How Strategy Consulting Benefits Startups And Small Businesses

September 16, 2019

5 min read

A strategy consultant in India evaluates the business, determines its resources, assets and liabilities, and designs a vision statement, plans and roadmaps for achieving the business goals.

shivi

Shivi Gupta

Consultant, Gurgaon

BUSINESS ENTREPRENEURSHIP
How Strategy Consulting Benefits Startups And Small Businesses

 

There are innumerable reasons why a startup requires the services of a business consultant- from business ideation to compliance management, a startup requires the expertise of an experienced professional to guide to towards the right direction. One of the functions a business advisor performs for a startup or small business is of strategy consulting.

What Is Strategy Consulting?

Strategic consulting or strategy consultation is a part of management consulting services wherein a startup can consult a strategic consultant to get find the precise solutions for making important decisions regarding the business strategy. Strategy consulting involves experienced strategists with years of industry knowledge and cultivated skills to provide accurate advice to startups for laying down and implementing a foolproof strategy.

Strategy consultants design the complete blueprint of the strategy and business plan along with the execution of the same in the most efficient manner. Strategy consulting involves providing guidance to high-rank executives of the startup in laying down strategies for the business.

Functions Of Strategy Consultants

Strategy consultants are approached by startups that do not have the required skills and knowledge for laying down a fruitful and achievable strategy and goals for the business. Strategic consulting involves working on:

  1. Corporate Strategy

  2. Administration Strategy

  3. Organisational Strategy

  4. Scaling Strategy

  5. Strategy for Mergers and Acquisitions

A strategy consultant in India evaluates the business, determines its resources, assets and liabilities, and designs a vision statement, plans and roadmaps for achieving the business goals. Strategic consultants work with the key executives, financial advisors, investment consultants, and legal consultants of the business to draw synergy in the activities of the business to the achievement of common goals.

Strategy consultants also help in developing policies relating to the business’s customers, market, vendors, partners, shareholders, and employees. When the business already has a strategy in place, the consultant evaluates the performance of the strategy, pinpoint any weaknesses and suggests changes.

Skills To Look For In A Strategy Consultant

A startup must ensure that the strategy consultant it hires possesses the following skills:

  1. Analytical skills: The strategic consultant must have the ability to analyse the startup’s data, flag the problems, provide solutions and the strategy to implement those changes.

  2. Flexibility: The consultant must be flexible to understand the startup’s requirement and provide out-of-the-box solutions for its problems.

  3. Timely Solutions: The strategy consultant must be able to provide prompt solutions to the startup, whenever it wants.

Strategy Consulting vs Management Consulting

Many get confused between strategy consulting and management consulting. There are numerous differences between the two as strategy consulting is a branch of management consulting. 

Management consulting is a more generic form of business consulting since it covers all the niche aspects of business management, rather than providing an overall strategy for strategic management. 

Management consulting answer specific problems of each of the startup’s department, whereas strategic takes into consideration, the bigger picture and answers the queries of key executives or top-level management personnel.

Benefits of Strategic Consulting For Startups And Small Businesses

The benefits of strategy consulting can be summarised as the following:

Customised Strategic Solutions For Startup

Every startup has different requirements, unique problems and needs customised solutions for them. The best strategy consultants in India can closely understand the startup’s problems and come up with tailor-made solutions for the business.

Strategy For Innovation

A strategy consultant can provide the right channels and network for innovation and its protection. A business can turn its ideas into its Intellectual Property by understanding the research, product development and execution required.

Brand Name And Goodwill

A startup needs to make a good first impression and for doing this, it requires a proper launching strategy and planning for making itself known to the target audience. A strategy consultant lays down the roadmap for the startup to creates its own brand name and earn the customer’s trust.

Smoother Mergers And Acquisitions

Mergers and acquisitions can be tricky, especially when a startup is involved. A strategy consultant can help the business in evaluating the outcome of a possible merger or acquisition, help with the due diligence process and smooth execution.

Strategy consultants can play a vital role in the overall growth of a startup and consulting a strategic consultant at the right stage can help in the overall growth acceleration. SeekWiser has a wide network of some of the best strategic consultants in India. Call us at +91-7827886239 or send us an email at support@seekwiser.com