Management consulting

 Management consulting is the practice of helping organizations to improve

their performance, operating primarily through the analysis of existing organizational
problems and the development of plans for improvement.
 someone whose job is to give advice to companies about the best way
of managing and improving their businesses.

 A management consultant provides external advice for organizations that require specialist
expertise or an objective outside perspective on their business. Consultancy usually
involves the identification and assessment of a problem or the analysis of a specific area of
an organization, the reporting of findings and the formulation of recommendations for
improvement.

 Consultants are commonly called in for business improvement, change of management,

information technology and long-term planning projects.

 The work done by a consulting firm which focuses on advising companies on the best ways
to manage and operate their business. The firm will give advice on concepts like their
business strategy and operational techniques, and also skills like time management,
depending upon the needs of the company.

How to Be a Consultant
Step 1: Identify the Niche in Which You Have Knowledge and Experience
You may have an interest in computers. However, this does not mean you can become an
independent computer consultant (though it can give you a head-start in this field). Knowledge
and experience coupled with interest is the only way to begin.
If you have knowledge about computers (hardware or software), have worked with these for a
considerable period of time and have the latest detailed, information about them, you can plan to
start a computer consulting business.

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Step 2: Acquire the Certifications and Licenses

Some consulting businesses do not require formal training and certifications (e.g., gardening
consulting). However, if you are planning to work as an accounting consultant, you need to get
professional certifications from recognized accounting institutions.
Also, consider the licensing requirements to start a consulting business. The local or state legal
guidelines may require you to get a particular license to work as an independent consultant in
certain specialties.

Step 3: Decide Your Short and Long Term Goals

If you excel in a niche that has a good prospect, such as business consulting, computer consulting,
career consulting and so on, you may paint a rosy picture of clients waiting for your advice within
a week of starting your consulting business.
It’s not magic. If you have such unrealistic expectations, you are sure to be disappointed. Every
business takes time to grow and become known and established. If you lack the time and effort to
start and establish a business, you may end up headed towards failure.

Step 4: Choose Your Target Market

If no one pays for your ideas and advice, your business will face failure. It will also face the same
result if the recipients of your ideas do not have the money to pay you. The first thing you need to
do is to decide whether you will advise individuals or companies.
Every niche in the consulting business provides these options. For example, if you are working as
a career consultant, you may help individuals plan their careers. You may also work with a large
corporation to help the employees excel in their chosen fields.

Step 5: Research Your Target Market

Individuals and organizations need consultants for a number of reasons. A tax consultant can help
a millionaire plan his/her taxes. A computer consultant can help the employees of a large company
learn software basics. A human resource consultant can help a big business implement a change
in a policy.
After you determine the target market that will hire you for your expertise, you need to find out
the various ways in which you may help them. This will help you market your consulting business.
You need to tell your clients why they need you.

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Step 6: Consider a Home Office

If your local laws permit this, it can work to your advantage in more ways than one. You don’t
spend any money to buy or rent an office space to start your business as a self-employed consultant.
You don’t need to pay for utilities separately. You don’t need to pay for a regular commute.
Along with the money, you also save time and energy when you work out of your home. You may
acquire new premises after you have established your business and employed associates; but more
on this later.

Step 7: Build Your Network

If no one knows you and you know no one in your field, you may find yourself in the midst of a
disaster soon. It is important to start building your network as soon as you have decided to be a
consultant. A strong contact base ensures that you have the sources to find work.
A professional network, coupled with a social network, can help you market and advertise your
business. References are also important ways to find work in the niche. Rely on your initial contact
base to build your network.

Step 8: Fix Your Fees and the Way to Bill Clients

As a beginner, you may not receive high fees as a consultant. Your charges increase as you become
known as a consultant. Keep in mind your credentials and experience as well as market conditions,
your target group and your competitors when you fix your fees.
Also, decide how you will bill clients. Hourly billing may seem to be a convenient method; the
problem is many clients think that you charge too much for your time. It is best to use the project-
based billing method when you start your consulting business.

