Management Accountants as Consultants. A Way Forward.
By Qamar Hussain, President of CMA Toastmasters Club, UAE,
Business Analyst National Cement Factory, UAE
Inside every Management Accountant is a business consultant and deeper inside is the desire to be an entrepreneur. However, running a business is tough and requires lot of energy, patience, guidance, competence, and efforts on the part of the individual as well as one’s academic institution.
Role of Professional Bodies
It is an open secret that future of management accountancy require an
active role of management accounting bodies to produce and bring more
members on the surface who can help in transforming corporate world.
Bringing more members in consulting requires strategic thinking, proper guidance, counseling, and training.In this regard accounting bodies needs to play a vital and a guardian’s role towards its members to help them become the ambassadors of management accountancy.
Below are few suggestions
- The accounting bodies should conduct a survey on performance of existing management consultants and based on results;
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- Consultants should be guided about the potential areas where they can build up and excel with special focus on untapped markets.
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- Special programs, seminars, workshops should be designed to equip existing as well as upcoming entrants with the identified skills and expertise.
- Research department of the accounting bodies should provide potential willing members with a comprehensive analysis about the general income of consulting industry and pitfalls/advantages of being a consultant.
Pre-requisite for issuance of Consulting License.
It is suggested that formal training program should be launched and declared as a pre-requisite for issuance of consulting license.
- The accounting bodies should launch a mentorship program for all those who are planning to join Management Consultancy industry. Every member should be assigned a mentor before starting his own business.
- The accounting bodies should arrange regular meetings of industry with practicing members to discuss industry concerns, needs and demands. This will help the members to review their strategies to tackle the market-based issues.
- There should be a comprehensive analysis of the members who are willing to start consulting. If required prospective member should be attached with an existing practicing member for a reasonable period prior of issuance of consulting license .
Way Forward for Consultants.
Starting a business is like marrying whereby exit is more difficult than initiating the game.
Therefore, one needs to plan carefully before starting. Here are few factors which one should consider before starting consulting.
- Start planning before you launch a business.
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- Make a comprehensive formal feasibility study of the business.
- Know about the demand of your services.
- Get to know about the Pricing of services which you will offer.
- Start networking, with members, businessmen, regulatory authorities, and media.
- Start developing the skills which are critically important for the success of your business.
- Marketing Skills/ Selling Skills
- Negotiation Skills
- Communication
- Leadership
- Continuously meet with existing consultants to seek their opinion, guidance, and insights.
- Make sure you have all the skills required to operate business. If you lack something, try to polish, upgrade.
- Do not jump blindly; first, evaluate the overall business environment, demands of your services in the market, compensation of your services; and skills you need to make it a success.
- Be prepared for running the business at breakeven in the start.
- Know and get the knowledge of all the services which you can offer.
- Know about all the legal rights/covers those are giving you competitive edge over your counterparts.
- Do a SWOT analysis of yourself & the business which you are going to launch and get it evaluated by experienced people.
- Learn about human resources management: hiring, training, retaining, motivating, firing etc.
- Know about the technology, general administration.
- Try to be surrounded with people those can offer you ideas.
In the end I would like to say it’s a joint effort of the Accounting bodies and the members which can bring a positive impact, and can transform the industry, Members of the accounting bodies can get their proper share from the market. Strategic planning and execution with passion is the only solution to leave a mark.
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