In the corporate world today, every business has various issues to deal with. This is because of the various business activities which require different management methods and skills. There is thus an increasing establishment of business consultancy firms to assist various businesses in various issues. This write up discusses the pros and cons of marketing, strategic management, and financial consultancy firms. It also elaborates on the relationship between the marketing firms and their team members.
Business consultancy firms are firms that help the various business entities with the ideas and research to enable them competently operate their business activities. According to Preddy (2004), marketing consultancy firms are among the many business consulting firms that through good communication skills help business entities to expand their customer base. They are also important since they help in doing market research for their clients. However, it is also challenging for the consulting clients since they have to pay for the marketing.
Preddy (2004) also identified the strategic management consultancy firm as another key player in the corporate world. They assist their clients in making decisions, planning, and laying down their organizations’ long term strategies. He further notes that the firms also assist the clients in solving business problems, reviewing their current business strategy and proposing the necessary adjustments. Despite their importance to their clients, businesses face the challenge of having to expose all their tactics and strategies to the firms before they can be helped.
Another notable business consultant firms are the financial consultancy firms. According to Preddy (2004), these firms majorly help their clients set their financial goals. He also notes that the firms offer cash flow advice and guidance on legal matters such as tax requirements. However, the clients are challenged since they have to expose their financial positions and secrete to the consultants.
On the other hand, marketing firms are highly needed in the corporate world since they play crucial role in market research work. That is, they advice their clients on the products modifications and marketing and also assist in obtaining the customer response (Preddy, 2004). From the skills matrix, it is also observed that the firm is well suited to its team members’ skills since they have varied marketing skills which include; problem solving skills, communication skills, leadership skills, and research and investigation skills among others.
In conclusion, it is worth noting that for business entities to thrive well in the market, they need to consult the various business consultancy firms on the various business issues.