What makes strategy consulting valuable to you?

my experience, seeking advice from experienced experts has always been beneficial when running A/B experiments. They provide a structured framework to gauge success, which helps us run operations smoothly. Consultants offer a fresh perspective on our daily tasks, often spotting mistakes we might overlook and enabling us to fix them promptly.

As a first time founder 23 years ago, I found that it was next to impossible to maintain an objective view of my business. I also lacked the frameworks I needed to structure my thinking and build a strategy while I was managing the chaos of an early stage company. When I work with founders now, I find that the experience of having been in their shoes enables the trust needed in the relationship for strategy consulting to work. Founders need proven tools combined with experience, objectivity and brutal honesty in order to build and execute on a strategy in partnership with a consultant. With that in place, building a strategy, vision and execution framework together is a great model for success.

It’s so important to hire a strategy consultant that has a been there done this attitude. Think of it as someone handing you the cliff notes to propelling your company forward without taking any wrong turns. The impact of the strategy consultant must be measured in value back to the company. For example, if you hire me and we engage I can increase your sales process and org by 37%. Its so important to think about the leaps and bounds your company can take forward with this attitude.

💡 Strategy consulting extends beyond just immediate problem-solving. It plays a crucial role in shaping long-term business trajectories. 🔍 Informed Decision-Making Strategy consultants enhance decision-making through analytical expertise, crucial in complex business landscapes. 🌐 Global Perspective Consultants offer a global viewpoint, incorporating best practices for international expansion or competitiveness. 🚀 Innovation Catalyst They drive innovation and foster continuous improvement by challenging conventional thinking. 📌 Strategy consulting's value lies in deep insights, innovation, and informed decisions for thriving in today's dynamic business environment.

Strategy consulting will help identify future trends and drivers in the industry. As a result will enable the identification of priorities and build frameworks to deliver strategy Roadmaps to still be successful in the present and future.

1.Define Objectives: Know what you want to achieve. 2.Research & Selection: Choose consultants with suitable knowledge. 3.Set Expectations: Communicate scope, intended results, and benchmarks. 4.Collaborate: Foster open communication and arrange regular check-ins. 5.Stay Open: Be attentive to fresh thoughts and challenges. 6.Implement: Act on the suggestions. 7.Evaluate: Use benchmarks to analyze outcomes. 8.Review: Post-engagement, determine what worked and what didn't. 9.Train Internally: Use consultant knowledge to empower your workforce. 10.Stay Connected: Maintain a relationship for continuous insights.

Key thing is to know what you are willing to pay. Honestly, you do t always know precisely what you want (it often emerges), but you do have a budget. Use them to help your strategy emerge, but at the same time don’t write a blank cheque! Co-create the scope with the consultant, but don’t pay for this step. They will have an idea on a good outcome that you might not have thought of. But at the same time, work is coming their way, so they shouldn’t be being paid for creating a business for themselves!

Every CEO will be well-versed in strategic thinking. However, an external pair of eyes helps in identify possible blindspots that are caused by background and experience and this is where external consulting comes into the picture as it enriches the strategy further.

Leveraging strategic consulting has pre-requisites. The level of leveraging would depend on organisation’s culture. The organisation those are transparent, open, adaptable/agile, deserve a higher chance of leveraging. Leveraging is also a function of type of leadership. The results consulting firms can deliver are directly proportional to the time invested by the leader in its formative period in the organisation. Leveraging management consulting also depends on their scope of work. Most of the management problems are intermingled. Restricting scope puts constraints on management consulting firm. There shouldn’t be untouchable areas if we want to explore full potential Freedom to experiment makes management consultants more effective

First, there should clear idea of why the strategic advice is being sought. Clarity on scope/deliverables is not always possible as it is not unusual that end result (and the shape it will take) isn’t known at the start of the assignment. The clarity on the “why” acts as compass that helps both clients and consultants in navigating these ambiguities more confidently. Second, define a budget. In the course of strategic consulting assignments, things may emerge that appear interesting to explore. Without a clear budget constraint clients may fall into the “nice to have” trap. But with a clear cut budget, clients are forced to select what’s really needed. Having clarity on the “why” helps here as well.

