Strategy consulting, often referred to as strategy consultancy, strategic advisory or boardroom consulting, is regarded by the majority of consultants as the most ‘high-end’ and prestigious segments within the professional services industry. A strategy is defined as “a plan with the aim of realizing long term goals”, and organizations regularly engage with strategy consultants to support them in developing and implementing business strategies. The strategy consulting domain focuses on supporting private sector clients with the development of corporate, organizational or functional strategies and helping public sector organizations and institutions with economic policy.
Corporate strategy, also referred to as strategic management, involves the formulation of enterprise-wide and business unit strategies and goals. Strategy consultants are regularly brought in to support, among others, the design of vision and mission statements, the development of strategic plans and the setup of implementation roadmaps (which outline activities and resources required to implement the plans). Common examples of strategic advisory projects include the assessment of strategic options, supporting business planning processes and the development of growth agenda’s such as market entry strategies (when companies want to enter new regions or launch new products).