TANZANIA INSTITUTE OF ACCOUNTANCY

(TIA)
COURSE: BAC III (F/TIME & EVENING 2023/2024)
SUBJECT: BUSINESS CONSULTANCY
CODES: GSU08213
TOPIC 5: USE MARKETING MIX STRATEGIES IN CONSULTING SERVICES
LECTURER: DR. ANICETH KATO MPANJU

5.0 INTRODUCTION
In this sub-enabling outcome, students should understand and be able to explain the
following:
 Explain reasons for marketing of consulting services
 Design consultancy packages
 Set price for designed consultancy packages
 Promote consultancy services
 Conduct consultancy

5.1 EXPLAIN REASONS FOR MARKETING OF CONSULTING SERVICES

5.1.1 For Consultants, Marketing Is Unbelievably Easy
Contrary to popular belief, marketing is not merely about selling stuff. Marketing in consulting is
all about building long-term visibility and trust.

Many consultants are uncomfortable talking about themselves and instead, focus
their marketing on other aspects of their business - if they dedicate any
time/resources to marketing at all.

Marketing in Consulting Is About 2 Things: Visibility & Trust

Customers don’t buy from people or brands that they don’t know, don’t like, or don’t
trust. So how do you get your clients to know you, then like you, then trust you?

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1. Visibility
Becoming visible is something most consultants really battle with. The truth though is
that visibility is the only thing that is going to make you stand out in a crowded and
very competitive consulting world.

The biggest blunder consultants can make is to imagine that somehow potential
clients will find them e.g. by sharing a few posts on Linkedin. Nothing could be further
from reality.

Clients have more options today than ever before - there are more consultants and
experts and advisors now than there ever have been in the past.

In a world where professional services buyers act like consumers and can find
anything in seconds, whether searching for a new pair of shoes or for an expert to
solve their business problem, how the heck will we stand out and get on the first page
of Google for that buyer?

2. Trust
According to How Clients Buy by Tom McMakin & Doug Fletcher, professional
services are credence goods.

Credence goods are sold very differently. Clients do not buy credence goods based
on features or attributes. Unlike other products, credence goods are sold on trust.

Selling consulting and professional services is hard because:

 Clients have to trust us before they buy from us.

 Clients must believe the expert will diagnose their problem correctly.
 Clients must believe the expert will prescribe an effective solution.
 Clients must believe the expert can and will do the work in a way that will
achieve the outcome they want.
 Clients have to believe the expert will fairly price the service based on work
actually done.

One of cornerstone books during the entire consulting career has been ‘The Trusted
Advisor’ from Charles Green. The book is from 2000 but is still very alive and
kicking! You need to keep his 4 principles in your mind in your aspiration to
establish yourself as a trusted advisor.

 First, you need to focus on the other person, your client, for the client’s
sake - they are not just a means to your own ends.
 Second, you need to have a collaborative approach to relationships.
 Third, look at your relationships as if they are going to last a medium to
long time rather than a short-term turnaround that has more of a
transactional focus.

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  Finally, you need to build the habit of being transparent in all of your
dealings.

Summary: 7 reasons why marketing for consultants is unbelievably easy

1. Visibility: consultancy marketing is about building visibility and developing trust in

your expertise. Clients need to know, like, and trust us before they buy. Competition
is more intense than ever. Make sure you stand out so those prospective clients,
your network (you are always top of mind), and Google can always find you!
2. Trust: consultancy is a ‘credence product’, you only get contracted when you get
trusted.
3. Consulting is marketing: marketing is not separate from you, as a consultant. A
good consultant is a good marketer of his or her expertise.
4. Pour yourself into your service: show them who you are, what you do, how you
solve client problems, what clients can learn from your experience, your struggles,
and failures.
5. From ‘selling’ to ‘helping’: reframe your mindset, it gives you a much better guiding
principle to create your marketing strategy around.
6. Educational content: consistently develop the best possible educational content,
don’t be afraid of openly sharing all your available expertise. Content marketing is
designed to build visibility, trust, and authority (and Google rewards you for that).
7. Be 'a baker': Never settle for the short-term gain, consider fulfillment over short-term
financials. Be a baker instead of an eater (Kawasaki).

5.2 DESIGN CONSULTANCY PACKAGES

5.2.1 How to Package Consulting Services:

1. Outline all of your consulting services

2. Evaluate your audience and the market
3. Determine the consulting service to package
4. Map out your process
5. Evaluate your costs and time
6. Determine pricing for your consulting package
7. Write your sales copy
8. Design your package landing page

Step 1: Outline all of your consulting services.

