STRATEGIC PLANNING CONSULTANT COSTS: BUDGETING FOR STRATEGY CONSULTING

Strategic planning consultant costs are an important topic to discuss for any company thinking about bringing in consulting firms or advisors. As organizations look to map out their future direction, many turn to strategic planning consultants to facilitate the process, after all. But in terms of strategic planning consultant costs, what can you expect to pay to have an experienced specialist guide your efforts?

Expenses can vary significantly based on several key factors. Understanding these variables is important for setting an appropriate budget. Let’s take a closer look at some of the primary cost drivers:

Consultant’s Experience Level – Like most professional services, fees increase with greater expertise and brand reputation. While a consultant early on in their career may charge $10,000-$30,000 for a standard strategic planning engagement, elite consultants with decades of experience command $75,000-$150,000 or more.

Project Scope and Duration – Fees associated with strategic planning consultant costs are largely dictated by the scope and timeline for the overall strategic planning process. Developing a comprehensive 3-5 year strategic plan over 4-6 months will cost more than a streamlined 1-year planning exercise. Engagements with increased complexity like facilitating multiple sessions across regions or business units will also raise the price tag.

Included Service Components – What’s bundled into the consultant’s proposal impacts costs. While some consultants take a minimal “facilitator” role, others provide full-service support including upfront stakeholder assessments, market research, financial modeling, implementation roadmaps, and change management.

Consultant’s Specialty – Advisors who have a specialized expertise, such as strategic planning for healthcare, nonprofits, or specific industries, tend to carry premium price points compared to generalists. Such niche knowledge is valued by clients deeply rooted in those sectors.

Number of Consultants Deployed – Using a sole expert is more economical in terms of strategic planning consultant costs, whereas firms that deploy larger teams with individual advisors dedicated to specific workstreams will be pricier. The latter provides more bandwidth but is better suited for complex, multi-faceted engagements.

Travel Fees – If the consultant needs to travel to the client’s site for meetings, any related travel expenses like airfare, hotel, and per diems can inflate the overall costs. Some consultants have travel fees baked into their standard rates, while others bill these separately.

While strategic planning consultant costs are certainly an important consideration, experience, trust, and fit with the organization’s culture should carry significant weight when selecting a strategic planning consultant. An expert guide can provide exponential value by facilitating insightful discussions and strategies that put the organization on the right path.