What Do Corporate Strategy Consultants Do?
Experienced Corporate Strategy consultants make data-driven decisions, allowing the facts to speak for themselves. Consultants in this field are responsible for studying market trends that may affect the company’s goals and objectives and help the company adjust to the changing conditions. A thorough analysis of the business landscape will aid in identifying new markets to expand into.
Corporate strategy encompasses all areas of business, making it crucial to align your entire organization with the corporate strategy your company is pursuing. It provides a portfolio of all areas of business within a company, in order to ensure they are all aligned. Optimizing human capital and analyzing the impacts that departments can have on each other are only some of the tasks Corporate Strategy consultants can take on.
By differentiating between business strategy and corporate strategy, which represents the joint strategy of all business functions and units, the consultants will be able to ensure the overarching strategy is tailorable across the organization.
Corporate Strategy consultants study and evaluate the competition for any threats or opportunities, as well as successful expansion tactics to employ and pitfalls to avoid.
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Why Hire Corporate Strategy Consultants?
Many companies struggle to define their corporate identity, strategy, and goals but strategic planning is vital to the growth of a company. Corporate Strategy consultants can help strengthen and refine a company’s focus.
Our Corporate Strategy consultants work closely with the management and executive team to evaluate the company's status and marketplace. They define its challenges and strategies moving forward by conducting a clearly defined, tangible Corporate Strategy analysis to propel the business forward.
Oftentimes companies or CEOs feel that they do not need a Corporate Strategy advisor because they live and breathe the business every day, so they instinctively believe to know it inside out. Wrongfully, hiring an outside perspective for something as fundamental as a corporate strategy may be confused with managers not doing their jobs adequately. These sentiments are shared by many CEOs.
However, a Corporate Strategy advisor can be of value even to the best managers and most seemingly well-functioning organizations. An experienced consultant will bring perspective and knowledge to a company that it can consume and make part of its own.
Here are only a few of the many good reasons to hire a Corporate Strategy advisor:
An outside objectivity: Often a company’s marketing or strategy team are too close to the business or problem to see it. What might be obvious to someone outside looking in, they are blind to because of their bias and tainted view. An outsider can be independent, unbiased, and objective in the decision-making process and their judgement will not be clouded.
Expertise: Our Corporate Strategy consultants have years of experience in a high powered, dynamic, business atmosphere as a strategic manager. They have had suitable exposure to top-level management and experience in formulating corporate strategy as well as exposure to the decision making process and carrying out those decisions into actions.
Access to Best Practices: A Corporate Strategy advisor has had exposure to other companies and businesses' best practices in order to help the executive team develop and implement the best practices to fit their Corporate Strategy analysis.
Risk Assessment: Analyzing and identifying any potential strategic threats and evaluating them is one of the most important roles in order to develop the Corporate Strategy analysis and the required action to best mitigate the risks.
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A corporate strategy consultant will be able to deliver you a concise, actionable and tangible corporate strategy analysis to implement and achieve your desired results.
When choosing your corporate strategy advisor there are several factors you should bear in mind and look out for. Here is a short guide to the main ones:
Coaching: As a professional, respected and experienced strategy consultant he should be able to mentor other members of the team and show them how to analyze, plan and implement the Corporate Strategy analysis so at the end of the consultation period they will be able to sustain growth and continue to follow the strategy plan and adapt it where necessary.
Persuasive: A Corporate Strategy advisor also needs to be very persuasive so that the team adopts their Corporate Strategy analysis, ideas and decisions, especially when there is conflict within the team.
Portfolio management proficiency: One of the most important roles of a Corporate Strategy advisor is proficiency in portfolio management to ensure the organization chooses the right businesses to enter while properly balancing existing business. Any Corporate Strategy analysis will tie those critical areas of the business together, ensuring the organization as a whole is greater than the sum of its parts.
Creative: Another important role in a strategy consultant’s skillset is the ability to be creative and think out of the box, to be able to come up with insightful, thought-provoking ideas from the outset. However, if they seem uninspired then you may need to look elsewhere.
Organizational design capability: Corporate Strategy consultants need to demonstrate expertise in organizational design, corporate structure, initiative assessment and business unit function while balancing risk with a potential return on investment. As a strategist, they will be looking at the corporation’s structure and it’s core functions so this is an important skill.
Resource allocation expertise: Again, as a strategy consultant and analyst they need to have a clear understanding of the businesses requirements and resources in order to better allocate them. They should exhibit an understanding of resource allocation and proper deployment of people and capital for maximum return. Corporate Strategy consultants leverage his or her expertise to ensure the right leaders are in the right positions.
Problem Solver: Due to the analytical nature of the work, a good strategy analyst needs to be a good and timely problem solver as businesses often face sudden and urgent problems that need quick thinking and decision making.
Vision and Understanding the Big Picture: A Corporate Strategy advisor needs the ability to see how decisions and choices will affect the business and the organization in the future and its effectiveness as a whole business. They also need insight into how a simple adjustment to the protocol in one department will affect another.
Depth and Breadth of Experience: How much Corporate Strategy analysis knowledge do they have of your industry and business and at what level did they gain their experience? The best fit will be someone who has Corporate Strategy analysis knowledge of your industry and has dealt with similar strategic problems before. Ask for a list of previous clients, problems solved and action taken as well as the results achieved.
As with any job you want to see examples of their work and abilities, proof that they can live up to their promises and your expectations, so you should ask for examples of previous work they have done, who they worked for, problems they solved and the results achieved.
Successful companies leverage the expertise Corporate strategy consultants bring, including organizational design, resource allocation, portfolio management, risk assessment and opportunity identification. At the end of the day, the consultant is equipped to point the business in the right direction and ensure long-term success and profitability.