The first step in crafting a consulting service package is to outline everything you offer.
This is also a good chance to take a hard look at what services you offer that are low
profit (profit is not the same as revenue—I talk to consultants all the time who have high

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revenue services that are also high in costs, either in time or expensive or both; force
yourself to look at what’s actually making your profit in time and money).

Count up how many of these projects you’ve done, how much time they take you, what
other resources are involved and what work you do that “sparks joy” so to speak. It doesn’t
make sense to create a consulting package for a low profit service to something you
simply hate doing.

Step 2: Evaluate your Audience and Market

Again, it’s time to bust out the pen and paper and start making a list your favorite niches
and clients. Who do you love working with? What fields do you find that you really can
help incredibly effectively? If you see that you’re consistently doing your best work with,
say, helping female tech entrepreneurs, that could be a signal that it’s something you
should explore.

The second part of that is also evaluating the market. You don’t need a huge audience to
lead the market in consulting, but you do need there to be some kind of market and one
that can afford to pay you for your consulting services. If your favorite audience is very
cash-strapped, be realistic.

Step 3: Determine the consulting service to package and give it a name.

Now that you have a picture of what you offer, your audience and what the market can
bear, it’s time to commit to a service for your package. This is HARD! Eventually you may
have other consulting services you want to package but start with one (trust me!). So,
pick one service to package up, hopefully a high profit service you feel confident about,
and give it a name. This is again where I recommend using natural human language when
feasible. I’ve seen some awesome consultants struggle because it was plan confusing
what their services were.

So, if you’re offering a social media revamp to authors, give it a name that’s very clear
that’s what they’re getting—eliminate confusion so it’s easy for folks to understand and
buy into the idea.

Step 4: Map out your process.

Mapping out your client process is crucial when packaging consulting services for two
reasons:

1. It determines the outcome (ie deliverable, a word I hate) you’re offering clients
2. It allows you to preload your client communication so that you can anticipate
bumps in the road and trouble spots and be prepared ahead of time so they don’t
happen .

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For the elements that are “things” your client “gets” from you, these are your “what you
get” items for your consulting package landing page. (Check out our website design
page for an example.)

Step 5: Evaluate your costs, including time.

Do not skip the important step of determining your actual profit on a project. This is crucial.
Many consultants make the mistake of only thinking about revenue, but every project has
costs, whether it’s simply your fixed costs, like admin help or subscription services you
use, or your own time, which has value as well.

Step 6: Determine pricing for your consulting package.

Make sure you’ve built in paying yourself (50% of the project fee is a good baseline for
your own profit and 30% is a good ceiling for expenses, if you follow the Profit First model,
which I recommend for consultants), your tax liability, and all that. You will likely be
surprised that the flat fee you estimated leaves you scrimping a bit. Don’t be afraid to
tinker with your consulting package fee initially, and of course, evaluate it each year as
well.

Don’t forget these prices will be listed publicly—this is the beauty of packaging consulting
services, the sales cycle is greatly reduced and streamlined, so public pricing is a thing
you’ll need to get comfortable with!

Step 7: Write your sales copy

This is where most people get tripped up! It’s time to sharpen your pencils and write all of
your key messages down on paper. Interview yourself, so to speak, and think about the
common phrases about your clients’ outcomes and results that you can use. Make sure
you use natural language, remove jargon from your language and meet your audience
where they are at. Address their specific pain points (what’s the problem you’re solving?)
and explain the outcome you’re going to help them achieve.

While you’re at it, brainstorm calls to action that, again, are in language that fits your ideal
audience—you’ll need them.

Step 8: Design your consulting service package landing page.

Now it’s time to really release this thing into the wild! I know, it’s scary, but it’s time. With
your visuals, just like your copy, you’ll want to meet your audience where they’re at, just
like with the text, and make the sales page on your website feel natural and like it’s
speaking just to them. You’ll want to create your consulting services landing page with a
structure that addresses the problem, offers, your solution, makes it transparent what they
get and how much it’s going to cost, and finally how to reach you.

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You’ll want to re-evaluate this content frequently when you first launch—it may not land
exactly how you wanted it at first, but that’s okay! When you have a flexible design, it’s
easy to tinker and test and see what resonates. Maybe you can’t swing a custom
photoshoot right now, but a flexible design means that you can easily swap out pictures
when you do.

