The Boston Consulting Group is an American management consulting firm. It was founded in 1963 in Boston, Massachusetts. It is part one of the "Big Three", which includes McKinsey & Company as well as Bain & Company. This article will provide information about BCG's history, its consulting expertise, and some of their benefits. BCG's travel schedule, salary structure and benefits are all factors to consider if you're looking for a job at a highly rated company.
Bain rose up the ranks of BCG
Bruce Doolin Henderson had limited business experience and was young when he joined BCG. He quickly rose in the ranks and was praised for his focus on detail and physical fitness. Bain eventually rose up to the position of vice-president where he was in charge of one of four divisions that contributed a large amount of the company's revenues. Bain had no business background but quickly rose to prominence at BCG. He was also considered the heir apparent of Bill Henderson, the founder of BCG.
Bain began his career at a steel-fabricating plant after graduating from Vanderbilt University on May 29, 1959. Bain & Co. were established in 1973. Later, in 1984, Bain started Bain Capital. Bain's contributions make it difficult to see how he rose up the ranks of Boston Consulting Group. This article is not intended to replace the advice and work of Bruce Henderson, founder of the firm.
Bruce Henderson, Founder's insights
Bruce Henderson, founder of Boston Consulting Group, will contribute his insights and experience to establish a new Institute. The Institute will aid organizations to develop new ideas, approaches, and solve business problems. It will bear Henderson's name. It will have a global focus and analyze the implications major trends. It will be a research institute that focuses on the intersection between strategy and innovation. For example, it will examine the impact of globalization in traditional industries like healthcare.
During his long career as a consultant, Bruce Doolin Henderson worked at Arthur D. Little, one of the oldest management consulting firms. His frustrations led him to approach the CEO Boston Safe Deposit and Trust, which was one of his clients. Henderson was hired to create a consulting section within the bank. He was able develop his ideas which led to the creation of the Boston Consulting Group.
Travel schedule
BCG usually travels for four days each week, Monday through Thursday. The firm is back in office on Friday, when consultants spend time connecting with managers to figure out how to best use their weekends. They may enjoy happy hour with fellow BCGers after work. BCG consultants can expect a demanding travel schedule. The company also offers perks, such as Platinum memberships at Marriott hotels. This schedule may sound extreme, but it is actually fairly reasonable considering the company's commitment to training and development.
The Boston Consulting Group has more than 12,000 staff members around the world. It has won numerous awards for employee happiness and was recently named by Fortune magazine as one of 100 Best Companies to Work For in 2016. The firm seeks candidates with the right blend of drive, curiosity, collaboration. In the past they have hired candidates to flexible jobs such as remote work, part-time and flexible hours.
BCG benefits
BCG is proud for its diversity. Innovative solutions are possible because of the contributions of employees from different backgrounds. But in order to achieve this diversity, individuals must feel included and free to express their ideas. BCG offers a range programs that encourage employees, and allow them to express themselves and build community. Here are some examples of such programs:
The company pays for health insurance premiums for employees and compensates consultants for nonprofit work. It also pays a large portion of their consultants' travel expenses. It is possible for employees to travel to clients and spend significant time in meetings. While the work of a BCG consultant can be varied, there is no denying the fact that it requires hard work, dedication, creativity and hard work. BCG employees appreciate the flexibility in their work schedule.
FAQ
Can anyone become a consultant
A consultant is someone who helps you achieve your goal by providing advice on how to do something better, faster, cheaper, etc.
A consultant may help you solve problems, make decisions, or negotiate with others.
For specific tasks or projects, consultants are often hired.
Consultants are often paid per hour or daily rather than per project.
What can I expect of my consultant?
Once you select your consultant, you should expect to hear back from them within a few days. They will ask you for information about your business, including the mission, goals, products, and budget. They will then send you a proposal that outlines the scope of work and estimates timeframe, fees, deliverables, milestones and other details.
If everything looks good, then the two parties will negotiate a written contract. The type relationship between the two sides (e.g. employee-employer or independent contractor-employer) will dictate the terms of the contract.
If everything goes smoothly, the consultant can begin work immediately. S/he will have access to your internal documents and resources, and you'll have access to his/her skills and knowledge.
