In recent years, companies have been hiring and working with consulting groups for projects which are expected to ease the transition from project to project and promote an understanding among co workers before a project. Even though companies are expressing that the consulting projects and companies being hired are a great help, 92% of companies do not rehire the same consulting company twice, according to Forbes recent study. Forbes also explained how companies did not utilize or optimize many of these consulting firms properly when hired.
Consulting firms work with companies before, during, and even after any project to ensure maximum opportunity to success. Executives who had spoke with Forbes in their study for affectedness of consulting firms found out that only 58% of executives take the time to talk and strategize with consultants on what the best strategy for the upcoming project should be. By missing out on this key action which should be done before any project, consultants and executives have to backtrack during the project and make sure they establish key steps which should have already been drawn out extending the process and essentially costing these companies more money.
Chief Insight Officer of Forbes Media Bruce Rodgers explained, “This report shows that most companies still have a lot of room to increase the value they get from their consultants.” The resources for a successful campaign are laid out for companies who need consultants to jump start any project, but not taking simple steps can hurt, even payment forms can change the way a consulting campaign can be run. Many companies take the easy way out by either paying up front or hourly rather than paying consultants on results. Paying based on results forces consultants to achieve goals which they must meet in order to be paid accordingly. If paid upfront, they understand they are on the clock with nothing to lose, which in turn will have the consultants take the back seat when working on a project instead of proactively leading the project.
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