Consulting opportunities are getting tougherwith companies putting spending on hold. Are there any bright spots?

Every new industry or expansion of an existing industry benefits from management consulting services. Successful consultants watch trends in those industries in which they have familiarity or expertise that can be adapted. Certainly the business press, futurists and years of experience can keep you abreast of emerging opportunities. However, there is one driver of consulting opportunities you should always track.

This driver is major policy initiatives of the federal government. Government spending often targets struggling industries or leads the development of new industries. In the current business environment, several tremendous consulting opportunities are being created. Beyond financial relief for individuals, the proposed stimulus bill targets road and airport infrastructure, health care technology, school building and renovation, mass transit, water infrastructure, power grid development, and distance education. Many of these projects involve complex management and operational skills (including leadership and human resources expertise), that consultants may be uniquely qualified to provide.

Tip: Look at a summary of the major policy legislation to see what opportunities exist for you. Note that the opportunities may be with the federal agencies who will manage these programs, but possibly more so with the many local companies who will implement them. For example, look at a summary of initial proposals for the stimulus package.

© 2009 Institute of Management Consultants USA