Management consulting firms are hired by different companies to plan business strategies and come up with game-changing ideas that can be implemented to transform the business and improve the annual returns. The consulting industry in India has seen substantial growth over the years. In terms of size as well as in terms of service offerings, consulting industry in India has grown in leaps and bounds. Customers in India are increasingly seeking specialized consulting services. This has opened the doors of consultants providing services as subject matter experts. Due to the increasing demand, the Associated Chambers of Commerce and Industry of India has predicted the growth rate of the consulting industry to be at 30% CAGR till 2020, accounting to be about 3.87 USD Billions.

There are quite a few consulting firms, approximately six thousand that are operating in India and have made a name for themselves due to their prompt services and cross-industry knowledge. Some of these consulting firms are multinationals that are sailing through fast-changing global scenario. The fast growth rate of consulting firms can be attributed to the increased investment activities in India due to its low-cost structure and recent relaxation of regulatory standards.

Why is there a growing demand for consultancy services in India?

There is a dearth of skilled workforce in India that makes many organizations lack strategic and project management skills. This makes these organizations incompetent to handle technical changes in an ever-growing market. This is one major reason why the need for consulting assistance is so high in India. There is an estimation that by 2021 2.2 lakhs employees will be hired to work for around 10000 consultancy firms in India.

Consultancy assistance in setting up a business in India

There are several consultancy firms like Tecnova in India that help companies to set up their own business right from the planning stage to the execution stage. From doing market research to understand the scope of the business to create a business plan and strategy for the business these consulting firms take care of all the preliminary work. After completing the planning stage, the firms also help with site selection, purchasing of property, getting all the necessary licenses and helping with the project management. Later on, if the company wants to expand, consultancy firms also help with the mergers and acquisitions. In short, from planning to start a business to planning to expand the business, consultancy firms are like the master of all who can provide you with the best assistance in India.

How can Tecnova help you to set up your company in India?

There are three basic stages that are involved when you are thinking of opening a firm in India—an entry strategy, an implementation phase, and then a growth and expansion strategy. Consultancy firms like Tecnova, help global players who are new in the Indian market with these stages of setting up a business. The consultancy services provided by this firm include:

Setting up an entry-level strategy: Tecnova explores the market on behalf of their clients. There is an in-depth analysis of the current and future opportunities, the level of competition that the client might face, government regulations, demand and supply gaps and in general the business culture

Implementation assistance: once the market survey is done Tecnova helps its clients to start the business in India by providing a holistic business strategy.

Expansion strategy: once the business is set up, Tecnova helps in formulating the expansion and growth strategy by identifying revenue-enhancing opportunities, improving profitability and expanding sales and distribution network.

Conclusion:

Undoubtedly, the consulting industry in India is growing in leaps and bounds and will soon reach new heights. It is time that a strategy is planned to utilize the immense potential available for the growing consulting market. One of the driving trends in the consulting business in India is digitization that promises to bring in automation and innovation.

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