What Do Strategy Consultants Do?

What do strategy consultants do, and why would you want to hire one? As a small-business owner, you want to keep your company growing. Is a strategic consultant the best way to do it? Advantage Media Group explores the six basic benefits a good strategy or management consultant can bring to your burgeoning business.

  1. They can help you focus. The majority of small business owners from all generations plan to grow their businesses in the next five years, including a whopping 77 percent of millennials. But with so many growth strategies for businesses, how do you narrow down your focus? A strategic consultant can help!
  2. They offer an outsider’s perspective. You are utterly invested in your business, and that can make it hard to see the forest for the trees. A strategy consultant can look beyond your point of view to identify and assess potential trouble spots that you haven’t seen.
  3. They can help you differentiate. What makes you stand out from your competitors? A good business strategy consultant will immerse himself in your industry and determine your USP, or unique selling point.
  4. They give actionable advice. A strategic consultant doesn’t just narrow down your area of focus. He or she should also advise you on how to reach your goals. In fact, a consultant should go beyond advice and offer you a concrete plan for implementation.
  5. They can execute. Even skeptics agree that consulting projects come up with three outcomes of value: an area of focus, a plan for implementation, and actual implementation. A business consultant can help you in each of these areas, although we recommend three separate consultants or firms for each stage of the process, to bring in new and fresh perspectives.
  6. They can analyze and make connections. Strategic consultants are experts at seeing the bigger picture. They can take several seemingly unrelated facts and data streams, and come up with a conclusion to help guide your strategy. Pattern recognition is an essential but undervalued skill, and strategic consultants have it in spades.

Are you still thinking to yourself, Yes, but what do strategy consultants do? They analyze your business, industry, and competition; narrow your company focus; and create, implement, and execute a plan to help you succeed.

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Sources:
http://www.economist.com/news/business/21589435-big-consulting-and-accounting-firms-are-making-risky-move-strategy-work-strategic-moves
http://newsroom.bankofamerica.com/sites/bankofamerica.newshq.businesswire.com/files/press_kit/additional/Spring_2015_Small_Business_Owner_Report.pdf
https://www.americanexpress.com/us/small-business/openforum/articles/5-steps-to-determine-your-unique-selling-point/
http://www.industryweek.com/companies-amp-executives/why-strategy-consultants-bite
http://www.inc.com/les-mckeown/the-most-important-leadership-skill-you-need.html

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