Theoretical-methodological bases of formation of the market of consulting services in Uzbekistan



Throughout the world professional business support, which is considered as scientific-technical service of economic processes, is the necessary elements of market infrastructure. This support is provided through a range of professional services. For instance, administrative, legal, audit and mediation, patent, advertising, accounting, engineering and etc.

If we talk about consulting activities as one of the most important elements of the system of infrastructure support of market economy, it should be noted that this is a fairly broad sphere of activities including consulting in the field of Economics and management (Economics, law, management, engineering, business), and other consulting services not directly related to the field of production, business, (consulting individuals on most issues outside work. However, in modern economic and managerial literature dealing with the issues of Economics, business, management, this concept is almost always used in the designation of management consulting. It is proved by the analysis of the definitions of the term consulting given by foreign and domestic experts in this sphere.

In accordance with the definition given by the European Federation of Management Consultancies Associations (FEACO), «management consulting is to provide independent advice and assistance on management issues, including identification and assessment of problems and opportunities, recommendations of appropriate measures and assistance in their implementation» [1].

The formation and development of enterprises with different ownership forms, the development of a network of small businesses and private entrepreneurs in Uzbekistan make leaders of organizations move from old practices to new. Market conditions dictate their own approaches to production, management, marketing, financial and economic activities and etc. Consulting, which provides rapid adaptation of business entities in the conditions of functioning and development of economy in market conditions, becomes an essential element of the whole system of national economy management and its branches.

Modern consulting includes a wide range of services for various sectors of economy. They include the following areas of consulting services:

1. General economic consulting means the preparation of business plan and feasibility studies for financing enterprises.
2. Engineering — covers the area of production technologies — development of project-estimate documentation, start-up operations.
3. Legal consulting represents the necessity in the transition period to the market as the development of constitutive documents, judicial consultation for economic entities.
4. Consulting in the field of information technology — implementation and maintenance of automated management systems.

Consulting services, like any commodity, are produced in order to be sold. From an economic point of view, consulting is considered to be an intellectual product, the purchase of which should be of interest to the consumer. On the assumption of it we can understand the key role of marketing in the economy and organization consulting services. Marketing involves identifying needs, creating demand and supply of the relevant product.

The need for consulting is different from demand. Demand is solvent and conscious need. In the sphere of consulting, there is great difference between need and demand. The fact that awareness of the need to bring intellectual capital as a priority direction of the monetary costs requires a certain level of civilization of developed economy and mentality of managers.

«Technological» chain of provision of consulting services has the following sequence: getting acquainted with a client and identifying his/her needs, at this stage the experience and knowledge of a customer are determined, the specificity of his/her activities, the reality of the future contract is assessed; formation of services portfolio; determination of the scrutiny of the problem and research objectives; choosing research methods in accordance with the objectives; creating a working group; determining the cost of the consulting project; performance of work — analysis of the market, its capacity, structure and characteristics of individual segments; the analysis of competitors’ activity; research customer problems and their possible solutions; preparation of report with conclusions and recommendations; presentation of results and coordination with a client; assisting a client in the implementation of practical recommendations; monitoring and current consulting clients.

Effectiveness of consulting services depends on the following factors: timeliness of consultations, objectiveness of source information and conclusions, coverage of such problems as the factor of providing the quality of services, accessibility, applicability and impact of implementing the consultant's recommendations, the ratio of «cost of services/economic effect from implementation».

Such results of consulting, as savings through implementing innovations, reduction of production costs, increase of profits, increasing market share and sales, entering new markets, attracting new investment are subject to quantitative measurement. However, there may be other results that are difficult to be evaluated by quantitative methods.

Effectiveness of the policy held by the government of the Republic of Uzbekistan on deepening the reforms aimed at further liberalization of the economy and the increasing importance of the private sector, to a large extent depends on the investment climate in the country. Attracting investments, including foreign, is considered to be critical for the development of civilized economic relations and the entry of Uzbekistan into the world community as a full participant in the processes of globalization.

In Uzbekistan, the need for investment consultants emerged due to the economic reforms, privatization and transformation state enterprises into a joint-stock company, and formation of a domestic securities market. Enterprises that are converted into new organizational and legal forms need assistance when assessing the value of the property, forming the registered capital, developing of constituent documents, business plans, prospectuses issued by the securities. Furthermore, the range of services of investment consultants includes audit and legal support. With the start of the free sale of shares, the need for consultants has arisen to the other side of market transactions among buyers of securities.

A specific feature of the regulation of the stock market in Uzbekistan is the ban for combining the activities of the investment consultant with other types of professional activities.

Any person possessing inside information is not permitted to use this information for consummation of a deal, and also transfer it to third parties.

Nowadays, the following directions of investment consultants’ activities can be considered as the most actual:

1. interaction with issuers for organization of securities issue;
2. interaction with investors on issues of investment analysis of certain securities;
3. interaction with professional participants of the securities market to optimize their activities, including the provision of training of specialists for professional work in the stock market.

Close and fruitful cooperation investment consultants with state regulatory bodies on the development of the regulatory and legal framework can play a special role in the development of domestic fund industry. Consultants possess valuable information about the status of the issuers and their investment attractiveness, about financial capabilities and preferences of potential investors.

References:

1. FEACO Information Document. Bruxelles, 1994. P. 2.
2. Golish L. V. Introduction to Technical Training in Economic High School. Training Seminar Materials. (Book 2). T..: TSUE. 2006.
3. http://finance.uz/index.php/uz/uzm-ekonomika/
4. http://uz.denemetr.com/
5. http://uza.uz/oz/documents/