With the blowing up of social media and with the world becoming truly borderless there has been a huge change in the way people connect with each other. And not only has this change been personal but also professional. It has changed how companies interact with their target marketing. In this world, where communication is accessible, how does one company make a deeper impact on the market? This is where consulting companies come into the picture. Consulting companies are organisations that help companies come up with a solid plan of action to help reach the companies final goal. Consulting companies usually specialise in a particular field or have sub divisions who do. Brands these days are trying to be number 1 and to reach the spot consulting companies play a major role. One of the most popular types of consultants is strategy consultants.
Strategy consulting company’s hep companies make high pressure decisions, tackle the issues in the company and help organize their resources so that they can get the maximum benefit. To help come up with a solid strategy these consultants go through a proper strategic management process. A strategic management process is the way a company organises its strategy. This strategy should be well-planned, continuous and adaptable to changes in the market. This process follows 5 distinct steps. The first is SWOT analysis. Here the strengths, weaknesses, opportunities and threats of the company are discovered. Second is analysis. Here intensive research is done to find the information relevant to the growth and development of the company. Third is strategy formulation. Here the complete comprehensive plan is made keeping all the important aspects in mind. Fourth is strategy implementation. Here the plan is physically stated and starts taking effect. Last is strategy evaluation. Here the plan is evaluated after being in effect for a considerable period of time and changes are made accordingly.
The strategic management process used by strategy consulting companies is a very important step to lead a company on the stairway to success!