6 March 2023

Why Hire a Business Strategist?

I was asked recently why after 20 years in business strategy, I never worked in restructuring with any of the big global consultancy firms.

As a leading business strategist in Dubai, I am often asked about the benefits of hiring a business growth strategist. Strategy is a crucial component of any successful company, as it provides direction, defines priorities, and helps organizations allocate resources effectively. Yet many organizational leaders fail to produce a great strategy because:

1. They’re too busy – overwhelmed with the task list and firefighting.

2. They confuse activity with productivity – they think that getting a lot of things done is the same as getting the right things done.

3. They’re distracted from excellence by profit – they’re making enough money that they don’t think sharpening the strategic plan is necessary.

A well-formed strategy can help companies achieve their goals, stay competitive, and stay relevant in a constantly changing business environment.

The development of a strategic plan starts with a clear understanding of the company’s vision, mission, and values. You can see my book Business is Personal, for a good introduction to this. These concepts form the foundation for the company’s long-term goals and objectives, which will guide the development of specific initiatives and action plans. The strategy should align with the company’s strengths, weaknesses, opportunities, and threats (SWOT analysis), and take into account market trends, industry dynamics, and the competitive landscape.

One of the main benefits of having a corporate strategist help write a well-defined strategy is that it helps companies focus their efforts on the most important initiatives. With a clear direction, companies can avoid wasting resources on low-priority projects or initiatives that do not align with their overall goals. A strategy also helps companies prioritize investments and allocate resources, such as finances, talent, and technology, to the initiatives that will have the greatest impact on their success.

Another benefit of a strong strategy consultant is that they can help provide a framework for decision-making. With a clear understanding of the company’s direction and priorities, clarified by a strong business strategist, leaders can make informed decisions that support the company’s goals and objectives. This can help avoid the risk of making impulsive or reactive decisions that may not align with the company’s long-term vision.

Strategy is also important for staying competitive in a rapidly changing business environment. Companies must continuously adapt to new market trends, technological advancements, and shifting customer preferences. A strong strategy can help companies stay ahead of the curve and position themselves for future success. It allows companies to identify new opportunities, respond to emerging threats, and continuously evolve their operations to stay relevant in the market.

In addition to providing direction and competitiveness, a well-formed strategy also helps companies communicate their vision and goals to stakeholders, such as employees, customers, partners, and investors. A clear and consistent message can help build trust, attract talent, and secure investment.

It can also help organizations align their efforts towards common goals, which can result in a more cohesive and motivated workforce.

Finally, a strong strategy consultant can help provide a roadmap for continuous improvement. By regularly reviewing and updating their strategy with a good business growth strategist, companies can ensure that they remain on track and make necessary adjustments as they encounter new challenges or opportunities. This process of continuous improvement helps companies stay agile and adaptable in an ever-changing business environment.

In conclusion, strategy is a critical component of success for companies of all sizes and in all industries. It provides direction, defines priorities, and helps organizations allocate resources effectively. A well-formed strategy can help companies achieve their goals, stay competitive, and stay relevant in a constantly changing business environment. Companies that invest in developing and executing a strong strategy will reap the rewards in the form of improved decision-making, increased competitiveness, and greater success.

 

Article by: Dr. Corrie Block
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