Business Strategy Consulting Services and its Role in the Financial Sector

by EZDynamic |
Nov 24, 2021 |
Business Strategy

Business Strategy Consulting Services and its Role in the Financial Sector

by | Nov 24, 2021

Even the best business ideas don’t sell themselves. To succeed, they need to be backed by a sound business strategy. Most new organizations, typically, handle this requirement themselves, till they reach a critical mass, either in terms of size or profitability or a desire for exponential growth or if they require a skill set that they do not possess internally.

Business Strategy Consulting Service, also termed as a Strategic Advisory or Boardroom Consulting, is considered a highly regarded service for the value they add to organizations. In an organization’s life cycle, they typically reach a point of requiring an expert opinion or an outsiders’ perspective on business performance and/or challenges being faced. Enter Business Strategy Consultants, who employ their vast industry knowledge, experience & specialized skills to understand & address the business issues and then provide their opinions and recommendations to the organization with the sole purpose of supporting the organization to achieve or beat their business goals.

Benefits of hiring Business Strategy Consulting Services?

The top benefit that consultants offer a business is their ability to provide specialized skills and specific expertise. Hiring a consultant allows organizations to pay only for the services they need, rather than investing in expensive technologies or employee costs. Further, hiring a consultant allows for cost benefits associated with hiring a new full-time employee (costs related to paying for employee benefits, administrative & training costs and other human resources related costs). With the hiring of a consultant, a firm is able to track the cost-value equation on projects and assess organization savings & benefits.

Since consultants are not committed to a single firm, they bring experience from a variety of companies and industries, which allows them to offer creative solutions and enables “out of the box” thinking. Consultants bring in speed & agility resulting in quicker solutions to the issue at hand. A consultant may have a higher level of business expertise than the average employee and can provide unique solutions for businesses. However, the main benefit is that a consultant supports an organization from an objective perspective and solutions are focused on business goals versus vested interests.

Business Strategy Consulting & the Financial Services Sector

The financial services sector is probably amongst the more dynamic & complex marketplaces. Given their pursuit of business growth and keeping abreast of the daily peaks & troughs of the financial market, several financial services firms choose to partner with strategic consulting firms to manage the ever-evolving business tides. Business Consultants for the financial services sector largely work in the areas of:

  • Organizational or Functional Strategy
  • New Technology Adoptions or Upgradation of Existing Technologies
  • Business Model Transformation
  • Change Management, especially as a result of changes in the regulatory environment
  • Staffing Solutions

However, external consultants are brought in for the following additional purposes too:

  • Getting teams onboard and aligned to an organization strategy.
  • Employee Training & Development
  • Doing the “dirty work,” like eliminating staff
  • Reviving an organization
  • Evaluating systems and processes & assessing suitability to support future growth.
  • Creating a New Business or Entering New Markets
  • Influencing Markets or People Groups (eg. Lobbyists)
  • Researching future industry trends to support future growth & planning

Equally important is the process to be employed in choosing the right Business Strategy Consulting partner but that is a whole separate blog post. If your search is for a reliable, top-notch business strategy consultant that specializes in consulting for the financial sector, you are in the right place.

EZDynamic is a boutique management consulting firm, with an entrepreneurial spirit that is driven by results. We provide client-centric solutions for Financial Services firms, helping them achieve their business, strategic, and technology goals. EZDynamic works in the areas of Business Consulting, Strategy & Technology, Change Management and Staff Augmentation.

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