Problems that are faced by consulting firms in IndiaManish Verma
The job of business consultants is not easy and there are many challenges that need to be faced before a consulting firm arrive at the best solution before you. Let’s us check the different issues that firms in India are facing right now:
This is of course not the problems that are faced only by the consulting firms. Competition gets intense in a market when the number of firms increases. At present, there are many firms that are operating as business consulting agencies. The product needs to be constantly engineered and innovated so that the consumers can stay interested in you. Selling solutions and services are not easy, the sale pitch is high, deadlines are to be met and after sale services are endless. These are some of the areas where the firm constantly needs to work else the client will be taken up by other firms in the market.
Changing pattern of consumption
Another issue that business consultants are facing is changing pattern of consumption of services by clients. The consumers are going different ways in getting their work done as a result of extensive research facilities and development of technologies. It is difficult to stay up to date all the time but if they want to survive in the market then it is important that you make the necessary changes on a regular basis.
There is a high rate of unpredictability in the market and new firms are entering regularly, changing the competition level and market scenario. Apart from that, any kind of political or economic changes has to be reflected on by the employees at a consulting firm. The unpredictability has made it important that there is research work done of a very high and serious level and the solutions provided are able to target the problem area.
Reduction in price
The prices that are prevailing in the market are constantly under the pressure of reduction as there is increase in competition, globalization and advancement of technologies. There is continuous fall in the price of products and services. It is difficult to keep narrowing down the profit margin to attract the clients.
Need for skilled consultants
With the technology taking a new shape everyday there is an increasing need of skilled employee who knows how to deal with it. There are lesser requirements of employees who work in the traditional pattern. It can be said that consultancy now needs more of a youth.
Every market is dynamic and cannot remain same for a very long time. This is because market behaves freely based on demands and supply of products and the inflation rate and price level of an economy. Currently, in India, there are many changes that are taking place in the entrepreneurship world. The consulting firms need to improvise on their strategies and plans so that they can attract the consumers in market. It is right that the consultants make various suggestions and help others in preparing a business plan. It is equally correct that they need to have their own business plan too. After all, they too are functioning as a profit making enterprise with other competing firms and a set of employees who need to be paid.