Minority Business Ownership and Management Consulting
Recently we started talking about Minority Business Ownership in terms of governmental contracts. However, this particular entry will be more about finding those opportunities offered by federal, state or local government. There are many way to find those opportunities which could range from self service to third party services; however, we would like to discuss the role of a management consulting firm.
The mere decision to seek, find and win governmental contracts are the first and most important de facto burdens that a minority business owner must overcome. Though tempting to simply decide to pursue such opportunities, it clearly involves tremendous and tedious leg work and know-how which is best done by those professionals that understand the requirements to successfully undertake such ventures.
Before we proceed we have to make a distinction in size and its impact. Our thoughts and opinion on this particular matter relates more closely with small business and their respective capabilities and access to funding as well as talent. Generally speaking those large firms that have the means to cultivate and maintain the necessary internal competencies and resources encounter a different set of challenges. Hence it is understood that our suggestions and opinion are geared toward those minority business owners that are primarily operating small businesses.
We would like to concentrate on outsourcing to management consulting firm. The process of having a management consulting firm assist in evaluating the given organizations’ ability and capability to successfully accomplish contractually mandated objectives is the first step. Considering steep penalties, governmental and nongovernmental organizational oversight in addition to public scrutiny, it of extreme important for the given organization to have the actual ability to complete the governmental contract according to pre established contractual parameters. At first, such statement seem to elementary to even mention, however, considering possible legal and financial consequences that may occur if a dispute occur, it becomes even more important to point to the importance of organizational capability to finish the job to satisfaction.
Yet even knowing that such decision needs to be made based on solid internal organizational standing, one may wonder why a management consulting firm would be the best choice. It is rather simple why a management consulting firm is usually best suited to assist in that decision. The mere fact that a management consultant or a management consulting firm can and will approach the examination of internal organizational capabilities in neutral and unbiased manner should be sufficient. However, there are many more reasons including advanced knowledge and education on the part of those management consultants and management consulting firms, continues training, access to variety of sources for research, unbiased and neutral industry comparison as well as cross industry experiences make fundamentally for the best possible point of start.
Nevertheless the mere selection of a given management consulting firm does not guarantee success or better outcome. As discussed in our past management consulting blog we have established that certain parameters should be applied in the selection of the most viable and appropriate management consulting firm.
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