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7 Things to Consider While Hiring a Strategy Consulting Firm

Updated: Oct 22, 2023

The business world is constantly changing and evolving. To stay competitive, you need to always think of new ways to innovate and grow your company. Hiring a strategy consulting firm can help with this immensely. Strategy consulting firms are experts in the industry, have strong networks that can maximize your potential for success, and work hard to develop an effective plan for your organization's future.

Here are some tips on how you should go about hiring one:


1- Understand the difference between strategy consulting and management consulting.





While most organizations think that strategy consulting and management consulting are the same, in reality, they can be very different. Strategy consulting focuses on how to develop your business strategy, inclusive of business model innovation and development of new processes and systems, while management consulting is more about optimizing existing strategies, operations, cost efficiencies, and analyzing current statistics. Understanding the difference between these two can help you determine which consultant would be best for your needs.


2- What is their approach towards problem-solving?



Do they have a collaborative style, or do they like to work independently? What are some specific examples of what kind of problems did clients ask them for help with? These details will give you an idea of if their style meshes well with your culture.


3- What do they look for in a candidate or company to take on as a client?


These details can give you an idea of their approach to taking on companies with different levels of maturity and growth. This will help you better assess if it's a good fit for your brand, too.


4-Are they willing to sign a non-disclosure agreement?



You'll want to keep your strategies confidential, even from other departments such as marketing and sales. You don't want anyone getting a jump start on how you're going to enter the market or how you're looking at things. This is important because you don't want your ideas to be shared with your competitors either.


5- Where can you find their work?


By asking to see samples of the work they've done in the past, that will give you a better sense of how much experience they have working on these kinds of projects. If it's good quality work, then their experience level is likely going to be quite similar.


6- Have they worked in the same industry as yours?


Check out their portfolio of clients and see if any are in a similar industry as yours. The more you know about the companies they're working with and what challenges they've faced, the better idea you'll have of what kind of value proposition your firm can provide. If they specialize in this area, you know right off the bat they'll be knowledgeable on handling any challenges that arise during the process.


7- How much are they going to cost you?



With many companies unable to afford the cost of hiring in-house employees, they instead turn to consultants. But it can be difficult for a company with limited resources and budget constraints when deciding which consulting firm to hire. To find one that will provide you services at an affordable rate while also ensuring quality service is delivered, make sure your new consultant’s fee structure includes reasonable costs upfront and items such as staff support fees or monthly minimum hours.


Remember, when evaluating a strategy consulting firm, it's important to make sure that their expertise matches your growth and development goals. Choosing the right one will spare you some headaches and help you reach your business goals faster.


We hope you found our blog post helpful and would love to hear your thoughts in the comments below. If you hire a strategy consulting firm, consider these seven points!


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