Business strategy consulting is a subset of management consulting (focused on an organization’s general health) to achieve specific organizational goals. Strategy consultants help small businesses to improve their topline, brand image and customer engagement while strengthening the work culture and enabling retention of top talent.
Why is Strategy Consulting important?
Every SME faces business-led challenges that call for a strategic, structured and data-based approach to address them and boost the company performance. Advice and fresh perspective from seasoned business strategy consultants can be a good bet for taking high-level strategic decisions in an unbiased fashion.
Business strategy consultants assist large and small businesses in analyzing existing operations, identifying flaws, and identifying new chances for development and success. It provides an outside view of the operational and strategic discrepancies that afflict day-to-day productivity, which employees and managers tend to overlook, leaving the door open for competitors.
What benefits a Strategy Consultant can bring to small businesses?
Small businesses still run as proprietorship or partnership firms frequently face a financial crunch and shortage of working capital. Since they have not gone public yet, they find it difficult to raise funds. In such cases, strategy consultants can assist SMEs in creating a solid business plan and a structured, professional pitch for banking and financial institutions.
Below are key benefits that strategy consultants can bring to SME business operations:
- Financial analysis to gauge the business health
- Analyzing workflow management for higher productivity
- Strategies to achieve business goals and objectives.
- Strategies to reduce cost, increase revenue, boost performance, and ensure competitiveness.
- Evaluating and analyzing the market, competition and industry trends and identifying the benchmarks.
- Reviewing the efficacy of new plans and strategies.
- Overseeing the implementation of new business and growth strategies.
- Project and management reports analysing the short and long-term impact of changed business strategies.
Strategy Consulting Skills
Statista survey did a study in 2020, wherein they found that 43.5% of consulting companies around the world want their consultants to possess a high-levels of the below-mentioned skills:
- Analytical skills
- Collaboration skills
- Industry-specific/domain knowledge/expertise
- Communication and negotiation skills
- Time management skills
- Critical-thinking skills
- Problem-solving skills
Choosing a ‘small business’ strategy consultant is dependent on the industry type as domain specialization is paramount. Working with the right strategy consultant can pay off big rewards to the small businesses by carving a path for growth and success that otherwise could remain a pipe dream!
The ‘no fees, no equity’ Wadhwani Advantage program has a repository of business advisors, consultants and mentors, and curated experts who add great value to businesses. These are domain experts who have successfully transformed businesses. You can avail of their services by applying to the Wadhwani Advantage program, which builds capacity to accelerate the revenue of businesses by 2x to 10x.