What is a Consulting Firm, and How Does it Work?
Introduction There are some common misunderstandings prevalent regarding management consulting firms. People often believe that these firms have the job of “solving conflicts”, but they do not know-how. So we will try to find the answer to this “how” in the following lines. What is a Consulting Firm? Consulting firms are business houses whose job is to sell business advice to organizations and help them resolve their issues. They do it by in-house experts and external experts. Consulting firms operate from a range of one or a few industries to hundreds or thousands of areas. Most of them are grouped as partnerships, principles, or directors. Some are categorized into offices, projects, and support centres. How do these Work? Partnerships These king of consulting firms are organized as multiply independent but mutually supporting entities and have separate owners and management. McKinsey, BCG, ...