Are You Ready to Start a Management Advisory Services Practice?

Starting a Management Advisory Services (MAS) Practice

Client Requirements:

• Consultant should assess if fully implemented services will be turned over to the client ready for use
• If the service requires changes or adaptation, the client must be explicitly told what to do to realize the service benefits
• The service must be designed to produce satisfaction in industries with special characteristics or problems
• The service should not aggravate the client's special financial or growth problems or be ineffective in their presence

Service Delivery Capability:

• Service delivery is the application of consulting skill
• The consultant undergoes phases in delivering services such as setting objectives and implementing services to the client's satisfaction
• Results are evaluated to determine the extent to which anticipated benefits were received from the services

Steps in Starting the MAS Practice:

• Determine and make a list of services one can offer with confidence of competence to perform
• Prepare a package tailored to the firm's competence and a particular type of clientele
• Prepare a lineup of MAS personnel from the firm's staff, experienced specialists from outside, and referrals by other CPAs
• Seek out advisory engagements

Sources of MAS Engagements:

• Primary source of MAS engagements is the audit client of the CPA
• Other possible sources are referrals from other CPAs, audit clients, businessmen, financial and government institutions, and legal and other professional firms

Determining Market Opportunities:

• Consider the consultant's specific skills, talents, and attributes and the market that is suited to these abilities
• The spectrum of opportunities to apply services in vertical and horizontal markets both in the public and private sector
• Consulting opportunities can be created by political, economic, and social changes affecting one's area of expertise and interest

Possibility of Market Opportunities in the Private and Public Sector:

• Private sector includes individuals, small businesses, medium-sized businesses, and large companies
• Individuals hire consultants to seek advice on how to save money or how to make money
• Small businesses provide an excellent client base for new consultants
• Medium-sized businesses hire experts to assist them in identifying, analyzing, and finding solutions to their problems
• Large companies prefer dealing with large consulting firms or well-known consultants with considerable experience and contracts
• Government is one of the major users of consulting services