IMPACT OF MANAGEMENT CONSULTANCIES ON SMALL SCALE BUSINESS DEVELOPMENT
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IMPACT OF MANAGEMENT CONSULTANCIES ON SMALL SCALE BUSINESS DEVELOPMENT
Chapter one
INTRODUCTION/BACKGROUND FOR THE STUDY
Management consulting as per management consultation Wikipedia is the practice of helping organisations improve their performance, primarily via the analysis of current organisational problems and the formulation of improvement plans.
Organisations may use the services of management consultants for a variety of reasons, including obtaining external and apparently objective advice and access to the consultants’ specialised knowledge.
In addition to their professional expertise, consultants are exposed to a variety of organisations, and as a result of this exposure, they are aware of industry “best practices,” though the transferability of such practices from one organisation to another may be limited by the specific nature of the situations under consideration.
Management consulting began as long as man, according to Jornem (1983), and among early practitioners of the profession, legends in management such as Tailor, Emerson, Gilberth, and Ganth
management consulting received a boost at their era through the works of luminaries such as Mckenzie and Roethizberger, as well as Elton Mayo of the famous Hawthone studies in the 1940s. Management consultancy has grown steadily since then.
Today, modern experts including as engineers, managers, and instrument analysts organise themselves into separate units known as management consulting firms.
Based on the rate of expansion of management consulting (1983), there might be more than 100,000 consultants in America now.
In Nigeria nowadays, while the actual figure linked to consulting is around 100 management consulting organisations. Aside from these firms, there are roughly 1000 individuals giving consultant services in their personal capacity.
This can be observed in seminars organised by management professionals, as well as guidance and counselling from experts in other fields.
Management consulting has long been recognised as a valuable professional service that assists managers in analysing and solving practical problems faced by their organisations
as well as learning from the experiences of other management, and those managers continue to influence the implementation of management consulting in their organisations.
Also, where this is not possible, they advise the board of directors on the need to utilise external consultation services or manage themselves at home; they operate as consultants by providing advice to peers and subordinates.
Consultancies may also give assistance with organisational change management, coaching skill development, process analysis, technology implementation, strategy formulation, and operational improvement.
Management consultants frequently provide works to help identify problems and serve as the foundation for recommendations for more effective or efficient ways of completing work duties.
The goal of this study is to investigate the impact of management consultancies on the business sector, with a focus on small businesses. This is justified not just because small firms serve as a natural beginning point for larger organisations, but also as a training ground for larger businesses.
Small businesses play an important role in any community’s economic and social life. It is difficult to describe precisely what a small firm is. The Small Industry Development Agency (SIDA) defines a small-scale process or services industry as one with a capital investment of no more than N150,000.000 in machinery and equipment alone.
The United States Small Business Administration (SBA) defines a small industry as one with an average of 250 to 1500 employees. According to another definition provided by the SBA, a small-scale firm is one that is dominating in its sector;
they all share a common understanding of the requirements, which include the number of employees, the sales volume, the type of industry, independent ownership, and comparison to its previous norm.
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