We are independent & ad-supported. We may earn a commission for purchases made through our links.

Advertiser Disclosure

Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.

How We Make Money

We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently from our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What is Management Consulting?

By Kathy Heydasch
Updated Jan 22, 2024
Our promise to you
WiseGEEK is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At WiseGEEK, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

Management consulting is the practice of advising or guiding a business to improve its performance. When a business feels it has reached the bounds of its expertise, it may call in the advice and support of a management consulting firm whose skill set might expand the reach of the business. For example, if a business's profits have dropped, a management consultant may be hired to analyze the problem from a cost standpoint. The consultant then presents a company with one or more options in order to correct the problem.

Typically, the goal of any business is to increase its profits. This may be done through salary cutbacks, increased production efficiency, decreased waste, the addition of new products or services, or many other avenues. Sometimes an outside perspective is needed to properly analyze a business's performance in these areas. In such a case, a management consulting firm could be hired, and ideally would offer a solution based upon years of experience helping other clients achieve the same or similar goals.

Especially in the case of small or growing businesses, outside expertise can be an invaluable asset to a company. Management consultants can be independent proprietors or large firms with hundreds of employees and offices. They also can be hired and paid for by a company, or may simply be an unpaid friend, family member or colleague with a highly-developed skill set offering advice to a business owner.

Management consulting is usually billed at an hourly rate or per project. A creative business owner might negotiate a contract which pays based upon the performance of the consultant, however. For example, if the goal is to decrease costs, a management consultant might be paid a percentage of the cost savings it can produce through the implementation of presented ideas.

Any one of a number of college business classes can train a person in an area of business, but management consultants are usually hired and paid based upon their experience and performance. It is difficult to get a start as a management consultant without years of in-the-field experience and/or a variety of clients. The best way for someone to get started in management consulting is to work for a large consulting firm.

Typical areas of management consulting include cost analysis, streamlining employee benefit plans and instituting new procedures for the control of waste. Other areas include upgrading computer systems and implementing new technology. While a management consultant usually only advises a company on the best strategies for increasing performance, it is up to the company to implement those ideas.

WiseGEEK is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

Discussion Comments

WiseGEEK, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGEEK, in your inbox

Our latest articles, guides, and more, delivered daily.