Strategy consulting is when businesspeople — generally executives, boards, or management — bring in a third party to offer an outside, expert perspective on their business challenges.
Strategy consultants usually have considerable industry knowledge and are expected to assess high-level business issues objectively. They take a holistic look at specific problems companies are dealing with and give advice on how they should approach them.
Strategy consultant do?
When a strategy consultant takes on a new project, they typically start by doing an in-depth analysis of their client’s business goals and objectives. The goal of this analysis is to understand if their current practices are in alignment with what they want to achieve. Based on their analysis, they will provide strategic recommendations the company can implement to drive better results.
In addition to their business analysis, strategy consultants can provide expertise on market research and the competitive landscape so the client can make well-informed decisions that are in the best interest of the health of their company.
When working with a strategy consultant, a company can receive guidance on the following:
- Budgeting advice — Input on best practices to cut costs and drive revenue.
- Production strategies — Recommendations to increase efficiency creating their product.
- Opportunity management — Highlighting new opportunities for revenue or product offerings.