5.3 SET PRICE FOR DESIGNED CONSULTANCY PACKAGES

5.3.1 Costs and fees
Running a consulting firm assumes healthy financial relations with the clients: both the
clients and the consultant must be convinced that the cost and the price of the service
and other financial terms of the contract are correct and fair. This section examines the
main problems concerning costs and fees in selling consulting services and operating the
financial side of a consulting practice.

5.3.1.1 Income-generating activities

A precise definition of services for which clients can be charged is essential to the costing
and pricing of consulting services. If only chargeable services generate income, every
other service and activity of the consulting firm will have to be financed out of this income.

Chargeable services
In time-based fees the prevailing practice is to charge clients directly for all services
provided to them under a specific client contract, with the exception of services for which
it is impossible or impractical to charge directly.

Services that are not directly charged

General management and administration of a consulting firm, and marketing and
promotional activities, as well as research, product development and staff training are
activities that are not directly related to a particular client assignment. The same applies
to annual leave, time lost through sickness or to poor management of the firm.
The cost of the time spent on activities that are not directly chargeable will be spread over
all clients through overhead charges. The cost of the time lost will also be spread over all
clients, or it may be necessary to treat it as a loss, reducing the consultant’s income.

Free client services

Strictly speaking, in a self-supporting professional practice there is no place for “free”
client service: the consultant can work for free only if, for some reason, he or she has

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decided to do the work in his or her leisure time, if he or she attempts a reduction in
income, or if the service is subsidized.

Fee-earning days
Services to clients are costed and, in many cases, charged on the basis of consultant-
days (or hours or weeks). It is essential to plan for and attain the required number, which
may be determined as shown in the Box 5.1 (assuming a five-day working week).

Box 5.1: Chargeable time

Item Weeks Days

Total time 52 260

- annual leave 4 20
- public holidays 2 10
- reserved against sickness 1 5
Time available 45 225

- reserved for training and meetings 2 10

- reserved for marketing and research 5 25

Chargeable time 38 190

The 190 chargeable days per consultant represent the expectation of a consulting firm
for the planned period. This is a 73 percent utilization of the total time, as determined by
the ratio:
Ch arg eable time 190
  0.73
Total time 260

This is only a hypothetical example, and is not a standard figure. Every consulting firm
has to establish its own time budget based on local conditions and the firm’s experience
and strategy.
An alternative way of calculating this ratio is to compare chargeable time with days
available:
Ch arg eable time 190
  0.84
Days available 225

Consulting firms often use this second ratio and apply differential rates to different
categories of consultants. A typical time utilization rate is 80-90 percent for operating staff,
60-80 percent for senior staff (supervisors, team leaders) and 15-50 percent for higher
management staff (partners, senior partners, officers). Operating consultants can achieve
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high utilization rates thanks to the marketing, planning and coordination done by their
senior colleagues. Data from various countries indicate that single practitioners who take
care of their own marketing and administration achieve utilization rates of 55-65 per cent,
since many of them have to spend as much as 20-25 per cent of their time on marketing.

Fees for various categories of consultant

Charging the same daily rate for all consultants irrespective of their experience and
seniority would be a wrong policy. Many clients would insist on having only senior
consultants assigned to their projects if they could get them for the same price. In contrast,
some tasks that can be done by less experienced consultants would become too costly.
Most consulting firms therefore apply differential fee rates for different categories of
consultants. For, example, the rate for an operating consultant may be set at $800 and
for a senior consultant at $1,100.

5.3.3 Marketing-policy considerations

The actual fees are not the result of a simple arithmetical operation apportioning the total
income to be earned to the projected fee-earning days. Some other factors must be taken
into consideration. Consulting fees are simultaneously an instrument of general, financial
and marketing management policy. Consultants have to keep in mind not only how much
the service sold costs them and what income they must earn but, at the same time, what
fee is appropriate on a particular market and how much the clients will be able and willing
to pay for the service provided.
Normal fee level
A "normal" fee level may be well established and generally known, and may even be
recommended by a professional association (e.g. as minimum and maximum fees). Fees
higher than the suggested maximum would then be acceptable only for certain special
services, or might have to be justified in detail.

Fees charged by competitors

As in other areas, the consultant should find out how competitors calculate fees, what
pricing policy they follow and what the clients think about their fees. It is equally useful to
learn about the fees charged by other colleagues in the profession, who are not
competitors.

