These are shops in which video is recorded. This could be used for either customer service or integrity. Video recorded secret shops are restricted by law in some states.

Customer experience measurement should include the objective experience data that secret shopping provides. Mystery shopping records a snapshot of the way in which customers are engaged by the business. Specific measurable items are assessed to provide an objective look at the customer interaction. Mystery shopping can answer important questions a client company may have regarding how long is takes for customers to be greeted and if the associates on the phone are friendly and represent the company well. It may be valuable for a mystery shopping program to be augmented by customer satisfaction surveys, interactive voice response (IVR), and other means of measuring how customers feel about a business. However, customer satisfaction measurements such as surveys, should not by used exclusively to guide customer experience management programs because they are not objective. While gathering information about the attitudes of customers can be important, customer feedback is, by nature, subjective and can be influenced by emotion. The objectivity that mystery shopping provides is critical to any effective customer experience management program.

Bottom line performance can be influenced, in either direction, by many factors. As reported and discussed, customers use the behaviors and attitudes of a company and its employee to determine how satisfied they are and if they will return. So quantifying the financial return on investment of any new incentive can be difficult. The behavioral return on investment in secret shopping programs can be readily measured, though, provided the results of the mystery shopping program are effectively used to change employee behavior. For example, if a secret shopping report reveals that fifty percent of the time, employees fail to thank the customer before ending a phone conversation or before the customer exits the building, the company may take specific steps to ensure that employees understand what the expectations are and that employees should thanks each customer. Subsequent secret shopping may later reveal an improvement in this area. The financial value of that improvement may be hard to gage, but consider this: a customer who felt appreciated and valued is far more likely to do business with a company that a customer who is underappreciated or ignored. Acknowledging customers as they enter and exit your building has also been proven to improve loss prevention and reduce the rate of theft. Both of these factors should be weighed when determining the worth or value of a mystery shopping program.

Mystery shopping has proven to be an asset for those wishing to assess heir staff while off location. Insightful feedback from the secret shopper can not only identify opportunities for improvement, but also highlight trends based on the data collected from the secret shopper’s evaluation.

While many companies allocate funds towards training their employees, very few monitor their program’s effectiveness afterwards. In addition to improving customer satisfaction and customer retention, and as a result, the bottom line, secret shopping also validates that money invested in employee training is worthwhile and productive.

Debate has arisen about the effectiveness of mystery shopping. Those who oppose the practice suggest that an individual who knows nothing about a particular workplace has no business analyzing it. This ideal might be counteracted by arguing that customers enter and exit a business without becoming familiar with its inner workings and yet, they still leave with an opinion about that business- an opinion that will affect that business’ bottom line in one way or another. Secret shopping faces opposition in that some managers feel there could be an explanation for why a certain type of poor service was provided. However, studies show that customers expect a high level of service, despite whatever obstacle the company may be facing. Perhaps a mystery shopper is the answer for some, but not all. Meanwhile, those who prefer a tangible report revealing the way customers generally feel when they leave your establishment, can find it in an unbiased, honest evaluation from a mystery shopper.

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