The Boston Consulting Group was an American global management consultancy firm founded in 1963. Its headquarters are in Boston, Massachusetts. It is one of the "Big Three" consulting firms, along with Bain & Company and McKinsey & Company. This article will cover the history of BCG, its renowned consulting skills and the many benefits that come with working at BCG. Consider BCG's benefits and salary structure if you are interested in joining a highly-rated company.
Bain rose through the ranks of BCG
Bruce Doolin Henderson, a young and ambitious engineer who had no business experience, joined BCG in 1967. He rose quickly through the ranks, and was well-respected for his meticulousness and fitness. Bain eventually rose to the level of vice-president and headed up one of four divisions that accounted for a large portion of the firm's revenues. Bain came from a small business background and quickly rose in the ranks at BCG. He was considered the heir-apparent to Bill Henderson.
Bain was a worker for a steel-fabricating firm after he graduated from Vanderbilt University's 1959 class. Bain & Co. was established in 1973 by alumni after six years of service. 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 will not replace Bruce Henderson, the founder of the firm's advisory and research services.
Founder Bruce Henderson's insights
Bruce Henderson, founder of Boston Consulting Group, will contribute his insights and experience to establish a new Institute. The Institute will provide new approaches and ideas to help businesses solve business problems. It will be named in Henderson's honor. It will be global in focus, examining the implications of major trends. It will be a research institute that focuses on the intersection between strategy and innovation. For example the Institute will research the impact globalization has on traditional industries like healthcare.
Bruce Doolin Henderson spent his entire career as a consultant at Arthur D. Little. It is one of the oldest management consult 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 to develop his ideas, which resulted in the founding of the Boston Consulting Group.
Travel schedule
BCG typically travels four days per week, Monday through Friday. The firm's Friday office hours are when consultants connect with managers and discuss ways to make the most of their weekends. After work, consultants may meet up with colleagues from BCG to enjoy happy hours. BCG consultants should expect to be on a strict travel schedule. But, Marriott also offers Platinum memberships for their employees. It may sound harsh, but this is actually quite reasonable when considering the company’s commitment to training.
The Boston Consulting Group employs over 12,000 people worldwide. 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 has many benefits
BCG is proud of its diversity. People from diverse backgrounds can contribute to the development of innovative solutions. However, to be able to reach this diversity, employees must feel valued and allowed to share their thoughts. BCG provides a range of programs to encourage employees and to build community. Here are some examples.
The company covers the cost of employee health insurance premiums, as well as compensating consultants for non-profit work. It also pays a large part of the travel expenses of their consultant. Sometimes employees have to travel for clients or spend substantial time in meetings. Although the work schedule of a BCG consultant is diverse, it is not difficult to see that it requires creativity and dedication. Many BCG employees enjoy the flexibility offered by the work schedule.
FAQ
Do I need legal advice?
Yes! Yes! Many consultants create contracts without consulting clients. This can lead into problems down-the-road. For example, what happens if the client terminates the agreement before the consultant's completion date? What happens if your consultant doesn't follow the contract deadlines?
It's best to consult with a lawyer to avoid potential problems.
Who hires consultants
Many companies hire consultants to help with their projects. These include small businesses, large corporations, government agencies, non-profits, education institutions, and universities.
While some consultants work for these companies, others are freelancers. In both cases, the process for hiring depends on how complex and large the project is.
When hiring consultants, you will probably go through several rounds of interviews before choosing the person you think would be best suited for the position.
How long does a consultant take?
Depending on your industry and background, the time required will vary. Most people start their career with only a few months to find work.
Some consultants work for years to perfect their skills, before being hired.
Statistics
- Over 50% of consultants get their first consulting client through a referral from their network. (consultingsuccess.com)
- On average, your program increases the sales team's performance by 33%. (consultingsuccess.com)
- "From there, I told them my rates were going up 25%, this is the new hourly rate, and every single one of them said 'done, fine.' (nerdwallet.com)
- My 10 years of experience and 6-step program have helped over 20 clients boost their sales by an average of 33% in 6 months. (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)
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How To
How To Start A Consultancy Company, And What Should I Do First?
Starting a Consulting Company is a great way to make money online from home. No prior business experience is required. You can start your own consulting firm by building a website. To promote your services, you will need to create a website.
These tools will allow you to create a marketing plan which includes:
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Blog Content Creation
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Building relationships (contacts)
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Generating leads (lead generation forms).
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Selling products via ecommerce websites
Once you've created your marketing strategy, the next step is to find clients who are willing to pay you for your services. While some people prefer to attend networking events and groups, others prefer online methods like Craigslist, Wikijiji, or Kijiji. You have the freedom to choose.
Once you have secured new clients, you will need to discuss terms with them and their payment options. This could include hourly fees, retainer agreements, flat fee contracts, etc. So that you are able to communicate clearly during the entire process, it is important to understand what you expect from a client before you accept them.
Hourly agreements are the most commonly used contract type for consultancy service. This contract allows you to pay a fixed amount each week or month for certain services. Based on the service you provide, you might be able to negotiate a discount based on the length of your contract. You must fully understand the contract you're signing before you agree to it.
Next, you will need to create invoices that you can send to your clients. Invoicing is one thing that looks simple until it's actually done. You have many options to invoice your clients. Some prefer to send their invoices directly by email, while others prefer to print and mail hard copies. No matter which method you choose to use, it is important that it works for you.
Once you have created invoices, it is time to collect the payments. PayPal is popular because it is easy to use, offers several payment options, and most people prefer it. You can also use Square Cash, Square Cash (Google Wallet), Square Cash, Square Cash, Apple Pay and Venmo as payment processors.
Once you're ready and able to collect payments, you should set up bank accounts. You can keep separate checking and savings accounts to track income as well as expenses. When paying bills, it is also beneficial to set up automatic transfer into your bank account.
It may seem overwhelming to start a consultancy, but once it is done correctly, it becomes second-nature. You can read our blog post to learn more about how to start a consultancy business.
The best way to make extra cash is to start a consulting business. Many consultants work remotely. This means that they don’t have to deal in office politics or work long hours. Being able to work remotely allows you more freedom than traditional employees.