Step 9: Arrange for Advertising and Marketing

You are not selling a house which, by the way, is much easier than selling your advice. Many of
your clients may not be even aware that they need your ideas and advice. How do you market and
advertise something so difficult? Believe it or not, you have a lot of choices – print media, cold-
calls, online ads and many others.
Before you choose any avenue to advertise, decide your budget. If the costs go out of hand, the
chance of success of your business plummets. Newsletters and brochures, advertisements in niche-
specific journals, websites and blogs offer the best options.

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Step 10: Determine Whether You Need to Outsource Certain Tasks
You may find it easier to handle all tasks of your business on your own when you start. But after
your consulting business is up and running, you may need the help of others and you may decide
to employ people. Check both legal and tax details before you do this.
You may also outsource some tasks that do not require your immediate attention. Make sure that
the tasks are not connected to your consulting business. For example, you can outsource auditing
for a career consulting business but not when it is your niche.

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 Consultant Client Relationship
1. Establish productive relationships with internal or external clients by:
 Collecting information about the client’s needs before the first meeting
 Understanding the customer as a person as well as a client
 Sharing with the client appropriate information about one’s own personal and professional
background
 Establishing and maintaining a trusting, open, and honest relationship with the client
2. Commit to mutual goals with the client by:
 Clarifying the client’s perspective on the present status and future goals of his/her business area
 Using questions to help the client express his/her perspective and to clearly define goals to
which both parties can honestly commit themselves
 Discussing differences of opinion with the client in a way that demonstrates acceptance of and
respect for the client
3. Plan for results collaboratively with the client by:
 Identifying and eliminating potential barriers to a desired change or improvement before trying
to implement it
 Assessing a client’s readiness to make a change by evaluating motivation, clarity of vision, and
the capability to implement the change
 Encouraging a client to plan ahead even though the client may not engage in a formal planning
process
4. Provide ongoing support to the client by:
 Helping the client anticipate problems that may be encountered in a planned change or
improvement
 Assisting the client in evaluating his/her activities to determine how they might be improved
 Providing both positive and negative feedback to the client regarding ongoing activities
5. Assess the consulting relationship by:
 Soliciting feedback from the client on how the client’s needs might be better served
 Discussing the status of the relationship with the client and how it might be improved
 Recognizing and celebrating the accomplishments of the client

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 You should aim to go above and beyond for all clients, and build
sincere relationships with your clients.
 Client
 CLIENT a person who engages the professional advice or services of another
 A client of a professional person or organization is a person or company that receives a
service from them in return for payment.
 Client a person, company, etc., that seeks the advice of a professional man or woman.
 Clienta person or group that uses the professional advice or services of
a lawyer, accountant, advertising agency, architect, etc.

 Importance of Clients
One of the primary goals of any marketing strategy should be to identify and meet the needs of
the consumer. Considering customer importance at all stages of the marketing process helps
your company to ensure greater customer satisfaction and increase its long-term goal of repeat
business.

 Problems of Garments sector in Bangladesh

Raw materials:

Bangladesh imports raw materials for garments like cotton, thread color etc. This dependence on
raw materials hampers the development of garments industry. Moreover, foreign suppliers often
supply low quality materials, which result in low quality products

Unskilled workers:

Most of the illiterate women workers employed in garments are unskilled and so their products
often become lower in quality

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Improper working environment:

Taking the advantages of workers’ poverty and ignorance the owners forced them to work in
unsafe and unhealthy workplace overcrowded with workers beyond the capacity of the factory
floor and improper ventilation.

Most of the garment factories in our country lack the basic amenities where our garment workers
sweat their brows from morning to evening to earn our countries the major portion of our foreign
exchange. Anybody visiting the factory the first impression he or she will have that these workers
are in a roost.

Improper ventilation, stuffy situation, filthy rooms are the characteristics of the majority of our
factories. The owners’ profit is the first priority and this attitude has gone to such an extent that
they do not care about their lives.

Lack of managerial knowledge:

There are some other problems which are associated with this sector. Those are- lack of marketing
tactics, absence of easily on-hand middle management, a small number of manufacturing methods,
lack of training organizations for industrial workers, supervisors and managers, autocratic
approach of nearly all the investors, fewer process units for textiles and garments, sluggish
backward or forward blending procedure, incompetent ports, entry/exit complicated and
loading/unloading takes much time, time-consuming custom clearance etc.

