Business Consultant Salary
How Much Does A Business Consultant Earn?

Often, business consultants are misunderstood as business owners. No one could lead you to a better understanding of WHAT, WHY, and WHO of business consultancy. 

Besides that, you need to ensure that your idea of a business consultant is like an actual consultant.

But how do you become one? Here is a list of advice that you should follow,

Decide What Type of Business Consultant You Want to Be

Some have described consultants as “troubleshooters,” “crisis managers,” “innovators,” and “strategic deal makers.”

There are different types of business consultants. They can become an operations expert, an organizational development specialist, or a financial analyst. Yet, it is common for consultants to become generalists and serve clients in many areas.

An operational expert will tell businesses to gain more sales. They improve their bottom line by finding better ways to manage production processes. Operations experts can work with companies that provide services. They may not have perfected the distribution system. It is necessary for effective customer service delivery.

The organizational development specialist helps businesses implement changes. It is applicable through better communication between workers and managers. This business consultant usually works with companies looking to widen their reach.

A financial analyst helps businesses make the best use of their money. They offer advice on managing assets, planning capital expenditures, and developing revenue sources. This business consultant usually works with CFOs or senior management.

Earn a Bachelor’s Degree

Business consultant work is a snowballing career. According to the United States Bureau of Labor Statistics, business consulting jobs increased by 60% in a decade. The industry created over one million new jobs during that time. 

In general, these jobs pay. The industry has been increasing profits year after year. For those reasons, it’s no surprise that everyone wants to get into the action.

The first step is to earn a business administration or management degree. It is focusing on organizational behavior and human resource management. 

While it might seem like common sense, many students take classes focused on accounting and spreadsheets. Often businesses need help managing their finances as well as their employees. 

Besides your bachelor’s degree, you will also need an MBA from a top 10 ranked business school. While getting into one of these schools may seem challenging, a little help goes a long way.  

Take Online Courses

If you feel confident and clear about your path and knowledge, take up any higher-level course. But, if an MBA sounds like a great start for your career as a business consultant, then you should go ahead and pursue it. 

Now once all formalities are done with, what’s next? 

There are various kinds of online courses available from renowned universities from all over the world. You have to pick the one that best suits your needs and interests. 

Some of these courses may include:

• An MBA in Management Consulting:

You will understand how businesses work and penetrate the corporate world. Besides that, you will acquire new skills such as data gathering, market analysis, etc.

• Executive Education Certificate in Strategy Management: 

It provides you with an unparalleled opportunity. You will develop advanced business strategies by drawing from distinguished faculty members.

• Master Business Administration (MBA): 

These courses are usually structured for full-time students. They cover a wide range of management topics. Besides that, these courses emphasize the development and application of managerial skills.

• Master in Business Analytics: 

You will learn how to structure data into information, answering critical questions. It can also help you learn to work with data, create analytic models, etc.

• Master of Science (MS) in Management Consulting: 

You will learn to solve real-life problems by leveraging your creativity. Such courses help in working on live project briefs and gaining first-hand expertise. 

Get Certified

Earning a certification in this field can be a smart move. 

A business consultant works with other professionals to provide advice and direction. You can receive several certifications by passing tests that qualify you as a business consultant. Professional certifications can open up opportunities within the consulting industry. 

Becoming certified is particularly helpful if you don’t have experience. Employers may recognize that you are learning skills, valuable to their company. 

You would have an advantage over other professionals. The latter did not show their ability to keep up with the latest standards and practices. 

Besides that, you will be more attractive during job hunting. You can show that you are improving your skills. It increases your marketability. employers will recognize your commitment to continuing education through certification.

Learn Industry Tools

As a business consultant, your expertise is in demand. Over the years, you will work with several firms across many industries. One thing remains consistent across all consulting roles. They all provide tools to help you work smarter and efficiently. 

What are these tools? 

Let’s look at some examples.

Some companies provide software for internal data management. You may use it every day to pull current client information, run reports, etc. 

They also provide access to Microsoft Office 365, allowing teams to collaborate on documents. This cloud-based service keeps many versions. Besides that, it allows you to make updates from anywhere there is an internet connection.

