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A strategy consultant is typically an independent contractor for a company. The role of a strategy consultant varies, but essentially, the consultant identifies problems or issues your business is having and then creates a strategic plan for how the business can overcome these problems or reach the goals. In order to choose the best strategy consultant, you should consider the experience the consultant has with your industry or type of business, the services the consultant offers and the price for their services.
You should find strategy consultants that have experience working in your industry. You can take it a step further and identify consultants that specialize in your industry. While you will need to spend some time educating the consultant on your business process and practices, it shortens the learning curve if the consultant already has knowledge of and experience in your industry.
Next, you want to identify the specific services the strategy consultant offers. Since these consultants may be freelancers working on their own, or consultants working for an outside firm, they typically spend time on-site, getting to know the business and to observe your processes. Some consultants simply provide you with a report on how to accomplish the goal you want to accomplish and move on. Other strategy consultants stay on-site to help implement the strategic plan. Which one you choose depends on the needs of the business.
For example, you may hire a strategy consultant to evaluate whether your computer business should outsource some or a portion of its work overseas. In this situation, the strategy consultant could do the research and present their findings in a report. The report will include recommendations from the consultant, but ultimately it is your decision as to whether you outsource these roles or not based on the findings of the consultant.
Cost is another major factor when choosing the best strategy consultant for your business. While you should work with a consultant that has experience with your industry and provides the services you need, you also have to be able to afford to pay for their services. Some consultants charge by the hour, while others may charge a flat-rate project fee.
Choosing the best strategy consultant comes down to finding the right balance between these three areas. Narrow down your list of options until you find the strategy consultant that meets the majority of your needs, including knowledge and experience, price and service offering.
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