The gendered division of labor:

In the garment industry in Bangladesh, tasks are allocated largely on the basis of gender. This
determines many of the working conditions of women workers. All the workers in the sewing
section are women, while almost all those in the cutting, ironing and finishing sections are men.
Women workers are absorbed in a variety of occupations from cutting, sewing, inserting buttons,
making button holes, checking, cleaning the threads, ironing, folding, packing and training to
supervising.

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Wages:

The government of Bangladesh sets minimum wages for various categories of workers. According
to of Minimum Wage Ordinance 1994, apprentices’ helpers are to receive Tk500 and Tk930 per
month respectively. Apprentices are helpers who have been working in the garment industry for
less than three months. After three months, Apprentices are appointed as helpers. Often female
helpers are discriminated against in terms of wages levels, and these wages are also often fixed far
below the minimum wage rate. A survey conducted in 1998 showed that 73% of female helpers,
as opposed to 15% of their male counterparts, did not receive even the minimum wage.

Insufficient for loan:

Insufficiency of the loan in time, the uncertainty of electricity, delay in getting materials, lack of
communication, the problem in taxes etc. Often obstruct the industry. In the world market, 115 to
120 items of dress are in demand whereas Bangladesh supplies only ten to twelve items of
garments. India, south Korea, Hong Kong, Singapore, Thailand, Taiwan etc, have made
remarkable progress in garments industries. Bangladesh is going to challenge the garments of those
countries in the world market.

Unit labor cost:

Bangladesh has the cheapest unit labor cost in South Asia. It costs only 11 cents to produce a shirt
in Bangladesh, whereas it costs 79 cents in Sri Lanka and 26 cents in India. Clearly, Bangladesh’s
comparative advantage lies in having the cheapest unit labor cost.

Working hours:

Though the wages are low, the working hours are very long. The RMG factories claim to operate
one eight-hour shift six days a week. The 1965 factory Act allows women to work delivery
deadlines; however, women are virtually compelled to work after 8 o’clock. Sometimes they work
until 3 o’clock in the morning and report back to start work again five hours later ar 8 o’clock.

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They are asked to work whole months at a time the Factory Act, which stipulates that no employee
should work more than ten days consecutively without a break.

Poor accommodation facilities:

As most of the garment workers come from the poor family and comes from the remote areas and
they have to attend to the duties on time, these workers have to hire a room near the factory where
four to five huddle in a room and spend life in sub human condition.

For four to five workers there is one common latrine and a kitchen for which they have to pay from
Tk=2000 to Tk=2500/-. They share this amount among themselves to minimize the
accommodation expense.

One cannot believe their eyes in what horrible condition they have to pass out their time after the
almost whole day of hard work in the factory. After the laborious job, they come into their roost,
cook their food and have their dinner or lunch in unhygienic floor or bed and sleep where they take
their food. They share the single bed or sleep on the floor.

The owners of these factories must not treat the workers as animals. The owners of these factories
who drive the most luxurious car and live in the most luxurious house do ever think that these are
the workers who have made their living so juicy. Will these selfish owners ever think of these
workers of their better living for the sake of humanity by providing better accommodation for these
workers in addition to providing with the job?

Safety Problems:

Because of the carelessness of the factory management and for their arrogance factory doors used
to be kept locked for security reason-defying act.

Safety need for the worker is mandatory to maintain in all the organization. But without the facility
of this necessary product a lot of accident is occur incurred every year in most of the company.
Some important cause of the accident are given below-

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  Routes are blocked by storage materials
 Machine layout is often staggered
 Lack of signage for escape route
 No provision for emergency lighting
 Doors, opening along escape routes, are not fire resistant
 Doors are not self-closing and often do not open along the direction of escape
 Adequate doors as well as adequate staircases are not provided to aid quick exit
 Fire exit or emergency staircase lacks proper maintenance
 Lack of proper exit route to reach the place of safety
 Parked vehicles, goods and rubbish on the outside of the building obstruct exits to the open
air
 Fire in a Bangladesh factory is likely to spread quickly because the principle of
compartmentalization is practiced

Political crisis:

Garments industries often pay dearly for political unrest, hartal and terrorism etc.