Promotional fees
A promotional fee (say lower by 10-15 per cent than a normal fee) is sometimes used in
launching a new type of service in order to stimulate the clients' interest. It is understood
that it will be increased to a normal level at the end of the promotion period. This is

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acceptable if the clients are aware of it. It is unprofessional to get clients interested in a
new service and then, to their great surprise, increase the fee.

Subsidized fees
Governmental consulting services may be able, or even obliged, to charge lower fees to
certain or all clients. This is possible thanks to government financing, whose purpose is
to promote consulting and make it available to clients who would be discouraged by high
fees.

Fees determined by clients

Government agencies or other clients may have established maximum fee levels and are
unable to go beyond these in recruiting a consultant. Some consultants accept these
imposed fee levels in working for clients from whom they are getting, or hoping to get, a
fair amount of business.

5.3.4 Principal fee-setting and billing

Management and Business consultants use several methods of setting fees. This reflects
differences in the jobs they do and the views on appropriate ways of remunerating
professional services.
Fee per unit time
The traditional and probably still preferred method is to charge a fee according to the time
spent working for a client. The unit of time used is one working day (eight hours) in most
cases, but it can be one hour, one week, or one month (in long assignments).
As mentioned in the previous section, differential fee rates are normally used for different
levels or ranks of consulting staff. The ratio between the fee charged for a senior expert
and that for an operating consultant can be as high as 3:1. Research assistants and
juniors (entry-level) consultants are likely to be charged for at a lower rate than operating
consultants (usually 30-50 percent of their rate).

Flat (lump-sum) fee

In this instance the consultant is paid for completing a precisely defined project or job.
The advantages to client are obvious. He or she know how much the whole job will cost,
and can also have an idea on the amount of time to be spent on project, hence the daily
rates used in costing the assignment.
In agreeing to do these conditions, the consultant must be sure that the project will not
cost more than the agreed fee. He or she cannot accept this form of fee if completion of
the job depends more on the client’s than on the consultant’s staff. Thus, a flat fee may

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be charged for a market survey, a feasibility study, a new plant design or a training course,
but not for a re-organization.

5.3.5 Towards value billing

The previous sections illustrate that in a professional service it is difficult, and at times
impossible, to establish a clear, understandable and undisputable relationship between
the cost of a service and the results actually achieved. An ethical approach to assessing
and recording time and costs, and establishing "fair" or "reasonable" fees, is essential -
but it is not enough. In mature and demand-driven markets - and the consulting market in
most countries tends to be one of them -clients want to pay for the value received, not for
costs incurred to deliver a service. They are prepared to pay more than the costs if the
value is high. Conversely, and more importantly, they resent paying a high price for a
service of low value, irrespective of the real cost of that service.
It is essential to understand the difference between cost and value. Value is not a mere
reflection of costs. It is, first and above all, the client's perception of what has been added
to the business thanks to the consultant's intervention. This perception can be very
subjective. To one client, a retainer may have a high value since he can call and rely on
the consultant whenever he feels that he needs him or her. To another client, such easy
availability has no value and she would not be prepared to pay for it.
These are the reasons behind the current efforts to apply what is now commonly called
value billing, or value-added billing. In value billing, the price paid by the client should be
in reasonable proportion to the value added by the consultant. This approach does not
preclude the use of any form of fee setting and billing. A per diem fee may be perfectly
correct and the daily rate may even be tripled if the issue at stake is important and the
value to the client will be high. Yet in more and more cases other techniques of fee setting
are regarded as more appropriate forms of value billing.

5.3.5.1 Calculating time

The first step in costing an assignment is the calculation of the time needed to carry out
the job. This calculation is based on an assignment plan and on estimates of the time
required for each work operation. Reliable time estimates can be made only if the
assignment plan is precise and detailed enough.
Considerable experience is required to assess correctly the time needed or all operations
and phases of a consulting assignment.

Costing the consulting time

If different categories of consultants are assigned to the project, it is customary to
calculate and indicate the time and price for each category separately, so that the client
knows how much he or she is to pay for the junior, intermediate, senior and very senior
levels of direct services. Fee differentials can be significant and the cost of an assignment
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could rocket if a large part of the job is done by the most expensive tier of the consulting
staff.
The total time required by an assignment, and the cost of this time, should be established
even if a fee-setting method other than per-unit-of-time rate is applied.

