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Assume you’re a high-ranking CEO at a well-known magazine producer who is facing a difficult decision. You’ve noticed that your website is growing in popularity while physical magazine sales are decreasing. You don’t understand how web publications function, so this change has put you in a pickle. You need to make a decision quickly, but you’re not sure where to begin.

If you found yourself in this situation, you might consider hiring a strategy consultant. Strategy consultants work in almost every industry and can provide a fresh, expert perspective on business issues. They provide objective, fresh perspectives on complex situations and guarantee that organisations evaluate all options when making major decisions.

In this article, we’ll take a look at what strategy consulting is, why business owners should consider it, and how to get started in the industry.

What does strategy consulting involve?

When entrepreneurs — typically executives, boards of directors, or management — bring in a third party to provide an outside, expert perspective on their company difficulties, this is known as strategy consulting. Strategy consultants are tasked with examining high-level company issues objectively by applying their extensive industry knowledge. They take a broad look at specific issues that businesses are facing and offer recommendations on how to address them.

In most cases, strategy consultants work with their customers for a set period of time. They are expected to devote all of their time, effort, and attention to a given problem within that time frame.

What is the role of a strategy consultant?

When a strategy consultant starts on a new project, they usually begin by performing a thorough examination of their client’s business goals and objectives. The purpose of this analysis is to see if their current methods are in line with their desired outcomes. They will make strategic recommendations for the organisation to implement based on their study and define the steps that need to be taken to achieve better results.

Strategy consultants can provide insights from market research and the competitive landscape in addition to business analysis, allowing clients to make well-informed decisions that are in the best interests of their company’s health.

A corporation can obtain advice on the following topics while working with a strategy consultant:

• Budgeting guidance – Suggestions for cost-cutting and revenue-generating strategies.
• Production tactics – Advice on how to make their product more efficient.
• Opportunity management — highlighting new income or product opportunities.

Consultants may be able to assist in the implementation process after making sound recommendations to their clients.

Why should you hire a strategy consultant?

The term “strategic consulting” may elicit considerable scepticism.

Why do businesses require industry specialists from outside sources? Shouldn’t company CEOs be specialists in their own right? Isn’t it possible for them to enlist the support of other employees within the organisation to deal with these challenges in-house?

The answers to all of these issues are mostly a matter of concentration and objectivity.

A strategy consultant in the example above would be entirely focused on the subject of the publication’s transition from print to digital and the repercussions of that move. That would be impossible for the company’s leaders to achieve. They’d be in charge of an entire company. They wouldn’t have time to become obsessed with specific themes.

Strategy consultants can bring a level of objectivity to the table that isn’t usually present among employees. Personal stakes exist in the firms of board members, CEOs, and other management. These stakes are frequently accompanied by biases and preconceptions that distort their judgement on specific topics.

A strategy consultant provides a fresh viewpoint to the table. They are not obligated to the corporation because of personal investment. Their decision is expected to be straightforward and unbiased. This allows CEOs to acquire an unbiased opinion from someone who isn’t affected by emotion or personal sensitivity.

How to Start a Career in Strategy Consulting

Obtain the Correct Degree (s)

To work in strategy consulting, you’ll need at least a bachelor’s degree, most likely in business administration or a closely related discipline. When it comes to securing a strategy consulting job, though, a bachelor’s degree is the bare minimum.

Though no one-size-fits-all academic criteria exists for all consulting businesses, graduates with MBAs are frequently preferred. Consulting organisations seek mature employees with a strong understanding of company management, analytical skills, and a track record of problem-solving ability.

 

During your time in school, you should also look for internships, especially with a consulting business or in a high-demand field. This will allow you to get a head start on gaining the experience you’ll need to land a strategy consulting position later.

Obtain a Significant Amount of Experience

It takes a lot of business and consulting knowledge to be a strategy consultant, and there’s a lot that goes into it.

You must be able to comport yourself in a boardroom setting. Because you’ll be working closely with executives, you’ll need to be able to interact professionally.

On a regular basis, strategy consultants must make difficult decisions. They’re paid to do just that. If you’re interested in a career in this domain, you’ll need the confidence and judgement to ensure your recommendations are sound and practical. You should also be prepared to explain the reasoning behind your business decisions at any given time.

Executives must have faith in your judgement. They are unlikely to take you seriously if you make critical decisions for a healthcare company without having spent any time in the industry. A strategy consultant who does not have any experience in technology implementation attempting to work with a corporation seeking guidance on the issue would be in the same boat.

Experience will also teach you the importance of protecting yourself from any legal issues that may arise during the process of providing your services. Professional indemnity insurance for consultants is a good way to protect yourself from unexpected risks.

Learn as much as you can about the industry.

Strategy consulting firms are divided into two categories. A firm can either specialise in strategy consulting (known as a pure-play firm) or offer strategy consulting as one of many services.

It’s important to know those names if you want to work in strategy consulting. They could be good places to start a networking effort that will help you get your foot in the door.

How to Be a Successful Consultant

Choosing a niche is the first step in becoming a successful consultant. What area of business do you know the most about? Are there any challenges that you excel at resolving? The finest consultants are able to use their knowledge to help their customers achieve their goals. When you first start out in the field, consider what value you can offer.

Also, if you want to retain clients and keep new clients coming through the door, adding value isn’t enough. To keep attracting new clients, you must be able to demonstrate the value you provide. Successful consultants must be able to explain what value they provide and why they are the best fit to support potential clients, whether that means sharing excellent thought leadership content, case studies, or having a roster of testimonials from former clients and projects.

Strategy consulting is a fascinating discipline with a vital purpose. It’s a technique of providing clarity to businesses and assisting them in staying on track. A job in the sector isn’t easy to come by, but with the right education, relevant experience, good problem-solving skills, and sheer hard work, you can ensure your success.