Transform your organization with our professional management consulting services, leveraging innovative strategies with the best management consultants. BMS Auditing has been providing a variety of Management Consultancy services to leverage its client organization. Check it out!
Management consulting services are important in the market because it provides organizations with expert advice and services to improve their performance and competitiveness. In today's fast-paced and constantly evolving business environment, organizations need to be agile, efficient, and able to adapt quickly to changing market conditions. Management consultants can provide valuable insights and guidance on how to achieve these goals, offering expertise in areas such as strategy, operations, finance, marketing, and technology.
The management consultants at BMS are specialized practitioners who not only advise on what should be done but actively participate in answering queries. The team also helps you make wiser decisions, minimize costs, and build an effective organization, and suitable technology plans.
This session explains management consulting and its elements.
What is Management Consulting?
Management Consulting or business consulting is the advisory or implementation services to the senior management with an aim to enhance the impact of business strategy, organizational performance, and managerial processes. Management consultants can help organizations stay ahead of the curve, make informed decisions, and navigate complex challenges.
The global market for management consulting services was estimated to be worth over $130 billion, representing half of the worldwide consulting market. Statistics show that there has been an increase in the expenses on management consulting of over 4% every year, although the percentages have aligned with the economic recovery of the developed markets, improving gradually.
The classification by BMS describes management consulting as the sum of these areas:
- Strategy consulting focusing on strategic and board room advising
- Operations consulting focuses on improving the management of organizations
- HR & Payroll Consulting focuses on human capital consulting services aimed to improve the results of HR operations
Why is Management Consulting Important?
As you may already know that running a business is not an easy task- technology has been evolving, with new competitors coming up to capture the market share often. Tax and regulatory environments have been experiencing shuffling, and it is quite stressful to manage the employees.
All the tasks cannot be controlled by one person. You may think you require more employees to simplify the tasks and solve the problems- having more employees may not always help. It could create issues in the future. This is when you need to have management consulting firms!
Let us look at the core reasons why you need management consulting:
1. Unparalleled Experience
Business consulting firms and performance management experts with abundant experience in their specialized areas work together. Besides, these firms work with various types of businesses, thus providing opportunities for consultants to gather more knowledge in various areas.
Management consultants would have vast experience in handling risky situations that companies often go through. Hence, they give ideal suggestions and advice to businesses on ways to solve complex situations while avoiding issues.
2. Honest Feedback
Most employees work in a closed environment, unaware of the happenings outside their workplace. Moreover, certain office politics and the willingness to take a leap could keep employees from their impartial opinions. Business consulting firms provide businesses with an external outlook on different policies and plans, thus enabling companies to re-evaluate and restructure their goals to match their long-term goals.
3. Market Research
Market research is one of the most crucial strategic tools and the key to success to ensure the right business decisions. This involves studying and analyzing the business targets. Customer demands, competitor potential, and the latest market trends are the factors of market research.
Business consulting professionals always dedicate their valuable time to studying the latest market trends and factors, due to which the market research potentials are not compatible.
When companies and management consultants work together, they assure others that the data and information are safe. Confidentiality is a critical factor. Consultants have access to highly confidential data, which should always remain private by all means. It is highly recommended that businesses always sign a confidentiality clause when implementing the services of the management consulting team.
Most companies choose to take in employees rather than appoint management consultants. Most of the time, this decision fails. Hiring full-time employees is a huge investment. Companies often spend a good amount of money on recruiting employees, training them, and giving salaries, and other benefits.
In most cases, new employees do not meet the expectations of the management, thus leading to repeating the whole cycle of recruiting and money wastage. On the other hand choosing management consulting firms bring in more investment, which regularly pays off itself in the long run.
6. Result delivery
You may be facing a challenging issue that got you stuck, or has an opportunity but you have no idea how to take advantage of it. In either case, you could rely on management consultants. They help you identify your goals and suggest you the best way to achieve them.
Management consultants get paid for delivering the best results, bringing great value to the organization they work with. Consultants help companies in developing effective strategies and guidelines, providing valuable external aspects and suggestions to businesses.
For efficient and professional management consulting, call BMS. We help you come out of the current situation and move ahead.
Our Management Consulting Services
Our Management consulting deals with providing consulting services to businesses and organizations to enhance their performances, and help in achieving organizational objectives. It includes offering advice on business strategy, operations, finance, marketing, and other areas that impact a company's performance. The process typically involves conducting an assessment of the current state of the organization, developing strategies based on the findings, implementing changes to bring about improvement, and providing ongoing support to ensure the organization's success.
Management consulting by BMS is typically provided by experienced consultants who have expertise in various industries and business functions. We primarily classified the below services to focus on our client's growth.
Feasibility Study Services
This service involves evaluation and analysis of the potential of a specific project, based on thorough investigation and research to support the decision-making process. The main goal of the feasibility study is to evaluate the economic feasibility of the proposed business.
We perform feasibility studies for new businesses, wherein an economic techno-study is conducted on the investment made in the business as an investment decision. We provide support in preparing business projections, also help in preparing balance sheets, profit and loss accounts, and cash flows.
Economic Substance regulation (ESR)
Following the European Commission's concerns, the UAE was included in the European Union’s list of non-cooperative tax administrations. As a result, the UAE launched Economic Substance Regulation (ESR), which came into effect in January 2019.
ESR charges a requirement for UAE entities (offshore companies along with the branches of local and foreign companies) that run businesses and earn income from any Relevant Activity to maintain the economic substance in the UAE, to each Relevant Activity. Businesses must meet the annual filing requirements to avoid the risk of penalties for non-compliance.
Anti Money Laundering (AML) Compliance
BMS provides a wide range of AML (Anti-Money Laundering) and compliance services for businesses and organizations in the UAE. A team of AML professionals, compliance experts, economists, strategic decision-makers, legal executives, and data scientists ensure to provide of high-quality AML and compliance services throughout the AML journey.
UBO (Ultimate Beneficial Ownership) Declaration
BMS Auditing can help others with the Ultimate Beneficial Owner (UBO) declaration by providing expert guidance and support throughout the entire process. This may include helping clients identify their UBOs, assessing their UBO reporting obligations, and preparing and submitting UBO declarations in accordance with applicable regulations.
Our Management Consultants
Our Management consultants work with organizations to help them improve their performance and efficiency. They conduct an analysis of an organization's operations and financial data to identify areas that need improvement. This may include assessing market trends, competition, and other factors that impact the organization's performance.
Management consultants play crucial. role in the management consulting industry. They are responsible for helping organizations to improve their performance by identifying and resolving complex problems and identifying new growth opportunities.
Business consultants use their expertise and experience to provide organizations with advice, guidance, and support to help them achieve their goals and reach their full potential. Through their work, business consultants help organizations to improve processes, drive growth, and achieve long-term success.
Why Choose BMS?
BMS Auditing is a pioneer in management consulting in the UAE, GCC territory, and across the globe. Our major services include assisting businesses and entrepreneurs to set up companies in the UAE.
Our team has highly experienced consulting professionals who patiently listen to the client's requirements, and analyze the business objectives and the current issues they struggle with. We provide the most effective ways to handle the issues and provide the best advice so they could take their business ahead smoothly.
Need consulting for your new business? Have trouble handling an issue? Call BMS Auditing. Our consultants are on their way to lend a hand!