The international market has withdrawn quota advantage over garments export form Bangladesh
since December 2005.

Bangladesh has to advance cautiously for getting the better position of her garments in the world
market. Finally destruction of twin tower on 11 September 2001. Invasion of Afghanistan and Iraq
and depression in world Economy have seriously affected the export trade of Bangladesh.

Price competitiveness:

China and some other competitors of Bangladesh have implemented sharp price-cutting policies
in exporting garment products over the last few years, but Bangladesh has failed to respond
effectively to such policies. China was able to drop the export price of 29 garment categories by
46 percent on average in the United States within a year, from $6.23 per sq meter in December

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2001 to $3.37 per sq meter in December 2002. Bangladesh needs to respond to such price-cutting
policies of its rivals in order to remain competitive in the quota-free global market.

Lead time

Lead time refers to the time required for supplying the ordered garment products after the export
order has been received.

In the 1980s, the usual lead time in the garment industry was 120-150 days for the main garment
supplier countries of the world; it has been reduced to 30-40 days in the current decade.

Direct Marketing
Direct marketing, as mentioned earlier, includes things like television and magazine ads,
billboards, and telemarketing. These tactics allow you to target, directly, a demographic of your
choosing with a customized message, made special, for them.

Because of the word direct, some people will think that direct marketing means taking an ‘up close
and personal approach.’ Yes, this can be the case with direct marketing, but it’s a little more
complicated than that.

You can think of direct marketing as an attempt to ask a customer to buy. Examples of direct
marketing can be:

– In-person sales calls

– Print advertisements
– Telephone sales calls
– Email advertisement campaigns
– Direct mail flyer or sales letters
– Promoted or paid advertising on social media
– Pre-roll ads on youtube and other video platforms

All these types of marketing are essentially saying “Look what we can do for you, please buy from
us” to your customer.

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 Indirect Marketing
Indirect marketing is social media accounts, blogs, and newsletters, that don’t try and sell you
anything. These tactics allow you to build customer trust and loyalty, and allows you to build a
rapport with potential customers by not shoving pushy sales pitches on them when they are
interacting with you!

Indirect marketing is the new kid on the block. It essentially the ‘friends first’ or ‘awareness’
approach to growing customer loyalty.

Indirect marketing can be found in many forms:

– News articles and press

– Sponsorships
– Useful blog posts
– Social media fan pages
– Social media influencers
– Product placements
– Word-of-mouth
– Referrals
– Online reviews

--Positive interactions on social media,

Proposals
Proposals is a plan or suggestion, especially a formal or written one, put forward for consideration
by others.

A proposal is a plan or an idea, often a formal or written one, which is suggested for people
to think about and decide upon.

Proposals an act of putting forward or stating something for consideration,

Proposal is the act of offering or suggesting something for acceptance, adoption, or performance.

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 Oral Proposals
Think of an oral proposal as a sales tool.

The goal of an oral proposal is to win the contract. You do so by showing the customer how your
team and technical solution will solve the customer’s problems and/or meet the goals they set out
in the Request for Proposal (RFP).

An oral proposal is a technical presentation. You have to explain in some detail precisely how you
will respond to the customer’s request. The selection committee will have a checklist to make sure
you address every aspect of the contract.

It is also a job interview. The selection committee will be answering a question that is important
to them but is never written down: Are you the kind of people they would want to work with for
the term of the contract?

Payments methods
1. Lump Sum
when hiring a consultant based on a lump sum, or flat fee, it’s critical to make sure that everyone
knows exactly what is required for the project.

On the plus side, if your brief is comprehensive, there won’t be any hidden surprises. On the
down side, any additional items that crop up along the way are likely to be the subject of heated
negotiation!

2. Hourly or Daily Rates

Working with consultants who charge a daily or hourly rate can be easier, because everyone
knows exactly how the billing will work. You, the client, can add up the days, or hours, and keep
track of costs, and the consultant can easily add extra services to the contract, without worrying
about payment.

The only real downside to this is that you will be charged for every hour or day. If the consultant
works slower than expected, that can add up over time!

