The consulting sector turned a corner in 2005 and is experiencing stronger and steadier growth than has been since the start of the decade. U.S. consulting revenue reached $138.8 billion in 2005, according to the U.S. Census Bureau, and Kennedy Information Group expects the global consulting market to grow 7.8 percent annually (CAGR) to about $400 billion in revenue by 2009.
But with this growth comes increasing competitive pressures. Boutique consulting shops led by former executives at goliath firms are stealing clients from incumbents and new business from small players. Midsize firms are pressured to shrink margins to compete for business, and sudden growth spurts at smaller firms shed light on too many disparate systems and not enough collaboration.
Consulting firms can manage these competitive pressures if they recognize barriers that keep them from achieving growth and profitability. Experts have identified the top five barriers to achieving profitability and growth in the consulting market, and offer tips for success.
- Balancing growth and profitability
- Managing Operational Growing Pains
- Improving Customer & Employee Satisfaction
- Increased Competition
- Managing Risk
Learn how Fuld and Company was able to overcome these challenges by identifying its operational weak points and adopting new business methodologies and a centralized project management system.
