Do you feel a sense of optimism in the air? Do you feel positive about your consultancy's future?
If so, it's no surprise.
The UK consulting market grew by 6% last year. This is great news for ambitious business leaders with their eye on the future. Yet translating industry optimism into hard cash is still a challenge for many firms.
So what are the best ways of jumpstarting sales?
The past holds many clues that will help you in the future. To access them, turn to the historical business data that is kept locked away in your business information or enterprise resource planning system (ERP).
This data holds the key to attracting that elusive income you desire.
From opening this "vault to the past", your "key performance indicators" (KPIs) will be revealed, helping steer you towards the future business and revenue you desire.
Among other things it will show:
1. The most lucrative projects
Some services return a higher profit margin than others. Knowing what type of work will reap the best rewards will help you funnel your efforts into what you do best and for the bets return.
2. Rewarding clients and sectors
What does your "perfect" client look like, and in which sectors do they operate? Your business data will help you form a clear picture in your mind of types of customers that consistently bring in the best revenue. You'll then know exactly the types of company to look for when drawing up a prospective sales list.
3. Potential resource sinkholes
Your resource planning system will help you tailor the assets you already have more effectively to the job in hand. This will help you identify the "problem areas" of the past where your profit margin may have disappeared because of over-resourcing or scope-creep.
4. When outsourcing will pay
But not only that, if projects have benefited financially from third party help at a particular stage in the past, then your resource planning system will flag that up too. That's because it will have a tight handle on your projects profitability to let you know when it'll pay to outsource.
Increasing revenue is always going to be a challenge - even during the "Bull" years. Use your firm's data to learn lessons from the past and plan some revenue-generating steps to help you capitalise on the positive times ahead.
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