What is a Strategy Consultant
Strategy consultant is one that formulates a strategy to implement a business plan conceived by the entrepreneur. These are management consultants basically who are experts in conceiving and implementing business strategies. Good strategy is backbone to any novel thought and one cannot take any chances with implementation else idea may lose all the impact. This need to create an impact defines the role of strategy consultant.
Business scenario is no more restricted to national boundaries. Need is to bring global appeal to whatever is done. Hence, understanding market trends of various countries is one of the main requirements to print your name in global frame. Strategy consultants provide a detailed study on buying habits and market needs. They also help in understanding the target market well to channelize the energy and resources in right direction.
Strategy consultants are more accepted in US where senior management does not discard the need of an outside brain to help him implement a successful business plan. Europe and Asia are a bit conservative in this direction and prefer to maintain silence about their game plan. Senior management in these parts of the world is expected to be efficient enough to formulate management strategy in-house.
There are a number of companies across the globe specializing solely in strategy consulting. Innovative thinking and efficient use of resources is expected from strategic consultants. Strategy consultants help business grow in right direction. Decisions like acquisition, product diversification or market penetration are based on the expertise of strategy consultants.
This line of service was introduced by the brains of Harvard Business School in 1960s and 1970s when different business lines were studied by the professors of this school. This study on various business set-ups realized the need of some experts who can assist entrepreneurs at the time of taking crucial decisions regarding over-all development of the business they were carrying.
Strategy consultants can be categorized into product consultants, process consultants, marketing consultants etc. Product consultants advise about the changes if required in product line of the firm. They also decide about the transformation needs of the line being produced. Process-consultants study the loopholes in process followed and can advise on cutting or adding of certain steps without compromising with the quality of the product. Marketing consultants are involved in decisions regarding the positioning of the product in the minds of consumers. Their main role is to understand the consumer psyche and develop marketing strategy accordingly to maximize the sales of the company.
With increasing volumes of business and growing needs of the market, strategy consultants have become an important component in the success of the business plan. Relaxed foreign policies and tolerance towards other economies have increased the role of strategy consultants in achieving pan global image.