What Does a Business Strategy Consultant Do?
Written by:
Wilson College
• Sep 20, 2024
What Does a Business Strategy Consultant Do?
A business may need to change its strategy for many reasons. For example, rising material costs may be forcing it to restructure its budget, or it may want to expand into new markets, such as the competitive world of e-commerce. Another possibility is that it may just want to make the business a better place to work.
While change is often necessary, it’s not always easy.
According to a 2023 survey of over 750 business leaders conducted by McKinsey & Co., only 12% of businesses were able to implement and sustain changes for over three years. Additionally, 42% of businesses reported losing the financial benefits of planned changes as they attempted to implement and sustain them.
That doesn’t always have to be the case. When businesses need an outside expert’s perspective on how to move forward, they often turn to business strategy consultants. Equipped with hands-on experience and in-depth education in business management , a skilled strategy consultant can help organizational leaders plan, implement, sustain, and reap the benefits of change in every industry.
Business Strategy Consultant Job Description
Business strategy consultants are experts in business operations. They help business leaders streamline day-to-day operations, increase profits, and implement new policies and procedures. While consultants can help their clients with issues such as employee retention, they can also help them develop overarching, long-lasting strategies.
To accomplish these goals, business strategy consultants often:
- Help executives identify goals and problem areas
- Conduct research about general market trends and competitors’ strategies
- Devise and implement strategies to overcome issues and meet goals
- Meet with executives, managers, and employees to discuss new strategies and get their input about issues
- Implement systems to measure meaningful metrics, such as costs, profits, and employee productivity
- Help clients adhere to all industry regulations
- Prepare reports and case studies on how their strategies have helped clients
While some consultants help businesses meet all types of goals, others have specialties. For example, one strategy consultant may help a client create new marketing initiatives while another may focus on reducing unnecessary costs.
Business Strategy Consultant Work Environment
Business strategy consultants can help businesses of all sizes and in every industry. However, they don’t typically work directly for the businesses they serve. Instead, they often work for strategy consulting firms, such as the Big 3 (McKinsey & Co., Boston Consulting Group, and Bain & Co.)
Strategy consulting firms, which are also known as management consulting firms or business consulting firms, help businesses improve or make changes to their operations. Businesses typically hire them on a contract basis. This means that consultants might serve one or more businesses at a time.
How to Become a Business Strategy Consultant
Business strategy consultants typically need a diverse set of skills. They must be excellent communicators, creative problem-solvers, and fluent in multiple aspects of business administration. Developing these skills and becoming a consultant often requires earning a degree and gaining industry experience.
Step 1: Get a Bachelor’s Degree
Business consultant roles typically require at least a bachelor’s degree. While many types of business degrees exist, many aspiring consultants start by earning a business management degree.
Bachelor’s degree in business management programs are designed to prepare students to make organizational decisions in any kind of corporate setting. They often cover multiple aspects of business leadership including the following:
- Marketing
- Corporate finance and accounting
- Human resource management (HRM)
- Statistics and market research
- Organizational behavior
- Strategic decision-making
- Business law and ethics
- Communications
Business management programs also allow students to complete internships with organizations that align with their career goals. Students may also take electives in areas such as financial accounting, marketing, or international business. This comprehensive curriculum can help aspiring consultants learn how to bring various departments and teams together to meet organizational goals.
Step 2: Gain Relevant Work Experience
After earning a degree, students can take multiple paths to become a business strategy consultant. One path is to gain experience in entry-level roles at strategy consulting firms. In these positions, new professionals often support more experienced colleagues by conducting research, drafting presentations and reports, and assisting clients.
Another path involves gaining experience in more general business management positions, and then pivoting into consultant positions. For example, working as a financial planner, marketing analyst, or human resources specialist can help future consultants learn about the ins and outs of business administration. Fortunately, these are roles that students with business management degrees can do whether they plan on getting into consulting or not.
Step 3: Pursue Advanced Degrees and Advancement Opportunities
After working in business administration or strategy consulting for a few years, professionals are typically equipped for higher-level business strategy consultant positions. These roles involve leading other consultants, guiding a team’s overall strategy, and working directly with executives. While exact titles may vary, many consultants work as strategy consultants or senior strategy consultants.
In addition to experience, some senior consulting positions may require a master’s degree. Many master’s degree options are available. For example, some midcareer professionals eyeing leadership roles pursue a Master of Organizational Leadership (MAOL), an advanced degree that emphasizes effective and ethical leadership.
Business Strategy Consultant Salary and Job Outlook
According to Payscale, business strategy consultants earned a median annual salary of about $98,100 as of July 2024. The highest-earning consultants reportedly earned about $149,000. However, consultants may also qualify for quarterly and yearly bonuses, commission, and profit-sharing programs. These benefits can add to a consultant’s yearly income.
While the U.S. Bureau of Labor Statistics (BLS) doesn’t track job outlook data for strategy consultants, they do track such data for management analysts, a related profession focused on improving operational performance.
Between 2022 and 2032, the BLS expects employment for management analysts to increase by 10%, the equivalent of about 92,900 job openings annually. On average, the BLS expects employment in all sectors of the economy to grow by 3%. This indicates that professionals who specialize in business strategy may be in high demand across all major industries.
Learn How to Guide Businesses to Success
Business strategy consultants aren’t just advisors. They’re partners who empower their clients to balance financial success with ethical decision-making. If becoming one sounds equal parts exciting and rewarding to you, Wilson College Online’s Bachelor of Arts (B.A.) in Business Management program can help you get started.
With a curriculum that covers everything from accounting and statistics to law and sustainability, this program is designed for students who want to take on leadership roles that require a holistic approach. With classes on employee relations and organizational behavior, aspiring consultants can learn the skills they need to help businesses in any industry take on the challenge of change.
While the B.A. in Business Management program offers the flexible scheduling working students need, it also gives career-minded professionals the mentorship they deserve. Find out how Wilson College Online can help you on the path to becoming a business leader.
Recommended Readings
Employment Engagement Tips for Business Managers
Management Analyst: Salary, Job Description, and Requirements
Management vs. Leadership: Similarities and Differences
Sources:
Indeed, “What Is a Consulting Firm? (Types and How to Join One)”
Indeed, “What Is Strategy Consulting? (With Goals and Skills)”
McKinsey & Co., How to Implement Transformations for Long-Term Impact