3. Per Unit Rates

This is an approach I used to favor when working in construction project management, and
dealing with contractors and sub contractors.

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By limiting payment to units completed, companies can ensure that the consultant they hire
works as hard as possible on the project – after all, the higher the result, the higher their earnings.

Of course, you may need to consider a base rate, sort of like an auction reserve. For example, if
the consultant is hired to present a workshop, and no one attends, they have still done a lot of
preparation, and may not like not receiving any payment!

4. Results Based
More and more people searching for consultants are encountering the results based payment
method.

In this method, the consultant typically waives a portion of their fee, for payment contingent on a
specific result. For example, the portion will only be paid to a marketing consultant if a particular
product reaches a 20% sales growth.

5. Share Based
Usually initiated by the client, who are normally startups lacking sufficient cash flow when
hiring a consultant to pay for services rendered, this type of arrangement involves the company
offering the consultant a share in the business, in return for their work.

A word of caution: before giving away your consulting services on this type of deal, make sure
the company in question is viable. There’s no point owning shares in a company that folds!

Presentation
 A presentation is the process of presenting a topic to an audience. It is typically a
demonstration, introduction, lecture, or speech meant to inform, persuade, inspire,
motivate, or to build good will or to present a new idea or product.

 Presentation a speech or talk in which a new product, idea, or piece of work is shown and
explained to an audience.

 Presentations in certain formats are also known as keynote address.

 Presentation is the appearance of something, which someone has worked to create.

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 Important qualities of a Consultant

1. Professionalism
Consultants should always keep in mind that client relationship should remain at a professional
level. It is sometimes easy for consultants to take on an “employee attitude,” which in many
environments can backfire on the consultant and actually create a negative situation for the
project.
2. Time Management
Consultants should look for ways to adjust their work style to accommodate the schedule, budget
and overall requirements of the project. This is particularly true when faced with pressure to
maintain high quality within finite time and budget constraints.
3. Judgment
Consultants are required to have good judgment when confronted with a problem. We should not
jump to conclusions. Consultants should take time to consider the facts and to get feedback from
their peers and management before reaching a decision.
4. Team Player
Consultants must demonstrate that they are team players and are willing to learn from team
members, genuinely valuing the input and expertise of others. It is important to establish a
collaborative relationship with peers.
5. Good Communication Skills
The consultant should have excellent oral and written communication skills. Since we are often
viewed as the subject matter expert (SME), we should be able to communicate our opinions
effectively. In addition to English, it is beneficial to know the language widely used by the
employees of the company. In some countries, the documentation may be in a local language.
Ideally, the consultant can easily read this language without employing any translators.
6. Expert Knowledge
Clients typically approach an external consultant for two reasons: 1) the client expects the
consultant to have more expertise than the organization’s internal resources or 2) because clients
do not have sufficient time to solve their own problems or implement their own projects. As
consultants, our level of knowledge should be broad enough to know when to ask questions
and/or where to research to find solutions. At all times, the consultant should remain current by

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reading journals, magazines, informative websites and through networking with fellow
consultants. We should know how to apply theory into practice and also be skillful in using
appropriate tools (software, professional journals, etc.) to function efficiently in the job.
7. Good Listening Skills
During the consulting process, consultants will meet different people with unique characteristics.
Some will be verbose, others reticent. Having excellent listening skills will encourage all to talk
freely. This leads to more information sharing which, in the end, can make the consulting process
more streamlined.
8. Roles and Responsibilities
It is important for consultants to understand the responsibilities of their role, as well as the
practices and parameters of the job. You may notice that each client has a different take on what
the role of a consultant entails. Clarifying your client’s expectations and deliverables beforehand
may possibly be the single most important task one undertakes. Remember that in a consulting
role the client also has duties and responsibilities: they are bringing you in to recommend what
they should implement. If they fail to implement within the agreed terms then you can’t help
them further and it’s time to walk away.
Remember that each client has his or her own preconceived view of the consultant’s abilities and
capabilities—views that will almost certainly differ from reality by varying degrees. Some
clients expect the consultant to be a god and recommend solutions that will fix everything that is
wrong with their organization; others expect one to be nothing much more than a glorified
mechanic called in to fix the photocopiers. Clarifying what you can and cannot do, and what you
are willing to do, are paramount concerns before commencing work.
9. Involve Other Consultants
Saying “I don’t know” is often a very good answer to a question. An even better answer is “I
don’t know, but I know people who do know.” Consultants do not know everything, and should
not be expected to know everything. Saying, “I do not know” will not damage your prestige. As
an example, if your client has a problem related to legal issues, try to consult with a legal
consultant to help your client find a solution to the problem.
10. Reputation
Protect your public reputation above everything else—you will not get an easy chance to repair it
if it is damaged. If necessary, walk away from situations or contracts that could potentially

