Consulting that improves core processes and methodology, identifies constraints and weaknesses in the present system, and recommends solutions for enhancement of business and overall improvement of organisational management is management consulting. It also involves development of cost-benefit analysis, business cases, and project feasibility analysis.

An independent appraisal of management styles, procedures, and alignment with strategies would assist in analysing and correcting constraints impacting healthy business growth.

Audit is the process of appraisal that highlights areas for improvement — it is an integral part of management consulting. Based on findings from audits, recommendations for improvements are made, which in other words is known as management consulting.

• Authoritarian style: The boss is all-powerful and nothing moves without consent. Can hamper growth as it is an egocentric approach.
• Consultative style: The boss doesn't involve subordinates in decisions but communicates them in a way that makes them feel involved. Effective where subordinates have limited macro-perspective.
• Team style: Every person has a right to voice opinion and consensus is reached. Teams take bold decisions and more often achieve their goals.

All styles are useful at different organisational levels in the hierarchy — context determines which is most effective.

• Financial audits: Validate the presentation of financial statements and ensure compliance with statutory and regulatory norms.
• Internal audit: Covers internal control mechanisms within an organisation, ensuring financial transactions follow acceptable systems of approvals and authorisations.
• Management audits: Assess overall business and organisational performance and whether they adhere to the strategic vision of the entity.
• Process audits: Appraise whether existing processes are adequate, well-documented, and conveyed to all stakeholders. Helps improve efficiency by eliminating bottlenecks.
• Statutory audits: Mandated by regulations in the location where the business entity operates, certifying regulatory compliance.

Corporate governance is associated with the Board or top management of an organisation. As they have been mandated to achieve the objective for which the organisation was formed, the emphasis is on acting on a fully informed basis for decision-making. It lays down clear policies, procedures, rules, roles, responsibilities, and delegation of authority within which business is conducted.

Excessive centralisation can mean excessive controls — akin to the authoritarian style — and could hinder growth, reduce speed to market, put undue pressure on select personnel, and result in excessive cost. This is also termed management myopia. For organisations with business spread across diverse regions, cultures, and languages, this model may not yield best results. It is important to assess the right balance between centralised and decentralised business models.

Changing only when a need arises is crisis management — and often results in panic and chaos. It also results in losing valuable head start over competitors. Proactive, anticipatory change is always preferable to reactive change.

Once a gentleman waiting for a train yelled at the station master: "Why the hell have timetables when the trains are habitually late?" The station master replied: "Sir, if it weren't for the timetables how would you know the trains are late?"

Plans indicate an overall guideline to assess actual performance. The resultant analysis of deviations indicates either improving actual performance or the quality of plans themselves.

Strategic plans analyse an opportunity or issue and structure vague and subjective concepts into achievable goals that can be clearly communicated and understood.

Operational plans lay out the actions that need to be performed within set parameters to achieve the goals recommended by strategic plans.

The appropriate strategic planning tools and methodologies assist in setting the road map for organisational success.

"It is not necessary that what works for you will work for me." Business models have to be customised depending on the size of the organisation, nature of business, and other internal and external factors.

It is not the strongest or the most talented that succeed. It is those who have the right attitude, flexibility, and adaptability to change that have a greater chance of succeeding. Resilience and openness to evolution are more powerful than raw strength or talent alone.

Growth involves a paradigm shift in outlook, attitude, management style, and adaptability. It also means increased workload and responsibility — the core management team must expand and new talent must be brought in.

As an organisation grows, you need talented, skilful, result-oriented, and dynamic partners who can shoulder higher responsibilities and deliver under pressure. A positive outlook that all stakeholders should benefit and remain satisfied is the key to success when growth is exponential.

Only when the capacity of the brain is challenged does innovation take place. Once a person stops learning, they have reached their point of incompetence. Change is permanent and everyone must cope with dynamic global competitive levels.

Knowledge is the key to success and constant updating of knowledge is essential. Every individual and organisation must give adequate attention to keeping abreast with the latest methodology and philosophy.

E-learning (typically CD-ROM or web-based) represents an evolution in training methodology. While personalised training and workshops are effective for interpersonal communication and team building, it is increasingly difficult to arrange frequent sessions due to timing, costs, and participant availability.

E-learning enables effective training programs on various subjects through multimedia interactive formats. Key advantages:

• Cost-effective delivery at scale
• Learning at your own pace with time for introspection
• Interruptions do not result in missing key content
• Available on demand — anytime, anywhere

A bright idea alone is not sufficient justification for funding. As a first step, a compelling business case must be developed. A typical business case contains:

• Definition of the business opportunity
• Market research and business potential
• Market share analysis and legal/regulatory issues
• Risks involved and financial projections

The process of developing a business case itself gives significant insights, clarity, and understanding to the conceiver. It is advisable to take assistance from experienced experts to develop a professional project report — a convincing business case increases the probability of withstanding due diligence.

Once ready, financial institutions, merchant bankers, chartered accountants, and management consultants can recommend appropriate channels depending on the nature of the project.

Funds can be obtained in the form of equity, debt, or a combination of both. Depending on the nature, size, limitations, and risks associated with the project, financing deals can be structured to take care of both the promoter's and financier's interests.

Flexibility, adaptability, mutual consent, and a broad outlook are the keys to any successful funding deal.