What Does a Strategic Consulting Firm Do and How Can It Help Your Business?

Strategy consultants are experts in their field, helping companies make important decisions that are vital to their future. They provide impartial advice on high-level decisions, using deep industry knowledge to deliver the best results. Strategy consultants analyze business practices and design improvement strategies to help companies remain competitive and meet their objectives. It is a type of Management Consulting, with the three largest firms being McKinsey, BCG and Bain.

Other general consultancies with reputable strategic practices include Accenture, Capgemini and LEK Consulting. Strategy consultants use practical tools and a thorough evaluation of the facts to turn the aspirations of the CEO and the boardroom into reality. They study current market trends to help companies adapt to changing conditions that influence production or objectives. To enter strategic consulting, you'll need at least a bachelor's degree in business administration or a similar field.

It goes without saying, but you'll need at least a few years working in business and consulting before developing them. Strategy consultants are present in virtually every sector and can provide an external expert perspective on business challenges. For example, a company in the midst of a merger or acquisition could request strategic advice to carry out commercial due diligence or draft a business case in favor of the measure that would please both shareholders and regulatory bodies. A strategy consultant could also focus on the question of transitioning from print to digital publishing, making recommendations to executives on expected revenues and how this strategy supports the company's growth. A branch of management consulting, strategic consulting is also known as strategic advice or strategic consulting. The three most represented firms are McKinsey & Company, Boston Consulting Group and Bain & Company.

These strategic consulting services are corporate strategy, business model transformation, economic policy, mergers & acquisitions, organizational strategy, functional strategy, strategy & operations and digital strategy. However, large strategic consulting firms are dedicating an increasingly smaller proportion of their production to pure strategy.

Léo Poitevin
Léo Poitevin

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