What Is Project Management Consultancy?
A consultancy is a professional person or business practice that provides expert advice to others. A project management consultancy provides expert project management advice to external businesses. A company may hire a project management consultancy if it lacks project management expertise. Or if it wants project management advice from an external, impartial party.
Project Management Consultant vs. Project Management Contractor
There is a key difference between a project management consultant and a project management contractor. A consultant’s job is to consult. They may offer advice or support but are not in charge of execution or responsible for project success. For example, Boston Consulting Group (BCG) is a well-known project management consultancy. Some of their typical services include:
- A review of your current project management processes and capabilities
- An overview of weaknesses in your current processes and/or controls
- Recommendations for better processes and/or controls
- Support in the implementation of new tools, processes, and procedures
- Change management and transformation support
Notice there are no typical project manager tasks on the list. Consultants won’t create project plans, execute, monitor, control, or close out your projects. Their job is to help give your employees the right tools to do these things on their own. Contractors are hired to fill an internal role. A project management contractor will typically have the same role and responsibilities as an internal project manager.
Pros and cons of project management consultancy
Some of the benefits of becoming a consultant are:
- You can choose which projects to take on.
- You’re in charge of your time and typically have more schedule flexibility.
- You get to set your own rates, and often make more money per hour.
- You have the ability to work with many different companies and industries.
- Some of the drawbacks of becoming a consultant are:There’s less job security, as you work for yourself and consulting jobs may not be steady.
- You will be running your own business, which means more complex accounting and taxes.
How to be a project management consultant?
In order to become a project management consultant, you should have the following:
- Strong knowledge of project management processes and best practices
- Experience applying project management successfully in a variety of situations
- The ability to manage client relationships and expectations well
As a consultant, you need to prove to others that your skills and knowledge make you valuable enough to hire and provide advice. Therefore, reputation and credibility are critical to a successful consultancy.