By: Lindsay Angelo, Strategy and Foresight Consultant, MBA, TEDx Speaker
Strategy consultants play a pivotal role in guiding organizations towards growth, resilience, and innovation. As catalysts for change, they analyze complex business landscapes, identify opportunities, and develop actionable plans to achieve business objectives. Success, however, hinges not only on a firm grasp of analytical techniques but also on cultivating key skills that set consultants apart. Excelling in strategy consulting goes beyond individual capabilities; it necessitates a commitment to diversity, equity, and inclusion (DEI) to foster a dynamic and thriving work environment.
In this article, let's explore the core responsibilities of a strategy consultant, the key skills required in the field, and the rising importance of an inclusive mindset to drive success. Want to launch your own career in strategy consulting? We'll share the 411 on that too!
What is the Role of a Business Strategy Consultant?
Business strategy consultants, or strategic consultants, are expert advisors who partner with companies and other potential clients to create effective strategies that align with their financial goals and company objectives. They have deep industry knowledge of business models, management practices, market positioning and trends, and business processes. They use this combination of skills to offer a fresh perspective on business challenges and develop solutions that drive growth, and enable brands to thrive in a dynamic market landscape.
Strategy consulting is a thrilling rollercoaster ride for the brain—one of the few fields where you get to don multiple hats and explore various dimensions of business thinking. It's about striking the perfect balance between high-flying visionary ideas (the 30,000-foot view) and diving deep into the nitty-gritty details (the 30-foot view) to solve intricate problems.
As a strategy consultant, you're able to tap into your inner genius and unleash your full potential—to play at the beautiful intersection of creativity and analysis. This intersection sets strategy consulting apart from any other profession.
To be a strategy consultant, however, you don't just need to be adept at wearing multiple hats—you also need to be a quick study. After all, there are many different niches that require strategy consulting—retail, energy, wellness, health, consumer packaged goods, supply chain, and financial services, to name a few. Once you've mastered your skills, you can choose the niche or area of focus that best fits your knowledge and interests.
Developing 6 Key Skills For Success in Strategy Consulting
Developing strategy consulting skills is a great way to create a profound impact in an industry. By embracing strategic thinking, analytical prowess, effective communication, leadership, adaptability, and foresight, you can drive innovation and inclusive growth in shaping businesses and creating a brighter, more sustainable future.
1. Strategic Thinking
Strategic thinking is the backbone of a successful strategy consultant. What is strategic thinking? It's having the ability to assess problems/opportunities and make good decisions that support your overall goals. By attending this strategic thinking masterclass, you can elevate your capabilities and craft compelling visions for your clients.
As an example, let's say you're helping a non-profit organization. Strategic thinking enables you to revamp its fundraising strategy, aligning it with the organization's mission and core values. The result? You can increase donor engagement and drive a significant positive impact in their community.
2. Analytical Skills
In strategy consulting, data is gold!
Analytical skills empower consultants to sift through complex data, identify trends, and draw valuable insights to make data-driven decisions. By mastering analytics and problem-solving, you can develop comprehensive strategies that drive tangible outcomes.
For example, assisting a tech start-up in analyzing market trends, customer behavior, and competitors' performance to launch innovative features, would achieve significant growth and market recognition.
3. Communication and Presentation Skills
Don't underestimate effective communication skills—it's a superpower in strategy consulting!
As a consultant, you must be adept at conveying intricate ideas in a clear, concise, and persuasive manner to clients and stakeholders. Top-notch presentation skills will help you gain buy-in for strategic recommendations. Mastering the concept of MECE (pronounced MECEE) will also help in delivering succinct and compelling communication.
4. Leadership and Teamwork
Consultants thrive on teamwork and leadership—working seamlessly with diverse teams, fostering an inclusive work environment, and bringing out the best in each team member. Exceptional leadership skills, coupled with creative thinking skills and an inclusive mindset, can help you effortlessly guide projects towards successful outcomes and hit the ground running on new projects and engagements.
5. Adaptability and Learning Agility
The consulting industry evolves rapidly, demanding that consultants be adaptable and agile learners. Strategy consultants don't avoid change, they embrace it with tenacity—continuously updating their knowledge of industry, cultural, and consumer trends.
For example, you're hired as a management consultant for a retail company. They're currently facing a decline in foot traffic in physical stores due to the rise of e-commerce and are operating in the dark ages when it comes to their digital strategy. Quickly shifting their focus and updating their current processes to create an omnichannel strategy can help alleviate their pain and deliver a competitive advantage. The recommendation? Integrate online and offline experiences to better serve their customers.
Not only do you need to a quick study, but you are encouraging organizations to adopt an agile culture and mindset as well.
6. Foresight
Having a keen sense of foresight is the secret sauce of strategy consultants. When you embrace the role of a strategy consultant, you become a visionary navigator, guiding your clients through the ever-changing business landscape. By tracking emerging trends, technological advancements, and shifts in consumer behavior, you can offer forward-looking strategies that position your clients ahead of the curve. Think of yourself as a compass that leads businesses towards uncharted territories with confidence. Join our Futurist-in-50-Days training program if you’re keen to build your foresight super power.