One important tool required is Google Drive. You can access any documents at any time—no more printing or lost files. 

Get Hands-On Experience

A business consultant tells companies how to improve their business strategies. You may meet with senior management or conduct research. A business consultant gathers the information to help their clients make better decisions. 

Combine your educational expertise with hands-on experience by becoming a business consultant. Your expertise is based on experience and testing endorsements. These come from companies that hired your services in the past.  

Focus on the ins and outs of any industry you work in because this will enable you to provide accurate advice. Often, you travel either locally or nationally, depending upon the organization’s size.

As a business consultant, your duties can vary. It all depends upon what type of consulting firm you work for and the specific needs of the company. Yet, all consultants perform three primary functions: 

• Gathering information: 

This entity usually includes interviewing employees and customers. You will determine their needs and how a company can improve its business practices.

• Analysis: 

As a consultant, you make recommendations for improving a client’s operations or strategy. You might research a current business practice and then propose a new way to do things. Your suggestions should also consider any future changes within an industry.

• Strategic planning: 

In some cases, you may be asked to check an existing plan of action. It will help the managers know where they stand on achieving their goals. It is up to you to give them feedback about whether these plans will work for the company.

Polish Your Presentation Skill

One factor contributes to the success or failure of a team effort. That is presentation skills. This skill is an ability that allows you to communicate information. 

It can be through verbal channels or nonverbal channels. When presenting your ideas to your clients, they will likely be more receptive. The clients will better understand your ideas depending on your communication through it.

Having practical presentation skills in a team environment is very important. Many presentations need to be given day-to-day in the business world. 

To polish your presentation skills, you must first understand excellent presenter factors. Some of these factors include confidence, comfortability with material, speaking ability, etc. 

Once you recognize these factors for yourself, you can begin improving them one by one. It is vital that no matter how good your speaking ability is, you should motivate your audience. 

To accomplish this, you must present yourself. If you believe in what you are saying, it will be much easier for your audience to buy into what you have to say.   

Join Industry Groups

There are many different consulting groups that you could join. You do not need to be in the industry of the company you’re consulting with for your services. These groups exist for professionals looking for extra business opportunities and possible self-employment. 

The construction company does not offer full-time positions, so they hire part-time consultants. Some perks include health insurance/401K plans and paid sick days/vacations. You must have experience beforehand because they only hire the best of the best.

When you work at a law firm as a consultant, you will use your specific expertise in many legal matters for outside companies. This group requires that all consultants meet their high standards. It includes three to five years of retail experience. The law company hires managers, but entry-level positions are available. Their top priority is customer service know-how. So, make sure to highlight your abilities within this area.

Form a Professional Network

While your formal education is essential, it’s only the beginning. The main concern comes from years of experience and an extensive network of people. Such professionals understand how to operate in different industries. 

Build a professional network with professors, alumni, and potential employers. They can be part of your life when you need them most.

Talk with professionals in the industry to find out how business consulting works. They have gone through some training programs or are current students themselves. These people can offer insights into what kinds of pay scales are typical for new hires. They can also help in providing advice on the various job opportunities.

Your consulting business is only as good as your professional network. Treat these relationships like they are priceless. You will find yourself surrounded by high-quality, long-term clients. Most consultants spend more time recruiting profitable client relationships. 

Be proactive and network like crazy. Never stop networking with others in your industry who may influence their networks. Build relationships and be approachable. 

Become an Industry Thought Leader

 become a thought leader to set up your consulting business as an authority in your industry. A thought leader is not always the first person to develop an idea. They are someone who can share those ideas with others. 

Get out in front of industry changes and report about them to stay relevant. Don’t give people the feeling that you are reacting to industry events. Instead, they should see your content as having important information when published.  

Keep up with recent growth in the field. You can start carving out a space for yourself as an authority on the subject matter when they happen. If you want others to see you as a thought leader, be one by taking action and voicing opinions.

Leverage any success into speaking opportunities. You might find that writing is more comfortable than public speaking. Most business owners struggle with getting their message across in a compelling manner. It’s always good to start small and work your way up to more significant engagements.

You can’t expect people to think of you as an expert if you don’t provide them with the information they need and want.