Business Management Of HR consultants | CEGONSOFT Blog ...

Business Management

HR consultants must be adept at managing their business as entrepreneurs and using their time efficiently when no one is driving them but themselves. See, Efficiency Boosters: Making the Most of Your Time Resources.

Some key business considerations for HR consultants include:

1. Areas of focus. Determine whether the consultancy will provide general or specialized HR services, and identify services that will be provided.

2. Target market(s). Determine the target market to be served (industry, geography, main point of client contact, etc.).

3. Legal structure. Determine whether the business will operate as a sole proprietorship, limited liability corporation (LLC), S corporation, etc. See, Legal & Regulatory Issues.

4. Management team. Decide whether the consultancy will be operated independently, or whether staff?or partners?will be necessary to meet client needs. See, Only Each Consultancy Knows When To Add Staff.

5. Financial. Identify revenue and expense expectations and establish a preliminary budget for operations.

6. Administrative. Determine how business operations will be managed, including such matters as invoice management, collections, tax considerations, etc. Identify necessary outside resources (e.g., legal, financial).

7. Insurance. Identify insurance needs, which include health and life insurance as well as professional liability insurance. The type and level of coverage selected will be based on the HR consultant?s financial situation, level of exposure and degree of acceptable risk. See, Liability Insurance: Why Consultants Need to ?Keep Covered.?

8. Licensing. Determine licensing requirements. States, as well as many cities and counties, have different rules about business licenses. HR consultants should check with the appropriate agencies to determine requirements for doing business in their area.

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Source: http://www.aboutcegonsoft.com/?p=1235

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