Diversity, Equity, and Inclusion (DEI) in Strategy Consulting
Consulting giants like McKinsey & Company, Bain & Company, and Boston Consulting Group were once seen as exclusive "old boys' clubs,"—fortunately, the tides are changing.
Additionally, the data points to females acquiring strategic thinking as a skill later in their careers than their male counterparts, presenting an uneven playing field beckoning for change.
The thing is, everybody, can be great at strategy if given the right tools. And more females are acquiring strategic thinking earlier on, as training programs are being created—in fact, we created our Strategic Thinking Masterclass for this reason. Classes such as this allow ANYONE to learn strategic thinking.
It's high time to include everyone in shaping our future by sharing their unique perspectives on global and local challenges. Finally, more voices are being heard, breaking centuries-old barriers. Females in particular are making their mark as business strategy consultants and actively creating a more diverse and inclusive world. Look no further than the Top 50 Leading Female Futurists from round the world for inspiration!
However, while female futurists are making waves, they're still underrepresented in the field of foresight. Programs such as Futurist-in-50 days Program provide the right tools to level the playing field and empower all walks of life in the Strategy and Futurism arena!
How To Be a Strategy Consultant
Having a successful career in strategy consulting requires a combination of education, experience, and continuous learning. Here are some essential steps to guide you on how to embark on this exciting career path:
Enroll in a Master's Degree to Deepen Your Expertise and Credibility
Pursuing a Master's degree in fields like business, economics, or management can provide you with a strong foundation of knowledge and skills required in strategy consulting. These programs offer in-depth insights into business theories, strategic frameworks, and analytical techniques. If you have a Degree in Business Administration or any other college degree, you can enroll in a Master's degree program to boost your credibility and open doors to opportunities with top consulting firms and strategy consultancies such as the Boston Consulting Group or Mckinsey & Company.
Seek Mentorship from Those who have Walked the Path
Mentorship is a valuable resource for aspiring strategy consultants. Seeking guidance from seasoned professionals both in the public and private sectors, who have already navigated the consulting world, can provide invaluable insights and wisdom. Mentors can offer practical advice, share their experiences, and help you avoid potential pitfalls on your journey.
Prefer to be your own Boss? So do we...Enroll in our Independent Consultant Accelerator and Learn how to Start up your very own Practice.
For those looking to venture into independent consulting, specialized training programs can be a game-changer. These programs offer bespoke development, equipping you with the skills and tools necessary to thrive as a consultant. Enroll in our brand new Permissionless Consultant training, to take charge of your learning journey and to start up your very own consultancy.
Read more here on how to become a business consultant.
Embracing the Journey: A Purpose-Driven Adventure in Strategy Consulting
As a purpose-driven professional, venturing into the world of strategy consulting is a journey filled with excitement, continuous learning, and impactful problem-solving. The role of a strategy consultant is pivotal in shaping the future of business, making it an incredibly rewarding and fulfilling career choice.
Whether you dream of joining renowned strategy firms, boutique firms, or charting your own career growth as an independent consultant, embracing the challenges and opportunities of this dynamic field promises a career that is both rewarding and influential.
So, are you ready to make your mark?
Frequently Asked Questions (FAQs)
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As a Consultant, your superpower lies in critical thinking skills. Clients will rely on your expertise and practical knowledge to tackle complex issues and make business decisions that have direct impact in client projects. Whether they have a general direction or need you to kickstart the discussion, your strategy consultant skills—especially your problem-solving skills will be in high demand. To excel in problem-solving, it's crucial to grasp the MECE (Mutually Exclusive, Collectively Exhaustive) framework and issue trees.
Learn more about MECE framework and issue trees here.
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Determining consulting rates depends on several factors, including your expertise, market demand, industry standards, and the value you provide to clients. Research the market rates for consultants in your field, consider your experience and unique offerings, and assess the specific needs and budget of your target clients when setting your rates.
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The Consultant Accelerator is suitable for individuals aspiring to become business consultants, such as corporate professionals, entrepreneurs, senior managers, project managers, current freelancers and advisors and those interested in exploring a new career option in a variety of industries. The Accelerator caters to individuals from various backgrounds and experience levels, offering the expert perspective—knowledge and strategies needed to succeed in the consulting industry.
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Read more here on how to become an Independent Strategy Consultant.
ABOUT THE AUTHOR
Lindsay Angelo is the founder of Permissionless Consultant, supporting purpose-preneurs in launching their practices to create impact, freedom, and a life they love.
She's also a practicing and award-winning Strategist, Futurist, MBA, and TEDx speaker. She launched her foresight and business strategy consulting firm six years ago with the goal of helping purpose-driven brands and business owners drive growth and impact.
Since then, she's more than tripled her prior earnings while advising entrepreneurs, think tanks, celebrities, and Fortune 500 companies—all the while creating a nomadic lifestyle rooted in travel, family, and community.
Named a Woman to Watch and Global Innovation Leader, Lindsay has delivered over 100+ keynotes and is the creator of a signature blueprint for driving brand growth and impact.
A born entrepreneur, former NCAA athlete, and wellness warrior, she sits on the Advisory Board for World Business Research. She contributes to a variety of media houses including CBS, The Globe and Mail, Retail Executive, and the National Post. She believes magic happens where logic meets intuition, where the rational meets the emotive, and where facts meet insights.
