consulting firms

How to be a Strategy consultant

By Barbara Thomas 14 April, 2023 2 mins read

If you want to become a strategy consultant, there are a few things you should know. Although it is not an easy job, the rewards are great. Businesses will trust you to give them advice. In this article we will discuss the role and skills of a strategy consultant as well as where to start in this career.

The work of a strategist consultant

The work of a strategy consultant can be challenging. Consultants must be attentive to the company's needs. This allows them to gain relevant insights and information. A consultant should also be able to communicate well with other employees within an organization. It is their job to help companies develop and implement strategies. Therefore, they must be able to communicate with people.

Strategy consultants can often be found working in many different organizations. They advise clients as well as managers on business strategy. They are often involved in meetings and help to solve technical problems. Your resume should show a strong background and knowledge in analytical thinking and business management. They must also be able demonstrate their exceptional communication skills. A minimum requirement for this role is a Bachelor's degree.

A strategy consultant must have the right skills

An effective strategy consultant must possess a range of skills. This includes a keen attention to detail and a creative outlook. Whether consulting with clients face to face or remotely, they need to be able to explain complex ideas in simple terms and use visual aids to communicate their concepts. In addition to being well informed and creative, a consultant must be able to identify problems and identify solutions.

Another crucial skill is organization. A strategy consultant works with a variety of different documents and spreadsheets, and they need to be able to organize them effectively. They must also be able search for important information quickly, as they often work with many clients simultaneously.

Consultancies with a major focus on strategy consulting

There are many major consultancies that specialize in strategy consulting. Some can be classified as pure play strategy consultancies, while others offer a mix of strategy and operational consulting. Some of the leading strategy consultancies include Deloitte Consulting, Roland Berger, Booz Allen Hamilton, and Oliver Wyman.

Some of the largest consulting firms focus on particular industries. These areas include consumer goods, technology, and health care. Other areas of concern include mergers and acquisitions. Human capital strategy is also important. Organizational design is another area of focus.

Career path for a strategy consultant

A career as a strategy consultant will require extensive research and analysis to develop an organization's long-term strategy. It is also important to have an in-depth understanding of the company's market and competitive environment. This consultant will produce a long-term strategic planning that senior executives of the company will review to determine the right course of action.

The educational requirements to be a strategist consultant vary depending on your area of expertise. Many employers prefer applicants who have a bachelor's degree. Business analytics experience is also a plus. Professional organizations offer a range of certifications.

FAQ

Do I need legal advice?

Yes! Yes. Many consultants sign contracts without seeking legal advice. This can lead to issues down the road. If the client terminates an agreement with the consultant before the completion date, what are the consequences? Or, what happens if the consultant doesn't meet the deadlines set forth in the contract?

Avoid any legal issues by speaking with a lawyer.

Which industries use consultants

There are many types and styles of consultants. Some are specialists in one type or another of business.

Some consultants are only available to private companies while others work with large corporations.

Some consultants can also help businesses all around the globe.

Why should you hire consultants?

There are many reasons why you might need to hire consultants:

Perhaps your company has a specific problem or project you need to address
You want to improve your own skills or learn something new
You want to work closely with experts in a certain field
You have no other choice but to do the job.
Feel overwhelmed by all the information available and don't know where you should start
You don't have the money to pay someone full time

You can find good consultants by word of mouth. Ask your friends and family if they know of any reliable consultants. Ask someone you know who is a consultant for his/her recommendations.

If you decide to use online directories like LinkedIn, use the "Search People" feature to look for consultants in your area.

What was the origin of modern consultancy?

The first consultants were accountants who helped companies manage their finances. They were known as "accounting consults" because they are highly skilled in the management of financial information. The role soon expanded to include other areas, including human resources management.

The French word for "to advice" was the inspiration behind the term "consultant." This was used by businessmen as a way to describe someone who could provide guidance on running an organization. Even today, many business owners still use "consultant" when referring to professional advisors.

Statistics

Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.com)
According to statistics from the ONS, the UK has around 300,000 consultants, of which around 63,000 professionals work as management consultants. (consultancy.uk)
"From there, I told them my rates were going up 25%, this is the new hourly rate, and every single one of them said 'done, fine.' (nerdwallet.com)
Over 50% of consultants get their first consulting client through a referral from their network. (consultingsuccess.com)