Consulting is a professional service model where an individual or firm provides expert advice, analysis, and recommendations to client organizations seeking to solve specific business problems, improve performance, reduce risk, or implement strategic change. Consultants are engaged for specialized knowledge the client lacks internally — in strategy, technology, finance, marketing, operations, or niche domains — and are typically paid for outcomes and expertise rather than hours alone. The consulting engagement lifecycle follows a define-diagnose-recommend-implement cycle: establishing a clear problem statement and scope, conducting research or audits, delivering a findings and recommendations report, and optionally supporting execution. Solo and boutique consultants differentiate from large global firms (McKinsey, Deloitte, Accenture) by offering faster access to senior expertise, lower overhead cost, and deep domain specialization over generalist breadth. Common consulting pricing models are day rates, project fees, retainer agreements, and value-based fees tied to measurable outcomes.
Glossary entry