With the growing number of business organizations in Singapore, it is tough to be at the top. Companies are having a real struggle when it comes to getting a hold of the market. Therefore, many companies are shifting their approach to seeking professional aid to keep going and grow their revenue by expanding their niche market without losing their key focus.
What is a Strategy Consultant?
Strategy Consultants provide companies with high-level decision making from an unbiased perspective, and in-depth industry knowledge to bring out the maximum potential of the company. It is a type of management consulting that applies to extremely high-level brands or companies, working across various industries in public and private sectors with a wide range of expertise and issues.
Strategy consultants are generally hired as an essential decision-making body for better growth and development in future company ventures. For example, if a business is facing lead generation issues, the strategy consultants can dedicate themselves entirely to that particular problem and work until they find a viable digital marketing tool, solution, or technology, while the business executives continue the basic business functionalities. Additionally, consultants offer comprehensive advice on specific industries or subjects like marketing or business restructuring.
If a strategy consultant feels like there is a need to rebrand your business due to a lack of clarity in terms of what you do, they will discuss with you possible alternatives on how to revamp your brand visuals, logo, and sometimes even your brand name or tagline.
Occasionally, strategy consultants can also look into a business’s legal purposes. For example, during a merger, before the completion of a transaction, it is illegal for the two companies to share information. A strategy consultant works as an information bridge by independently sourcing information from both parties to have a strategy ready for the moment of the merger signing.
Things to look for
When hiring a strategy consultant in Singapore, it is essential to understand that they have the experience of working in different markets and industries. Many strategy consultants are up for hire but selecting the right one for your business is crucial.
Here are things you need to look out for when hiring a Strategy Consultant for your business in Singapore:
Request the strategy consultant for published work. This may include any work, including blog articles, whitepapers, business journal articles, magazines, or publications. Having an extensive range of work will help you understand a consultant’s field of expertise and how the consultant can fit into your business alteration requirements.
A massive part of strategic planning is to gather data and analyze it according to specific requirements. It is best to ask the consultant to provide a detailed outline of all his research procedures on how he collects data, his forms of research, and his analytical skills. This will help you understand his level of expertise and make an informed decision.
The different areas of focus while researching market information and analytical data are:
- Client management interviews
- Industry expert interviews
- Customer interviews
- Conducting focus groups
- Online research
- Studying annual reports
- Studying industry journals, press releases, media reports, and business publications.
By speaking with different strategy consultants and understanding their approach to strategy, business processes and marketing, you will be able to determine whether the consultant is the right fit for your business and market.