We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What is Strategy Consulting?

By Carol Francois
Updated Mar 02, 2024
Our promise to you
Practical Adult Insights is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At Practical Adult Insights, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject-matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

Strategy consulting is a service provided by management consultants with expertise in design and implementation of various types of business strategies. A strategy is a plan or carefully considered course of action designed to achieve a specific goal. The use of strategy consultants has increased in acceptance and popularity as the business world has shifted from local to global markets.

Strategy management was first launched as a recognized field of study in the 1960s at the Harvard Business School. In collaboration with Booz & Company, McKinsey, and the Boston Consulting Group (BCG), Harvard professors defined and developed the tools and approaches that comprise the basis of this school of management. The Monitor Group was a groundbreaking strategic management consulting firm formed in 1983 by six professors from the Harvard Business School.

The development of strategy consulting service firms occurred fastest in the United States where it is acceptable for senior management to admit the need for outside resources to address the challenges of planning for and managing a large firm. In Europe and Asia, the acceptance of strategy consulting was much slower because the expectation is for senior management to develop strategies and manage the firm independently. It is believed that hiring outsiders to complete these tasks could lead to a lack of faith in management and leadership skills.

When looking to select a strategy consulting firm, it is important to first have a clearly defined set of expectations, deliverables and a timeline. Review the credentials of the consulting firm carefully and ask for and check at least five references. Make sure that the referring companies actually hired this firm for a similar purpose to ensure that the comparison is valid.

Review the resume of the consultant that will be assigned to your project. It is important to determine if he or she has the appropriate background in your industry to be able to quickly assimilate the issues and contribute something meaningful. Beware of consultants that pepper their speech with buzzwords, jargon and three-letter acronyms. A skilled consultant should be able to take a complex subject and make it easily understood by anyone, regardless of background.

Consultant management is a critical skill to ensure that the business obtains good value for money. The consultant should report to someone in the management structure of the firm on a scheduled basis. This person should be responsible for setting clear expectations, reviewing work products, and keeping the consultant on track to complete the required work. Without this role, it is very difficult to determine if the firm is obtaining proper value for the cost of strategy consulting.

Practical Adult Insights is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Discussion Comments
By SilentBlue — On Feb 10, 2011

Strategy consultancy resources are readily available by a quick google search these days. Before, you would have to have good connections and know where to look. Today you need look no further than the accessible internet.

By Renegade — On Feb 08, 2011

Understanding business strategy consulting is an important part of starting a new business venture. Going into the market without a clear and very detailed plan about managing assets, investments, and the seemingly infinite aspects of a company, can be a dangerous task.

Practical Adult Insights, in your inbox

Our latest articles, guides, and more, delivered daily.

Practical Adult Insights, in your inbox

Our latest articles, guides, and more, delivered daily.