ELI5: Explain Like I'm 5

Consulting firm

Okay kiddo, let's talk about consulting firms. A consulting firm is a company that helps other companies or people solve problems or improve their business.

Imagine you have a problem with your favorite toy, maybe it's not working properly. You could ask your parents for help, or you could ask someone who knows more about toys, like a toy expert. A consulting firm is kind of like a toy expert, but for businesses.

So, let's say a big company has a problem. Maybe they don't know how to make their products better or they need help with their advertising. They can hire a consulting firm to help them figure out what to do.

The consulting firm will send people to the company to learn about their problems and figure out what is causing them. They will do research and analysis and come up with suggestions for the company to try.

Then, the consulting firm will work with the company to put their ideas into action. They might help the company make changes to their product or create a new advertising campaign.

In the end, the consulting firm helps the company improve and be more successful. And that's what a consulting firm is all about!