Hiring a strategy consulting firm? Make sure to ask these questions

Hiring a management consultant is not an easy task. After all, they are the ones who guide you to navigate your crucial business challenges and opportunities. If this is the first time you are looking for strategy consulting firms, make sure to ask the right questions to clear your doubts and to make significant differences in your business growth.

Many organizations struggle while hiring the right consulting firm. The main reason is that they get stuck with who to choose, on what basis to choose, and what to know before choosing a firm. Remember, it is the management consultancy that can guide you with outside perspectives, unbiased analyses, and specialized support in every single area of your management and business. Hence, it is important for you to learn about the one you are hiring.

Make sure to ask these questions before the final nod:

1. Do they specialize in your particular area of business strategy?

Generally, all management and strategy consultant have their specific areas of specialization, industries, and strategic issues. The first thing to know are the business challenges you are facing and the opportunities you must address for success. Your shortlisted consultancy must have these expertise and proven experience in these specific areas.

2. Are they aware of your industry and market with proper experience?

It is not possible for any consultancy to cover all industry or market equally. Make sure that the one you are hiring has expertise and experience in your specific industry. You must also enquire whether or not the strategist has recent experience to get you the latest insights and suggestions accordingly.

3. Are they aware of your company and your competitors?

The complete context of your business including its value proposition, resources and its competitive market must be known to the consultant. They must do their homework well before the hiring session. This only shows their involvement, interest and sincerity.

4. Did they handle similar projects before?

Ask for their previous strategic consulting projects and learn about the results they contributed for. It is okay if the previous company names are withheld due to confidentiality norms, but they must refer to the outcomes with confident figures.

5. Can they perform financial analysis, modelling, and projections?

The shortlisted consultancy must have a background in finance. That’s because many projects require an ability to analyse financial data, and develop financial projections. Also, model building and financial forecast are important to prioritize opportunities that your business might face.

6. What exclusive they can bring on that no other consultant could provide?

This is important to enquire about their unique qualities, qualifications, or capabilities that make them stand out in the crowd of consultants.

If your shortlisted candidate can confidently answer these queries, and can ensure a promising approach, hire them. Remember, that with so many strategy consulting firms claiming to be the number one, it depends on your personal research and several other factors to find the best one. So, make sure to keep the list of questions handy during the interview. And, good luck!