Other expenses
Expenses other than direct labor costs may be either included in the fee as overhead
expenses or charged directly to the client. It is important to make this clear to the client,
who should know precisely what kinds of expenses will have to be reimbursed.
Typical billable or reimbursable expenses are travel, board and lodging expenses of
consultants on assignment, special services arranged by the consultant (e.g. testing,
computing, printing, purchase of special equipment, drawings), long-distance
communication and document delivery. In addition to listing these items it may be
necessary to indicate the values, as for example, the expenses that the consultant
expects to incur in travelling to and from the client’s premises, and how much the client
is to pay for the consultant’s board and lodging, or for local transport during the
assignment.
In international consulting these billable expenses may be quite high, reaching 25-30
percent of the fees. There may be even a provision for family travel and accommodation
if the consultant is to work on a long assignment abroad. Expenses defined as billable
are not part of the consultant’s fees, but a separate additional item in the total assignment
budget and in bills submitted to the client.

Comparing costs and benefits

Irrespective of the fee-setting method used, the client is likely to compare the price
proposed by the consultant with the value gained by the client’s business. The consultant,
in pricing the assignment, should make his or her own calculation of this ratio, even if the
client has not explicitly asked for it and has not even thought for it.
If the value to be generated cannot justify the price in the client’s eyes, the assignment
design may need to be completely revised. Or the client should be encouraged to think
of a different approach, for example, purchasing standard record-keeping and cost-
control software rather than asking the consultant to design a customized system.

Discount and contingencies

Under normal circumstances, if the cost of the assignment has been calculated correctly
there is no reason to grant any discount on a consulting fee, and the consultant cannot
usually afford to do so. Nevertheless, in certain situations a reduced fee may be justified
and can be offered. For example, a discount can be arranged if a consulting firm already

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has an assignment with a client, and is offered an additional one by the same client for
the same period of time.
On the other hand, in costing assignments it is difficult to ignore changes in the cost of
living and price levels. A provisional for necessary cost increases can be made in various
ways, depending on the client’s and consultant’s convenience. For example, the contract
can include an “escalating phrase”, whereby the fees will be adjusted upwards in
accordance with the officially recognized inflation rate. Or a contingency provision (say 5-
10 percent of the total cost) is made, to be used by common agreement of the consultant
and the client for justified and inevitable cost increases, and for expenses that could not
be foreseen before starting the job.

5.3.5.2 Billing clients and collecting fees

Professional firms clients and collect fees like other businesses. They may, however, face
problems with clients who are not sure that they are paying right price or that the
consultant has delivered what was promised. This confirms how important it is to be clear
and consistent when negotiating the assignment and informing the client about the fee
rate and billing practice.
Bills should be issued as soon as records of work performed and expenses incurred are
available. This underlines the importance of a reliable and smoothly operating
administration.

Information to be provided in a bill

Bills should be as detailed as necessary to avoid any misunderstanding or unnecessary
query from clients. Clients must be told exactly what is being charged for and why. They
should be able to refer to the contract (or the attached terms of business) in case of any
doubt. They should find no unexpected charge in a bill, e.g. no separate charge for a
service or supplies that they thought would be provided within the agreed fee. The
information normally provided in a bill is indicated below.

Information to be provided in a bill

 Bill number
 Period covered
 Services provided (listing, dates, volume of work by each consultant)
 Fee rates and total charges
 Expenses billed separately from fees
 When payment is due
 How to make payment (currency, method of payment, account number)
 Whom to contact for queries

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  Date of expedition of the bill
 Name, address, telephone and fax numbers of the consultant
 Signature and courtesy formula

Addressing and delivering the bill

Problems can arise if the consultant does not know to which department and person to
address the bill. This can easily happen in large businesses and government services.
The consultant should therefore find out what actually happens to the bill when it is
delivered, and make sure that the right people receive copies. It may sometimes
advisable to deliver the bill personally. However, there is no reason why the consultant
should harass financial or other services in the organizations that are known to pay their
bills correctly.

 A worked example on pricing proposal

Key Cost factors

The calculation of costs is captured in the consultant’s daily or hourly fee, and this fee is
derived from four basic cost elements:
1. A salary or income the consultant expects to receive annually;
2. The time available for actual consulting annually;
3. Additional personal expenses for benefits, such as health insurance and pension;
4. Office overhead expenses, such as rent, secretary, and telephone.

