What Is Strategy Consulting and Why Do You Need It?
23 August 2019
Hands up if you understand the role of a strategy consultant!
If your hand is down, don't worry, you're not alone.
Strategy consulting is one of the most competitive and lucrative destinations for bright graduates, but it is also often misunderstood. The good news is that we've compiled a guide to help you understand the ins and outs of this prestigious sector.
What is strategy consulting, and how can it help you improve your business? We describe what it is, the benefits of using it, and how to find a consulting firm.
What is Strategy Consulting?
A helpful way to approach understanding strategy consulting is to compare the concept to something in your everyday life. Think about what it feels like to be closely connected to something. Whether this is a company, a person, or even an item we own, it can be difficult to tell when it's time to make certain changes.
Think about how it's tricky to discipline your child, or take advice about how to raise your family. Or how hard it can be to part ways with a beloved clothing item, despite the fact that it doesn't fit you.
The reality is that if you want your child to succeed, you'll need to lay boundaries. And to live a functional life, you'll need to face the fact that some will have to go. These are barriers you simply must face, but you'll need support.
The same applies in business. Every company will face challenges that call for a supportive, strategic approach to overcome.
So, what's the solution?
Seeking advice from a seasoned business strategy consultant may be your best bet. Strategy consultants aim to provide advice, guidance and leadership support on high-level decisions in an unbiased fashion.
Benefits of Strategy Consulting
A strategy consultant is trained to use using deep industry knowledge to deliver optimum results. Strategy consultants are part of management consulting firms, which implies advising at the highest-level of a company.
No matter the industry you work in, strategy consultants are equipped to provide solution-focused advice. This is because strategy consultants work across every industry, with private and public sector bodies on a wide range of issues.
Of course, a strategy consultant is an investment. Even if you’ve determined that a strategy consultant is needed at the company, you may have to convince other stakeholders that this role is valuable and worth the budget allocation. Here are some primary benefits of hiring a strategy consultant:
- Experience: A consultant provides a wealth of in-depth experience from working with other organizations. They already know the steps to take and will lead the team with confidence through the strategic planning process.
- Speed: In business, time is money. Consultants have plans in place for creating strategic plans. The established plans mean that the process will be faster and more efficient than if you're starting from scratch in-house.
- Objectivity: The duty of a consultant is to act as an objective third-party. They're trained to bring a new perspective and unbiased approach. They're no influenced by office politics because they've not been there to witness office drama. Because of this, a consultant will have tough conversations and can facilitate meetings while remaining neutral.
Benefits of Working as a Strategic Consultant
If you've been pondering a career in a strategic consulting firm. you've come to the right place. We've laid down some of the benefits of working as a strategy consultant.
Generally, in strategy consulting, you're working across different industries and with multiple forms in each industry. You'll constantly be learning and growing by immersing yourself in various spaces. The skills you gain along the way make you highly employable and guarantee that you're equipped with the tools to grow in any niche market.
This ensures that you're prepared for a broad range of work in strategy and operations. It also means you're exposed to a broad set of potential future employers. The prestige associated with being a strategy consultant also helps.
After some time working and gaining experience, firms will be eager to offer you more to work for them instead. The experience you gain in this field will set you up for a lucrative long-term career path.
Why Opt for a Strategy Consultant?
After reading the benefits of investing in a strategy consultant, their role should be more clear. However, some people still wonder why organizations can't save money and simply take care of these challenges themselves.
In most cases, consultants are brought in on important decisions vital to the future of the company. This is to ensure that every angel is considered. As we mentioned earlier. it can sometimes be difficult for those very close to the company to adequately assess what's really going wrong.
In contrast, strategy consultants can devote themselves entirely to the challenge or question at hand. While executives are usually busy with the actual running of the company, consultants have the time and expertise to focus on the specifics.
Consultants can also offer deep expertise in a specific industry or subjects like restructuring or market positioning.
In addition, there are also occasions when consultants fulfill a legal purpose. For example, during a merger, before the transaction is completed, it's illegal to share information between two companies.
Consultants will operate independently, sourcing information from both parties to ensure there's a strategy in place for the moment the last document is signed.
How to Find a Strategy Consultant
After reading this article, you should be more aware of the role of strategic management consultants.
So, what are the next steps? If you want to find a reliable, top-notch strategy consultant, you've come to the right place.
The first step is to take a moment to evaluate where you are in the strategic planning process. What are your needs, goals, and budget? After this, you'll be able to decide what kind of expert advice is needed.
After deciding that strategy consulting is needed and worth the investment, it's time to contact us. We work with individuals and organizations around the world to develop circumstances in which anyone can thrive.