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damage your reputation. Consulting is not simply contracting by another name; it involves duties
of care and levels of accountability, responsibility and integrity that may well be greater than
those of the client. If that proves to be the case and you find a client’s operations and methods
are not ethical, then it is time to walk away. Be selective about the clients for whom you work.

1. Great consultants are flexible

Great consultants adapt to new projects, work cultures and colleagues easily. They come in, they
fit in and they get the job done. Their soft skills and technical expertise allow them to take on
their roles quickly and easily.

2. Great consultants have great discipline

Great consultants work hard and they work smart. They know how to accomplish the best results
in the shortest possible time with as little friction as possible. Great consultants are problem
solvers: bring them in and the work gets done.

3. Great consultants are confident

Great consultants are confident about their skills and expertise. They expose a natural
collaborative leadership and they leave their egos at the door. Great consultants are team players:
they put company goals and team spirit first.

4. Great consultants are persistent

Great consultants don’t give up. They accept frictions, unforeseen circumstances and negative
feedback, they learn from them and they move on. They will analyze and learn from every
setback in order to prevent it from happening again.

5. Great consultants are studious

Great consultants never stop learning. They need to stay on top of the developments in their
fields of expertise. It is their job to bring the latest knowledge and skills to the table when others
can’t.

6. Great consultants are like… MacGyver

Remember MacGyver, the hero of the popular TV show? He could solve any problem with his
mind and his Swiss army knife. The same goes for great consultants; they use skills and
knowledge from previous projects to solve new problems and challenges.

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7. Great consultants go further

Great consultants see the big picture and the small parts that can make it better. Consultants
bring a fresh view, and as such they can offer surprising insights that can solve problems and
boost the client’s business.

And last but not least:

8. Great consultants are sociable

Great consultants listen first and they speak second. Their primary goal is to help other people
and businesses. Great consultants build trust because of their will to help their clients accomplish
their goals.

Consultancy

Consultancy a professional practice that gives expert advice within a particular field.

Consultancy is expert advice on a particular subject which a person or group is paid to provide to
a company or organization.

The providing of expert knowledge to a third party for a fee. Consulting is most often used when
a company needs an outside, expert opinion regarding a business decision. For example, a
company seeking to sell its products abroad may look for a consultant familiar with the business
practices of the target country. The consultant will tell the company what best practices should be
followed, what to expect from customers, and how to deal with foreign regulations.

Financial management

Financial management refers to the efficient and effective management of money (funds) in such
a manner as to accomplish the objectives of the organization. It is the specialized function directly
associated with the top management.

Financial management is that activity of management which is concerned with the planning,
procuring and controlling of the firm's financial resources. " By Deepika & Maya Rani

Financial Management is the Operational Activity of a business that is responsible for obtaining
and effectively utilizing the funds necessary for efficient operation.” By Joseph Massie

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 “Financial management is the application of the planning and control function to the finance
function.” – by K.D. Willson
The financial management means:
1. To collect finance for the company at a low cost and
2. To use this collected finance for earning maximum profits.
Thus, financial management means to plan and control the finance of the company. It is done to
achieve the objectives of the company.
Financial Management is a vital activity in any organization. It is the process of planning,
organizing, controlling and monitoring financial resources with a view to achieve organizational
goals and objectives. It is an ideal practice for controlling the financial activities of an organization
such as procurement of funds, utilization of funds, accounting, payments, risk assessment and
every other thing related to money.

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