What is strategy consulting?
As the name suggests, strategy consultancies primarily offer advice on business strategy to companies on a project-by-project basis. A business strategy is the means by which a business sets out to achieve their desired goals. Therefore, strategy consulting involves the review of a current business strategy and the presentation of recommendations for improvement or change that will enhance business performance, resulting in the achievement of set goals.
The work strategy consultants do includes, but is not limited to:
- Long-range planning
- The reorganisation of a company’s structure
- Rationalisation of services and
- Rationalisation of products
- A general business appraisal of the company.
Strategy consultants find solutions to problems for which there is no generic solution. They are innovators in a sense that they create custom strategies to fit the needs of a particular company. Strategy consultants work out the problems in the operations and work strategy of a company.
Strategy consultants understand basic business frameworks. They then use these frameworks to build a custom strategy for a particular business. This key part of the role means that strategy consultants need to be able to use the facts they are presented with and think outside of the box.
- Bain & Company
- L.E.K Consulting
- OC&C Strategy Consultants.
- Oliver Wyman
- Roland Berger