Want to level up strategic thinking skills on your team? Do strategy in the open. Talk through strategic decisions and how they’re made. What were the data inputs? What risks did you consider? How did you get to the point of decision confidence? What kind of trade offs are you making to pursue this course of action? Share your thought processes. This can help your team think about how their initiatives, programs and projects support strategic business objectives. Seek their input, ideas and insights to test, adapt and operationalize your plans.

1.Continuous Learning: Read major strategy books and enroll in online courses. 2.Apply Knowledge: Test strategies in simulations or real-world initiatives. 3.Network: Join strategy forums, seek guidance from experienced strategists. 4.Develop Critical Thinking: Solve problems and engage in arguments. 5.Stay Updated: Read industry reports and attend seminars. 6.Reflect: Maintain a strategy record and seek regular input. 7.Diversify: Explore strategies from diverse sectors. 8.Hone Soft Skills: Improve communication and empathy. Regular practice and interaction in these areas will increase your strategic ability.

Strategy crafting skills can be improved by developing habit of working with unlike-minded people who don’t think like we think. It also improves by developing the culture of risk taking and also by developing systems to transform the total risks into calculated risks along with a strong support network to facilitate risk taking mind set of the operational leaders. Mistakes can be avoided by creating a positive team dynamics where in people candidly share their mistakes with apt reasons so that there is a collective learning. Such collaborative learning helps to improve strategy crafting skills. Supporting innovation & bias towards such actions help development of strategies.

Critical thinking and continuous upgrade on the developments around business ecosystem help improve these skills. Engaging with colleagues who have been in similar roles also expands the horizon of thinking strategically.

Applying Strategy skills in day to working and learning on the Job is the key. Staying updated with industry trends, technology advancements, and evolving consumer behaviors can further refine and optimize one’s strategic approach.

Strategies crafted by MBAs fail in India because they have no clue about the real India, the Rural India. Most of the strategy crafters are from Metropolitan area & they have absolutely unaware of the rural Indians, their needs & aspirations. Secondly, the average age of India is 27. Strategy crafters are on the wrong side of the age group and hence they develop a generation gap with their target customers. Strategy is always organisation specific. What works in a company A may not work in company B. Reasons are many but the point is that the strategy is not a copy & paste job. It has to be crafted from ground zero.

1.Cross-Cultural Nuances: Adapt tactics to local cultures and markets. 2.Ethical Considerations: Align plans with ethical and societal norms. 3.Learn from History: Analyze prior strategic achievements and failures. 4.Adaptability: Be prepared to pivot based on shifting conditions. 5.Mental Well-being: Ensure clear-minded decision-making by emphasizing mental health. 6.Execution: Prioritize the practical execution of strategies. 7.Feedback: Use real-time data and feedback to modify plans.

I am answering from the perspective of a practicing strategic consultant. My clients greatly appreciate it if I am able to provide them clarity in a very volatile, uncertain, complex, and ambiguous (VUCA) business environment. Ever since COVID-19 emerged and wrecked havoc thereafter, a lot of business executives and entrepreneurs experienced difficulties managing their enterprises in abnormal conditions. They searched for answers and looked for consultants who understand the new nature of things. Hence, effective strategy consultants are those able to do the following in today's new normal: 1. Show a path when there seems to be no road 2. Make the complex, simple 3. Make sense of a senseless condition

Strategy consulting is valuable because it provides a structured approach to solving complex business problems. It involves deep analysis, creative thinking, and strategic foresight to help organizations navigate challenges, seize opportunities, and achieve their goals. By leveraging expertise in various industries and markets, strategy consultants offer tailored solutions that drive growth, innovation, and competitive advantage for their clients.

To keep your value proposition fresh in today's dynamic business landscape, it's crucial to stay attuned to market trends and customer needs. Continuously gather feedback, conduct market research, and adapt your offerings accordingly. Embrace innovation and technology to enhance your products or services. Collaborate with customers, employees, and partners for fresh insights and ideas. Regularly communicate your unique value to your target audience through diverse channels. Flexibility, customer-centricity, and a commitment to evolution are key to ensuring your value proposition remains compelling and relevant.