What is the difference between management consulting and strategy consulting?
Management consulting: Sometimes businesses require outside advice and support if they are facing any problems or are in need of out of the box ideas. The professionals who provide this external advice are called management consultants. Management consulting is a generic view of consulting; It is the basket to other small consultancies like HR consultancy, Finance consultancy etc. Organisations not only benefit by gaining external advice by opting for management consulting, but they also gain access to the consultant’s specialised expertise.
Strategic consulting: Strategic consulting is a practice wherein highly experienced consultants provide firms with advice on their goals and future direction so that they can propose beneficial tactics for efficient growth and increase the value of their business. Strategic consulting is a branch of management consulting, it emphasizes more on corporate strategy. These consultants use expertise, industry wisdom and analysis to help their clients discover strategies that will increase revenue and market share by refining their competitive advantage.
Management consulting and strategic consulting practices are interconnected, therefore they don’t have any huge differences, but some of them are:
- Strategic consulting is usually directed more towards The CEOs and The management, of the larger organisations and the public sectors whereas management consulting is done at the lower levels of the large organisation and at many levels of the small organisations.
- Strategy consultants have issue based specialists that concentrate on specific business issues whereas management consultants work on broad business issues.
- Management consulting is done in large, medium and small organisations unlike strategic consulting, that is mostly done only in large organisations.