How Consultants Can Pinpoint The Most Profitable Business
You may have felt that last year was a pretty good year if you are a consultant.
Yet, capitalising on the good times is not always an easy feat.
Converting new customers into net profit can be a complicated and costly business - even if the clients themselves come knocking at your door.
Getting back what you've put in
Time spent making plans, drawing up contracts and getting to know one-another can really add up before the billable work even begins. There is also the threat of issues and problems turning into delays that will sabotage your income.
Everything considered, winning new business can be a tenuous process.
This is why you want to be absolutely sure you can bank on securing the clients you pursue.
Find what you're looking for
Sitting back and letting clients come to you is hardly a sensible strategy, even though it may feel tempting to relax if you can. In fact, it's fundamental - even during the good times - to maintain a tight level of control over your company's growth.
This involves understanding your own business strengths and the type of markets, projects and businesses that are likely to give you the return you need.
But what do you need for this?
Look to the past before planning for the future
Harnessing a level of control over your new business strategy involves having the right business tools in place to help you improve your insight and make more profitable decisions.
Using a centralised business platform such as project-based ERP, for instance, will help you analyse your firm's past performance data and give valuable insight into where your future profits will come from. This is paramount to identifying the types of clients that will make a good fit for your firm, and those that won't.
Taking control of new partnerships
This includes building a picture about the types of projects - in terms of size, requirements, sector, timescales etc - that have consistently turned a profit. This vision will also help you target the companies and sectors that promise the best return.
With UK businesses crying out for direction in a chaotic and unpredictable economic environment undergoing a rapid digital transformation, 2016 is likely to be a busy year for your team.
Make sure it ends on a high note by pursuing only the opportunities that will return the best reward.
Find out more about the trends and challenges in the Consulting industry and how to make 2016 your firm's year for growth in our Consulting Industry Snapshot 2016.