Strategic Advisor – Why you need one
Strategic Advisor as the phrase explains is an advisor, who suggest different strategies to clients. Think of the position as someone, who tells you what to do, rather than doing it himself.
Strategy vs Tactics
Often the words “strategy” and “tactics” are used interchangeably, but they are two different tools for business. Strategy is the “what”, while tactics refers to the “how”. For example, a business might decide on a strategy of increasing sales of its low-margin products. In this case, tactics might include selling the product in big box stores instead of boutiques, changing the packaging or selling it online. The task of the strategic advisor will be to help the business in planning specific strategies to fix problems or create opportunities. The plan includes deploying tactics to do so, but the advisor’s main goal is to make sure the company starts out on the right path.
The various tasks of a Strategic Advisor are:
- Planning: Advisors research and assess the performance of a business or one of its department to determine its strength, weakness, opportunity and threat. In other words, they perform a SWOT analysis.
- Tactical Development: Advisors help execute suggested tactics that support a strategy. In some cases, a consultant’s report, indicating the key strategies and recommended tactics might be enough for the company. In other cases, an advisor brings enough valuable experience that he is hired for a second phase of work to help execute his recommendations. While the consultant doesn’t perform the work himself, he meets with key personnel, allot them tasks, train them and monitor their work.
- Support: After providing a detailed how-to plan to a business, the advisor might remain on board to monitor, track and support the process. Strategic Advisors are known for their contacts within the industry, methods for doing things and the ability to spot problems, thereby bringing value to the company.
21st century businesses need reliable strategies, if they want to grow their business, sales, revenues, etc. Poor strategy is always a disadvantage for the business. So, the solution is to hire an expert, who makes sure that your business is not affected because of an unreliable strategy.
Evolution Ventures possess experience in the field of Strategic Advisory and Analysis. We provide strategy consulting in Southfield and Farmington. Using comprehensive analysis and battle-tested methodologies, we develop a strategy, a deployment plan and then help manage the process inside and outside of your organization. So, if you are a business looking for business advisory services in Farmington or Southfield, do contact us.