Management consulting and business consulting are often used interchangeably, but they are two distinct disciplines. Business consulting is associated with business processes, such as building maintenance, finance, human resources and production. On the other hand, Management Consulting focuses on the areas of a company that are most difficult to quantify, such as values, vision, growth management and strategic objectives. A management consultant helps companies improve their work culture and implement strategic changes.
Strategy consultants focus on big questions and strategic direction, while management consultants execute strategic vision. They are interconnected and often dependent on one another. The scope of management consulting covers all types of industries, including manufacturing, retail, healthcare, technology and finance. Management consultants can specialize in various business areas and have a deep knowledge of their respective fields of work.
Business consultants usually work with smaller companies, while management consultants work with larger organizations. The working hours of strategy and management consulting are variable and may change depending on the nature and complexity of the client's project. Management consultancies have access to information on the strengths and weaknesses of competitors, market trends and other important data that allow them to create effective strategies. Once the strategic direction has been established, it will be up to the company and possibly management consultants to implement the strategy.