In finance consulting, a company (enterprise, organization) receives assistance in tackling finance issues from a special service provider. Consultation on financial management is delivered by highly skilled niche experts. To solve finance-related issues, an organization can use a special software which will contribute to its efficient activity. Financial consulting at a professional level includes development of correct business plans and design of successful financial management.
Finance consulting comprises three stages:
• analyze key issues;
• solve issues;
• implement innovative methods to eliminate financial problems.
Finance consultants diagnose the financial management condition and create a strategy for capital increase and improvement of finance department efficiency. All activities will be performed by experts who have accumulated sufficient knowledge and practice in this specialty area.
Classification of consulting styles
Assistance and consulting can be provided in three different styles:
1. Expert advice. The consultant delivers information about management of the financial system, without any comments and clarification. Problem solution is not included in the functions of a specialist working in the expert style do not include problem solution.
2. Tutorial style. The financial condition of an enterprise will be fully diagnosed. Detailed description of the problem solution will be provided to the client along with tutorial materials. Tutorial consulting ensures full coverage of the problems and statement of the problem solution techniques.
3. Process style. The expert will participate in elimination of the client’s financial issues. The expert is supposed to provide advanced diagnostics of the financial system, elaborate a strategy for problem solution, and give assistance in person. With this style, the client may choose the problem solution technique he finds the most appropriate, based on the information made available to him.
Competent consultant’s characteristics
To select the right financial advisory service provider for a company or an organization, it is reasonable to check the expert’s competency level. An advisor competent in financial consulting can be identified according to certain characteristic features. A professional consultant will study the issue in advance, then share guidelines and ideas to solve the financial problems, using industry-specific terminology. The resulting advice contains as much useful information as possible and concerns only the client.
Competent financial consulting assumes the importance of the client’s views and encourages the client to express their opinion and ask additional questions. The client’s opinion is always taken into account and used in the eventual outcome of the problem solution. The expert is always ready to hold face-to-face meetings, deliver the full suite of services and arrange works in different focus areas.