Consultants are hired by companies in order to help them resolve a specific issue that they are facing. The fact that they bring specialist skills, a set of heterogeneous experiences and an objective outside view is what makes their services so popular.
Management consulting is the practice of helping firms improve their performance through corrections in their organizational structure, strategy, marketing and so on.
Operational consulting on the other hand is about tangible fixes that need to be made in the company’s operations and technology. Often in these situations, consultants’ fees depend on the amount of operational efficiencies that they will be able to achieve.
Financial consulting is about the way companies spend cash, the efficient use of capital throughout the whole value chain, cash management, financing of specific projects like Mergers & Acquisitions or organic expansion.
Consulting: Industry Overview and Careers in Consulting