What is Strategy Consulting?
Strategy consulting is a service provided by management consultants with expertise in design and implementation of various types of business strategies. A strategy is a plan or carefully considered course of action designed to achieve a specific goal. The use of strategy consultants has increased in acceptance and popularity as the business world has shifted from local to global markets. Strategy management was first launched as a recognized field of study in the 1960s at the Harvard Business School. In collaboration with Booz & Company, McKinsey, and the Boston Consulting Group (BCG), Harvard professors defined and developed the tools and approaches that comprise the basis of this school of management. The Monitor Group was a groundbreaking strategic management consulting firm formed in 1983 by six professors from the Harvard Business School. The development of strategy consulting service firms occurred fastest in the United States where it is acceptable for senior management to admit
A company with infinite resources wouldn’t need a strategy. But how many companies are in such a desirable position? Strategy consultants help make the tough decisions on how to best allocate a company’s resources for maximum value. Strategy consultants tend to tackle the toughest and most fundamental issues facing a business, usually working with the client at the CEO or general manager level. They can help a client achieve a sustainable advantage over competitors—an advantage that will dictate the long-term financial performance of the company.
