Gain Better Visibility In Your Consulting Firm And Find New Opportunities
Profits are growing in the consulting sector. But how should you manage your growth in a profitable way?
In 2014 we commissioned IDC to do research into the current conditions in the consulting sector and give recommendations as to how you can best run your consulting business in today’s growing market and distance yourself from your competitors. The answer is rather straight-forward: gain better visibility and improve your project control, which I have previously talked about in this blog: 3 Project Control Tips That Will Help You To Outpace Your Competitors.
IDC advocate that truly modern consulting firms act from three lifecycle processes of customers, projects, and employees. Each of these processes should be managed with the right operating metrics and appropriate workflows. When steering for continued growth you need to be able to manage each of the lifecycles and have deeper visibility into your business data.
Gaining better visibility will allow you to make better business decisions and increase the number of new opportunities. IDC suggests that you consider these 3 ways to increase your visibility and find new opportunities:
- Get IT systems that fit your business and are built with your industry processes in mind
- Establish a process, backed up by your IT system, that allows you to find and grow the ‘right’ business
- Make better business decisions by turning to modern IT systems
The outcome of having better visibility
Working with different kinds of consulting firms throughout the world we clearly see that reliable and real-time data is crucial for them to succeed and grow further. When management has a clear overview of how each project is performing and of the overall business health it makes it a natural part of running your business to constantly act on project discrepancies. One of our clients, Buro Four, has at any given time around 250 projects and therefore prospers from their solution that combines client resource management, project accounting, and real-time project visibility.
When running a consulting business, make sure your processes and solutions are based on industry best practice. This will prevent you from spending your time on assembling data and instead allow you to actually use the data to make better business decisions, find new opportunities and keep your business growing in a profitable way.