Strategy Consultant Job Description
Strategy Consultants primarily analyze business practices and goals and make suggestions for improvements or company direction. They devise strategies for cutting costs, increasing revenue and making key decisions. They help a company define markets and identify trends within a specific market. Strategy Consultants troubleshoot current problems and implement solutions. Also, Strategy Consultants analyze a business’s competitors to help establish objectives and goals.
Any business or organization can benefit from the services of a Strategy Consultant, who can be an independent contractor or work for a consulting firm. According to the Bureau of Labor Statistics, the employment growth rate for management consultants, such as Strategy Consultants, is 14 percent through 2024. The trend of companies seeking to reduce costs and improve efficiency is expected to continue and plays a major role in this projected growth rate.
Strategy Consultant Duties and Responsibilities
Strategy Consultants complete various types of tasks throughout a daily workday. We examined several job listings for Strategy Consultants and found the following to be among those that are commonly listed under the job responsibilities for this position.
Analyze Business Goals and Objectives
One of the main roles of Strategy Consultants is to analyze a current business’s goals and direction and ensure that practices align with company objectives. They will make suggestions to improve practices and adjust a company’s goals and mission to increase performance and market share.
Study Market Trends
Strategy Consultants are responsible for monitoring market trends to help a company adjust to changing conditions that affect goals and production. They will identify key markets in which a company should be involved and help companies adjust to be successful in market changes.
It is helpful for companies to understand competitor practice and market behavior and it is up to Strategy Consultants to supply this information. They will analyze what works and what does not work for competitors to help their companies employ successful tactics and avoid pitfalls.
Assist in Decision-Making Processes
Strategy Consultants work closely with upper management and executives to help make key budgeting and production decisions. They evaluate current practices and make suggestions to cut costs and increase revenue by developing solutions for problems in these areas.
Strategy Consultant Skills
Those who are successful in this position often display strong analytical, time management, collaboration and communication skills. They are detail-oriented forward thinkers who are familiar with all stages of project management and are adept at working with teams of diverse professionals, such as managers, business owners and other consultants. Strong presentation and creative skills are also crucial for Strategy Consultants. In addition to these skills, Strategy Consultants should display the following capabilities:
- Analyze business operations and projects.
- Understand corporate goals and objectives.
- Conduct extensive market research.
- Implement strategic solutions programs and practices.
Strategy Consultant Tools of the Trade
Strategy Consultants typically rely on a few tools in order to meet all job responsibilities. If you wish to become a Strategy Consultant, you should be familiar with the following:
Project management software – the application of project management software can be helpful for Strategy Consultants in areas of budget management and scheduling.
Marketing analytics tools – to help them successfully analyze markets and market trends, it is crucial that Strategy Consultants understand the use of marketing analytics software.
Microsoft Office applications – the use of Word, PowerPoint and Outlook are essential to help Strategy Consultants communicate with and make presentations to managers, executives and other corporate leaders.
Strategy Consultant Education and Training
In most cases, employers seek Strategy Consultants who possess at least a bachelor’s degree in business administration, business analytics, management or a similar area. Some might prefer candidates who hold a master’s degree in any of these areas. Though not required for employment, one who wishes to become a Strategy Consultant might obtain a Certified Management Consultant (CMC) credential to gain an edge over competitors for an open position.
Strategy Consultant Salary
The BLS reports that Strategy Consultants earn a median annual salary of $81,330; top earners can realize a median annual wage of nearly $150,000. Those employed by consulting firms tend to earn higher than the median salary. Strategy Consultants in Wyoming ($111,180), New York ($107,620) and Massachusetts ($105,950) see the highest mean annual wages in the U.S.
Strategy Consultant Resources
Below you will find some additional resources we have researched regarding Strategy Consultant duties and day-to-day activities. The information provided in these links can prove helpful when you are deciding whether a career as a Strategy Consultant is for you.
Association for Strategic Planning (ASP) – Strategy Consultants and other planning professionals can benefit from conferences, webinars, certification information and networking opportunities provided by ASP.
Association of Internal Management Consultants (AIMC) – This organization offers Strategy Consultants and other management consultants the opportunity to network, gain certification, attend conferences and access training materials.
SME Strategy Management Consulting Blog – From developing a strategic plan to defining the role of a strategy leader, this blog explores relevant topics for Strategy Consultants–written by professional consultants working in the field.
The Boston Consulting Group on Strategy: Classic Concepts and New Perspectives by Carl W. Stern and Michael S. Deimler - This extensive book covers best practices and practical lessons for Strategy Consultants.
Competitive Strategy: Techniques for Analyzing Industries and Competitors by Michael E. Porter - Written by an authority on competitive strategy, this book explores practices for assessing competitors, analyzing industries and achieving profitability.
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