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Mar, 04 2015

How can consulting business create wealth

Indian consulting industry is growing at a fast pace with more number of brands taking the franchise route. The global consulting market is currently dominated by mature consulting markets like North America, Western Europe, Japan etc. Indian consulting f

Factors like stiff business competition and gaining optimum market share in the highly competitive markets have opened many prospects for the consulting and advisory services in India. As per reports, the Indian consulting market has seen a growth of about four per cent in recent years despite economic slowdown. A study by Source Information Services published on Consultants-News website, states that in some ways the economic slowdown helped in increasing the demand in India's consulting market as clients look for help to increase revenue and improve efficiency. Kailash Shahani, Founder, Morpheus Human Consulting Pvt Ltd, says, “Over the last few years, the HR industry has witnessed some radical evolutionary leaps, led primarily by technology and the growth of domestic home grown multinationals. The industry is estimated to be over Rs 30,000 crore. Out of this, the segment of recruitment accounts for a majority of the industry (over 70 per cent). Some of other services that command a big market share include L&D, outsourcing, technology, consulting and advisory services. As per Monster employment index, the job employment index of job portal has registered a 19 per cent Y-o-Y growth. 16 of the 27 industry sectors monitored by the index registered positive Y-o-Y growth. The growth signifies that the year 2015 is expected to be a better year for job seekers and recruiters.”

Speaking about the opportunities in business to business consultancy service, Neeraj Mehta, Director, GFFI Fitness Academy (India), states, “With the increased awareness, business hubs are getting more concerned about health and fitness of their employees. Many corporate houses and multi-national companies are coming up with health clubs in the premises. We have been associated with many corporate houses such as Fortune Group of Hotels, Advance Group of Companies, Punjab Kesari etc. We help our clients in organising group fitness classes for their employees as well as providing certified instructors for the health clubs. Our services range from organising fitness workshops, giving group classes, diet and nutrition consultation and more.”

Dr Robert Schroering, Director, I and I International, is also upbeat about the consulting market. “Market size of business to business industry is very large. A barrier to entry is the connection "hook up" with the overseas colleges and universities. Many small players cannot make this connection. So, a large group of subagents numbering in thousands have emerged in the market. These subagents send students for visas to the larger firms for a percentage of the commissions. We make agreements with Indian schools, universities and colleges to help facilitate access to overseas education for their students,” he says.

Franchising, a key to success

Most leading consulting brands are expanding via franchise route across the country as they feel it has helped them grow fast. “We started franchising at Morpheus in the year 2008 and since then, we have never looked back. Our first partner from Kolkata is today a stake holder in the company and also a close family friend. At Morpheus we don't look for franchisee but partners who share the same passion for the business,” shares Shahani. Dr Schroering feels franchising for this type of operation is imperative. “Colleges are beginning to limit who they work with and connecting with the larger universities is not easy for someone entering the market. A franchisee provides these connections. Immigration requires specialised knowledge and certification that is difficult to obtain. This is also provided by a franchisee. Connections, contracts, logistics all are provided by the franchisee and specialised English language training software is provided by us. These services require training and expertise, which we provide for our franchisee,” he elaborates. The franchise system has become a cornerstone even in the fitness consultancy industry. On this, Mehta, says: “Adding franchisees in your business brings more variety of services / products and liquidity of cash increases. Also, franchisees will be working as per their own good-will, value in market with their own client base, with the additional advantage of franchisor's brand value and their client base in the market. So, you are really hitting twice the audience there.”

What's new?

= Large student visa firms to connect with sub-agents to recruit students. Many of the overseas universities are hiring a full-time representative in India and going directly to the sub-agents.

= Many companies have sports zone in the premises for their employees.

= Social media hiring is another latest trend in the business.


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