You might set aggressive growth goals, but you’ll also need to clearly delineate what business strengths you’ll leverage in order to accomplish them. If you can’t focus your strategic priorities, your team will be pulled in too many different directions to succeed-or worse, strike a muddled compromise that addresses everything without solving anything. If you don’t properly define your business challenge, you won’t be able to address it. However, it’s worth noting that what UCLA professor Richard Rumelt called bad strategy carries even bigger risks. And with good reason: compelling strategies are unlikely to succeed without the discipline, incentives, and accountability that come with thoughtful strategy deployment and execution. Over the past decade, strategy execution-the actions companies take to translate their business strategies from PowerPoint to reality-has captured a disproportionate share of the spotlight. Should we acquire a new business, and if so, how will it integrate with our current operations?.Should we enter a new market or develop a new business?.How can we attract new customers to our existing products?. Should we work harder to retain our current customers?.Can we make our current customers more profitable by raising prices or persuading them to buy more?.They bring an objective eye and, in many cases, cross-industry experience to issues like: Growth in existing markets Strategy consultants are problem solvers, trained to answer big questions by applying rigorous analytical frameworks. What services do strategy consultants offer?.So how do you know when you need strategic support and what the best option is for your business? In this guide, we’ll unpack what exactly strategy consultants do-and help you navigate an increasingly cluttered landscape. But while they loom large in the strategy consulting market, they’ve got new competition, from expert networks and internal consulting groups to the independent strategy consultants that Business Talent Group works with. These firms, dominated by the Big Three trio of McKinsey, Bain, and BCG, pioneered many of the frameworks that companies use to develop corporate strategies. And the first place most of them look is to strategy consulting firms. So it’s not surprising that many executives seek help as they attempt to address these issues. The strategic failures of companies like Apple, Blockbuster, and Coke are still widely discussed. Only one in nine companies has sustained profitable growth in the last decade. Strategic questions can seem deceptively simple: what’s our value proposition? How do we differentiate ourselves in the market, and are we investing in the areas that will keep us ahead of the competition? Behind each business strategy are hundreds of alternatives-and many more data points, insights, and analyses.
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