Let us assume that Kelvin Twite is a one-person consulting firm with an office and a
secretary. Kelvin would like to earn $60,000 per year in income. Theoretically, he has
2,080 hours available, which is 40 hours times 52 weeks. This would make his billing
charge $28085 per hour if he worked full time and had no other expenses ($60,000 ÷
2,080 hours).
But Kelvin’s life is not quite so simple. He also wants to take 4 weeks’ vacation, and he
estimates that he must spend at least 3 weeks per year on office administration. So 52
weeks has declined to 45 weeks available for consulting, and the billing charge has gone
up to $33.33 per hour ($60,000 ÷ 1,800 hours).
Next comes the hardest fact of life for Kelvin Twite; he must also devote considerable
time to developing new business, or he will wake up without additional clients when a
current job is completed. A typical allowance is 25% of one’s time for business

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development. Do Kelvin’s 45 weeks available for consulting is now reduced to 33 3/4
weeks, and his billing charge has increased to $44.44 per hour ($60,000 ÷ 1,350 hours).
Two additional expense charges must be added to arrive at a final billing rate. Let us
assume that Kelvin’s personal benefits for health insurance, life insurance, and pension
amount to 30% of his salary, which is a typical figure. So his income must be $78,000
instead of $60,000, and the billing rate thereby increases to $57.77 per hour ($78,000 ÷
1,350 hours).
A second major expense item is for office expenses, which we’ll assume to be $25,000
annually ($600 per month for office rent, $1,000 for a secretary, and the reminder for
utilities, supplies, printing, mail, and equipment). This brings the billing charge, at cost, to
$76.30 per hour ($103,000 ÷ 1,350 hours).
We will also add 15% for a reasonable profit before taxes because Kelvin wants to
reinvest in the growth of his business. All of this adds up to a final billing rate of $87.74
per hour ($118,450 ÷ 1,350 hours) or a daily rate of $700. Kelvin, is in essence, a $700-
per-day consultant, if he expects to reach his financial objective.
Once you have determined the “cost” of your time, never sell it for less. If you do, you’ll
not only sell yourself short, but you’ll put yourself in a financial bind when the bills roll in
for payment.

Time calculation
The second major step towards pricing a proposal is to estimate realistically how long it
will take to perform the work in terms of man-days.
The key point in calculating time is to break down the engagement into phases, such as
interviews, outside research, report writing, and feedback presentations. Each of these
phases should be assigned a realistic of days. The total will then be multiplied against the
consultant’s daily rate to arrive at overall cost for professional fees.

5.4 PROMOTE CONSULTANCY SERVICES

5.4.1 How to promote your consulting business

1. Place Google and social media ads.
2. Launch an email newsletter.
3. Host events.
4. Reach out to potential clients directly.
5. Attend networking events.
6. Get referrals.

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7. Speak and present at events.
8. Make connections on social media.
9. Partner with another consultant
10. Start a blog

5.5 CONDUCT CONSULTANCY

Consultants offer advice and expertise to organisations to help them improve their
business performance in terms of operations, profitability, management, structure and
strategy. Although the workload can be heavy, consulting is a sociable profession with
plenty of networking opportunities. The work stretches across a variety of areas, including
management, strategy, IT, finance, marketing, HR and supply chain management.
The projects you are involved in and the tasks you are given depend on the area you are
working on, but general responsibilities include:
 conducting research, surveys and interviews to gain understanding of the
business;
 analysing statistics;
 detecting issues and investigating ways to resolve them;
 assessing the pros and cons of possible strategies;
 compiling and presenting information orally, visually and in writing;
 making recommendations for improvement, using computer models to test them
and presenting findings to client;
 implementing agreed solutions;
 developing and implementing new procedures or training.

5.5.1 AREAS OF CONSULTING ACCOUNTING & FINANCE

1. Consulting in Auditing Services
2. Consulting in Taxation Services
3. Consulting in Financial Management
i. Financial appraisal
ii. Working capital and liquidity management
iii. Capital structure and the financial markets
iv. Mergers and acquisitions
v. Finance and operations: Capital investment analysis
vi. Accounting systems and budgetary control
vii. Financial management under inflation
viii. Cross-border operations and the use of external financial markets

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REVIEW QUESTIONS:

1. Explain reasons for marketing of consulting services

2. Explain steps in designing consultancy packages
3. Explain procedure used to set price for designed consultancy packages
4. How do you promote consultancy services?
5. How do you conduct consultancy?

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