You shouldn't assume, however, that every consultant is an expert in all areas. It takes effort and practice to become an expert in whatever field you consult. Do not expect your consultant to be an expert in every aspect of your business.
How much do consultants make?
While some consultants make $100k+ per year, most consultants only earn between $25-$50k. The average salary for a consultant is $39,000. This includes both hourly and salaried consultant.
Salary depends on the experience of the consultant, their location, industry, type and length of the contract (contractor or employee), as well as whether they have their own office or work remotely.
Who hires consultants
Many businesses hire consultants to assist them with their projects. These can include small businesses and large corporations, government agencies as well non-profits and educational institutions.
Some consultants work directly for these organizations, while others freelance. The process of hiring depends on the size and complexity the project.
Many rounds of interviews are required when hiring consultants. Then, the final decision will be made about who you believe is best for the job.
Is it necessary to pay taxes on consulting income
Yes. You will have to pay taxes on your consulting profits. The amount depends on how much you earn per year.
If you're self-employed, you can claim expenses on top of your salary, including rent, childcare, and food.
You can't deduct the interest on loans, vehicle damage, or equipment costs.
If you earn less than PS10,000 per year, 25% can be claimed back.
You might be taxed even if you make more than the threshold depending on whether your income is contractor or employee.
Pay as you Earn (PAYE) is the most common method of taxing employees. Contractors pay VAT.
What qualifications does a consultant need?
It's not enough just to have an MBA degree; you must also demonstrate experience working as a business consultant. You should have at least two years of experience in consulting and/or training for a major company.
Your experience in strategy development projects requires that you work closely with senior managers. This means you'd have to be comfortable presenting ideas to clients and getting buy-in.
You'll also need to pass a professional qualification exam such as the Chartered Management Institute's Certified Management Consultant (CMC) certification.
Statistics
- On average, your program increases the sales team's performance by 33%. (consultingsuccess.com)
- Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
- So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)
- WHY choose me: Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months). (consultingsuccess.com)
- According to statistics from the ONS, the UK has around 300,000 consultants, of which around 63,000 professionals work as management consultants. (consultancy.uk)
External Links
How To
What should I do to get started with a consulting business?
It's a great way for you to make money online by starting a consulting company. You don't have to have any business experience. To start your own consulting business, you can build a site. Once you've built a website, you'll want to use social media platforms such as Facebook, Twitter, LinkedIn, Instagram, Pinterest, YouTube, etc... to get the word out about your services.
These tools will allow you to create a marketing plan which includes:
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Blog Content Creation
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Establishing relationships (contacts).
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Generating leads, also known as lead generation forms
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Selling products on e-Commerce websites
Once you have created your marketing strategy you will need to find clients that will pay for it. While some prefer to network through events and networking groups, others prefer to use online tools like Craigslist or Kijiji. You have the freedom to choose.
Once you have a new client, you need to discuss terms. You can discuss hourly rates, retainer agreements, flat fees, and other options. It's important to know what you expect before accepting a client so you can communicate clearly throughout the process.
Hourly agreements are the most commonly used contract type for consultancy service. This agreement allows you to agree to provide services at a fixed price each week or month. Depending on the type of service you are offering, you may be able to negotiate a discount depending on the length of the contract. When you sign a contract, make sure you fully understand it.
Next, create invoices. Send them to your clients. Invoicing can seem simple until you try it. There are many different ways to invoice your clients, depending on your preferences. Some prefer to send their invoices directly by email, while others prefer to print and mail hard copies. No matter what you do, make sure it works!
After creating invoices are complete, you will need to collect payments. PayPal is preferred by most people because it is simple to use and offers many payment options. Other payment processors such as Square Cash. Google Wallet. Apple Pay. Venmo.
Once you are ready for payments to begin, you will need to open bank accounts. You can track income and expenses separately by having separate savings and checking accounts. It is also a good idea to set up automatic transfers into your bank account for paying bills.
Although it can seem daunting when you first start a business as a consultant, once you get the hang of it, it will become second nature. This blog post will provide more information about starting your own consultancy business.
A consulting business is a great way of making extra money without worrying about your employees. Remote consultants don't need to be tied down by office politics or work long hours. Because you don't have to work a set number of hours per week, you can be more flexible than a traditional employee.