Difference between revisions of "Specialization"
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http://www.wisegeek.com/what-are-boutique-consulting-firms.htm | '''''From http://www.wisegeek.com/what-are-boutique-consulting-firms.htm''''' <br> | ||
Boutique consulting firms offer businesses and large corporations highly specialized advice that addresses specific problems or aspects of a business. The goal is to improve a company's efficiency and profits. The use of the term "boutique" has more to do with the consulting firms' focus than with their actual size, since one firm may consist of only a single advisor, while another may have as many as 200 or more consultants working for it. | |||
More specifically, "boutique" most often refers to the corporate or agency niche or niches inside of which it offers its services. Examples of different niches in which boutique consulting firms might intercede are Human Resources companies, healthcare IT, and outsourcing firms. Government entities might also call on the services of boutique consulting firms. Overall, a boutique consulting firm tends to focus on a smaller number of industries. | |||
Large management consulting firms can be global in scope and tend to offer services that are more diversified. As such, a large business consulting firm is typically able to draw from more reservoirs of overlapping knowledge and expertise than more narrowly focused boutique consulting firms, which could be an advantage for the company or agency that contracts its services. Boutique firms, on the other hand, are often able to resolve business issues more quickly than large firms that tend to require more time for a specific project. The solutions that boutique consultants might offer tend to have a more immediate impact, which may save an organization from ruin. | |||
Fees that small-to-medium boutique consulting firms charge tend to be lower than those charged by the larger firms, because they usually have lower operating costs and fewer consultants on staff. Some of the larger firms tend to gravitate towards adding more services for the companies that confer with them. Besides increased cost for the clients, this can delay the resolution of their corporate or agency issues. | |||
The use of boutique consulting firms, when they are indeed small, may be riskier than using a large firm. In some cases, they have serviced many fewer clients than the larger firms, so there is not as much verifiable evidence that their services will be helpful. The methods boutique consulting firms employ might not be as well-defined or established as those of the larger firms. Small boutique firms may not have adequate resources to thoroughly train newly hired consultants. In general, boutique consulting firms tend to offer companies and agencies fewer frills, perks, and status through their association than their larger counterparts. | |||
'''''From http://managementconsulted.com/boutique-firms/recruiting-decisions-what-is-the-difference-between-global-management-consulting-firms-and-boutique-consulting-firms/''''' <br> | |||
1) Consulting travel will usually be a component | |||
But the differences are very important: | |||
But again, the day-to-day will look very similar. The difference is in the longer-term. | |||
4) Culture can be vastly different | |||
I use the example of a small liberal arts college (Brown) vs a large, public institution (UCLA). | |||
5) Future jobs/exit options <br> | |||
Further reading: Part 1 of a series on management consulting exit options | |||