For any business organization to be successful, the efficiency and optimal performance of its business processes is a pre-requisite. However, most organizations face a wide range of operational and technological issues that hamper the smooth functioning of business processes and in turn hinder organizational growth. While a majority of business organizations choose to resolve such problems one at a time, several others hire professional advisory services in India to get an effective solution for these issues in a timely manner. What Are Advisory Services Put in the simplest terms, advisory services comprise of professional advice, guidance and direction offered by individuals or companies to their client for diverse matters. These services are generally offered by professionals who possess an in-depth understanding of the processes, technology and culture within a client organization. The providers of advisory services help to enhance the working and efficiency of the client organization by offering fresh ideas and perspectives over matters that effect the growth and profitability of the organizations. Things To Consider While Hiring Such Services Advisory services have come to play a vital role in enhancing the core competency of modern business organizations. Choosing the right advisory services in India requires the business organizations to consider the following things about the service providers. Efficient Communication Communication is the key to getting the best advisory services in any field. As such business organizations need to access the ability of the service providers to communicate in a free and honest manner. This means that the providers of advisory services should not only be able to put across their ideas in an understandable language, but should also have the patience and the attitude to listen and understand as to what the clients have to say. Effective communication is the key to establishing a strong and lasting professional relationship. Expertise In Relevant Industry Before choosing an advisory service, the business organizations need to learn about their expertise in the specific industry. This expertise should not be limited only to some specific areas and fields but rather about the comprehensive working of the various processes within the industry. This means that companies providing such services should have comprehensive expertise about the technological, managerial and financial, legal and marketing issues related to a specific industry. That is why leading advisory companies hire professionals from different fields to offer a comprehensive range of services to their clients in various niches. Reliability and Confidence This is definitely the most important aspect to consider while choosing advisory services companies. The business organizations should be able to discuss their problems and issues with the advisory companies in a frank manner without the fear of information leak. They should also be sharing the details of the most confidential issues to seek the best advice and guidance without having to live in constant fear of being betrayed by their advisors. As such checking the level of reliability and confidence offered by such service providers is of extreme importance. A wrong choice in this respect can lead to the destruction of even the most well-established business within a short time and choosing the right company can take even a small venture to newer heights of success.
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An effective board of advisors is a powerful asset that can shape organizational thinking and make a huge difference when companies need objective advice, to gauge future trends and seek new strategic positions. Advisory boards can be general in scope or targeted to specific markets, industries or issues.
Especially in the case of MNCs, with complex business as well as difficult policy and regulatory challenges, advisory boards with experience of the local market, can not only help think through these issues, but also provide access to policymakers and policy influencers. Advisory boards can also add value to localizing the business model – products to be introduced; pricing strategy; product adaptations for the local markets; and help MNCs find the right balance between being ‘mindlessly global and helplessly local’. Dependable Advisory Boards can provide tremendous confidence to CEOs and senior leaders at company headquarters, being an extra set of eyes and ears on the ground, providing a crucial perspective on opportunities, risks and challenges. However, the effectiveness of an Advisory Board depends on a few critical factors like the objective of its formation, the composition, correct financial compensation as well as the commitment of the CEO and senior leaders on spending dedicated time with the board. Top executive search firms in India, like Cornerstone India, specialising in HR advisory services, can help organizations meet the three critical criteria (outlined above) for organizations interested in mining the benefits of effective advisory boards. It is not always important to stock the board with heavyweight profiles, rather the members should be chosen on the basis of their particular expertise and fit to the organization. An important aspect of choosing an Advisory Board is financial compensation, as this is a delicate matter. While the financial compensation needs to be adequate, it should not be perceived as being too high and inappropriate. Executive search consultants in India, with experience of board consulting services, can be the right and effective conduit to design the right financial compensation model for any Advisory Board. In addition, while Advisory Boards are strictly independent advisories, the discipline of a statutory board must be brought into play to ensure value addition to the business from such an HR investment. As they represent a significant commitment of time and energy, a good advisory board can be extremely valuable, if chosen well with the top executive search firms in India. While MNCs can definitely benefit from the expertise of a local Advisory Board, even Indian companies can use them effectively to grow market share and develop business. At Cornerstone India, qualified talent turns to us to place them in various Advisory Board capacities. As one of the firms specialising in leadership hiring, our consultants are well equipped to meet the challenges of selecting talent that can complement and provide substantial advice to the leadership team, keeping in mind the broader interests of the company and its shareholders. The family businesses take up the major portion of businesses of any country's economy, to an extent of 90% in some countries. Managing a family business is not a bad of roses, as it takes a great deal of efforts to keep the relatives together and reconciling them on working together. One needs to keep the dining table separate from the Boardroom table, if one wishes to have a smooth and growing business. If you also run a family business, you certainly can understand the balance of emotion and business opportunities that one is required to make. Mentioned below are some of the efficient tips for family business practice which can aid in facing the challenges in a unique way. Have a look:
