A. Consultant = an "expert who gives advice"
1. People who work in consulting give advice to companies for a fee
2. Are hired and paid by companies to solve a specific problem
3. Gather information
• Research (read)
• Learn and interpret information
• Analyze large sets of data
• Interview people--another way to learn
4. Summarize and Present information
• Write summaries and opinions--synthesize your findings
• Summarize data
• Create PPT slides to present--to boss, clients,
B. Industry by numbers
• 700K + consulting firms registered in the U.S.
• Most of these firms are made up of 1 or 2 individuals
• 1.5 million people work in consulting in the U.S.
• $223 Billion of revenue in 2016
Why do companies hire consulting firms?
1. There's a problem they don't know how to solve
2. There's a problem they don’t have time to solve
3. They need a unique perspective to make the best decision
4. They need a lot of people to tackle a new project
5. Sometimes it is cheaper & easier to hire consultants instead of hiring more &
the right employees
D. 3 Primary Types of Consulting
1. Strategy Consulting = help a company's executive officers make high-level
decisions to improve the company's performance -- "I HAVE A PROBLEM,
WHAT DO I DO?"
• 3 "elite" consulting Firms specialize in Strategy Consulting:
• Bain (5700 employees)
• McKinsey (11,000 employees)
• Boston Consulting Group (6200 employees)
• Expensive advice
• You are a CEO of a company and are faced with a problem--hire a
consultant to help you find a solution
• EX: Cement Work stream Project
• Consultants are like ambassadors for content
• Gather and create content