Strategic Consulting: What it is and why your business needs it
Imagine your expensive lease for your pop-up shop is coming to a close, and you are thinking of taking your business completely online. However, you notice that your website has gained little traction since you started. Moreover, you do not have a great grasp on web application or online marketing. You need to figure our your course of action fast, but you are not sure where to begin.
This is where strategy consultants can come in.
What do strategy consultants do?
Strategy consultants give an expert third-party, non biased perspective on business challenges.
Typically the strategy consultant starts by doing an in-depth analysis of the business goals and objectives. There are many areas of business where strategy consultants can help including budgeting advice, learning and growth, and operations (just to name a few). After assessing the current situation and understanding the objectives, strategy consultants will provide strategic recommendations on what and how the company can implement to gain the best results.
Strategic Consulting Example In our earlier example, a strategy consultant in digital transformation could help the shop decide the shop how to proceed. The consultant would learn the ins and outs of the operation, analyze web traffic and sources, and conduct an extensive competitive analysis on the company’s main competitors (just to name a few actions). They’d also gather information on the company’s IT infrastructure to see if could handle web traffic and make an educated projection on online sales in the next few years. From there, the consultant would make several recommendations based on their research. For example, they may recommend a redesign to the website to boost SEO and to make it more user friendly in order to encourage online sales. They may also recommend better use of eCommerce solutions and features such as social media integrations, Live Chat, product suggestions and/or automatic email campaigns.
Why strategy consulting?
The concept of strategy consulting always raises some questions - after all, shouldn’t management be experts on their own business? Why are they not doing this strategic management themselves?
The answer rests in the impartiality that strategic consultants bring. Executives are bound by personal investment in the company; strategic consultants are not. Strategic consultant's recommendations are clear and objective.
We list some of the many benefits below:
Offers an unbiased and clear perspective
Helps develop new ideas
Identifies areas of improvement
Seeks opportunities to differentiate your business from its competitors
Assists in team building and alignment
Sets measurable goals and creates strategic priorities for your team
Has the expertise which can make things go a lot faster!
Strategy consultants have a presence in virtually every industry. If your business is at a cruz or if you want to take your business to the next level but you do not know how, it might be time to get an outside, expert perspective on your unique business challenge(s). Feel free to contact iota consultants - we have a unique team of strategy consultants in Vancouver that can assist you!
If you enjoyed this article, you may also want to check out our article on strategic plans vs. business plans.