§ Use the strength of each and every family member One of the factors which determine the strength of a family business to a great extend is the clearly defined roles and responsibilities. If this is not done with a clear vision, the chances of business going into a failure becomes quite evident. Each and every member has some key traits which can be judiciously used for business. So one needs to ascertain that and grab it for the benefit of family business. § Keep family politics away from family business The paramount rule in family business is to focus on the success of the business regardless if the family politics. The decisions taken in the business should be objective and must have a positive impact on business and never on personal lines. One should behave like a boss and a junior in the office irrespective of the personal relationships one shares. Never overlap the office troubles with the family troubles and vice versa. § Don't put the family members on payroll if they do not work in business The most important family business practice is to compensate a family member only if he/she is making a real contribution to the business. Each and everyone who is compensated by the family business must have a clear cut understanding about job title, job description and compensation. The performances of family members must be reviewed at regular intervals and if someone is not bringing anything positive to the table, it's better to ask them to quit. § Understand the generation gap When it is a family business, there is bound to be a generation gap. There are cases where four generations are working in the same business, hence certain tensions are bound to crop up due to difference of opinions and way of thinking. One needs to understand it and respect each other. The new generation needs to appreciate the power of wisdom which their oldies provide them and old generation can appreciate the new innovative thinking of young guns. At Cornerstone International Group in India we feel that the process of renovation, change and improvement should be a constant at any organization that aims at maximizing growth. While the primary goals of the Organization may remain unchanged, the context in which the goals are to be achieved has to be seen in a continuous state of flux. Change is perhaps the only constant. In our experience across the globe, we have witnessed cyclical rounds of new change proposals emerge in companies either conceptually or as a conscious effort at the corporate level. However, at the operational level, less contentious and less visible, though not necessarily less important changes are implemented more often keeping in mind the importance of continuity and a need to ward off any disruption to normal routine business activity.
Cornerstone International Group – India provides advice and support to clients working in different industries and verticals to help manage complex and diverse organizations through these periods of significant change, driving service improvements and delivering creative solutions. Business Advisory Services for us are focused on achieving the singular goal of organizational excellence through its most precious asset, the people, and the systems that support their work. The Organizational Excellence work stream brings together all of our activities which help to improve the way our clients operate in areas such as HR, organization design, processes and systems. Our work with clients is largely focused on helping them prepare and continue to adapt to a rapidly changing business environment. One of the key impediments in fostering a culture of innovation is the burden of carrying on with traditional hierarchical decision-making structures. This is particularly discouraging to younger staff members. We can state this almost as a truism that hierarchical structures are contrary to efficient work processes and impact morale. For example, in one instance of any organization we helped transform, in one department alone, analytical information on products went through as many as six to nine layers of review before arriving at a cogent plan of action. This is not only unnecessary; it directly impacts bottom-lines adversely. CIG deploys proprietary tools to flatten decision-making structures and make work genuinely more collaborative as opposed to hierarchical. Business advisory services these days may require a different business model from that of traditional services delivery models characterized by a ‘one size fits all’ philosophy. For example, we recognize that business advisory services may be better suited to a business model based on selling of products and services that strives to continually progress up the value chain. The achievement of our interventions through a Business Advisory Plan usually results in five key deliverables: 1. Enhancing Trust and Confidence: Towards a more stakeholder and client-oriented organizational culture; 2. Engaging Staff: A globally focused, dynamic, adaptable, meritocratic and physically & emotionally secure work force; 3. Improving Working Methods: A more open and accountable organization with streamlined procedures; 4. Rationalizing structures and functions: Optimal locations, common services and expanded partnerships. 5. Embracing technology to operate more efficiently, reduce costs, and offer additional value-added services. Every senior management of a company works hard to develop a strategy that will help them in reaching the heights they always strive to achieve. With the growing business, and hence the competition in any industry, there is hardly any room for trial and error session. One has to be confident that,
a) The strategy built is best suitable to the organisation and its stakeholders. b) The error free execution of the same. c) Achieving the desired result with utmost efficiency. Only if an idea and a team, can deliver the above three considerations, that a company can be successful in this era. So, how can one be assured of the result without giving their plans a shot at practical implementation? The advisory services in India are the one of the available services that will enable an organisation to conquer their fear of a strategy working against them, hence minimising the risk. One of the most trustworthy organizations which render such services is Cornerstone India. They have expertise in the following; a) In depth analysis of the company and their requirements b) Understanding the need of bringing together the people, process and the organisation as a whole c) Provide all the necessary training so as to achieve the set goal. d) Rigorous evaluation of the talent present in an organisation, so that the right fit is recruited in a corporate e) Procedures are put in place in order to execute a smooth and quick on boarding process, thereby reducing wastage of time and resources. f) Of course, one of the main service is to ensure over time, if not only the people but the structure and performances are in alignment with the organisation goals g) Other consulting services. So in order to enjoy minimum risk and maximum gain, one should consult the best advisory consultants today! |
AuthorCornerstone India is a leading player in CXO Search, Board Search for Independent Directors and Leadership Advisory services. Archives
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