Strategic consulting is a process of providing expert advice to companies on important business decisions. It involves helping entrepreneurs, executives, boards of directors, and managers to objectively assess high-level business issues and develop a comprehensive business plan from the ground up. To become a strategy consultant, you'll need at least a bachelor's degree in business administration or a related field, as well as several years of experience in business and consulting. Common examples of strategic advisory projects include evaluating strategic options, supporting business planning processes, and developing growth agendas such as market entry strategies. Strategic consulting firms that focus exclusively on strategy and operations are known as “pure” firms, while most major general consulting firms have a different strategic practice.
Examples of generalist consultancies with reputable strategic practices include McKinsey, Accenture, Capgemini, and LEK Consulting.When taking on a new project, strategy consultants typically start by doing an in-depth analysis of their clients' business goals and objectives. They can also provide an outside, expert perspective on the competitive landscape and market research so that the client can make well-informed decisions that benefit the health of their company. In the example of a company emerging from a major crisis or having new leadership, strategy consultants can help leaders define a new corporate mission. Strategy consultants are also responsible for developing actionable plans to help their clients achieve their goals. This includes creating detailed roadmaps for implementation, identifying potential risks and opportunities, and providing guidance on how to best manage resources.
Additionally, they may be asked to provide ongoing support to ensure that the plan is executed successfully. Finally, strategy consultants are often called upon to provide advice on how to measure success. This includes developing metrics to track progress and evaluating the effectiveness of the plan over time. By doing so, they can help their clients make informed decisions about how to adjust their strategies in order to maximize their chances of success.