6 Tips to Grow Your Consultancy in 2020

Posted by Deltek on March 3, 2020

Consulting Growth Blog Post

6 Tips to help Grow Your Consultancy in 2020

No matter what size your Consulting firm is you need a solid growth plan in 2020 in order to meet future goals.  We asked a group of consulting experts from firms of all sizes to give us one tip for growth to focus on for this year. Here is what they said.

#1 Hire for new skills

Elizabeth Harr, Partner, Hinge Research Institute, from Deltek Webinar: How Some Firms Grow Faster Than Others

“The Consulting landscape is changing. According to the 2020 Hinge High Growth Study the number one concern of High Growth Professional Services Organizations is around the need to add new skills within the workforce. That includes social and digital skills.

#2 Recognizing small milestones can lead to big growth

Jilian Breeden, Principal, Engage Federal, LLC

“Stay positive and celebrate the small stuff! As a new firm, we tend to get bogged down in day-to-day actions and it can feel like the to-do list is never ending. That approach can lead to disappointment when we fail to achieve a specific goal or growth isn’t happening quickly enough. We are learning to set ambitious growth goals, but also monitor short-term, realistic milestones. That way we can feel successful and celebrate that small stuff that will eventually lead to the big stuff.”

#3 Upsell current projects

Randy Mysliviec, President & CEO, RTM Consulting

“Teach your consultants how to spot new opportunities to solve client business problems while working on an existing project, and then how to proactively upsell customers with suggested solutions expressing those solutions in terms of value to be derived vs. activities.”


 

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A Playbook for Exceptional Talent, Project Deliver, Growth & Profitability


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#4 Build and track your pipeline

R. David Hofferberth, P.E., Managing Director, Service Performance Insight, LLC

“The deal pipeline as compared to the quarterly bookings forecast provides insight into sales effectiveness and future revenue.  It reduces the need for discounting which reduces profit margins, as well as helps to grow revenue by the sheer virtue of larger potential sales.  Professional services executives must focus on selling services with the highest potential revenue and where they have the expertise to win the highest percentage of bids.“

#5 Establish firm objections and expectations up front

Michael Thaw, VP of Selection Services Group, TEC

“Staying Relevant will get your foot in the door & establishing the right expectations from the onset to meet and exceed these expectations will ensure that you stay engaged. It’s about the best customer service and going the extra mile to deliver the agreed project plan and objectives.”

#6 Measure success with industry benchmarks

Natasha Engan, Deltek SVP of Global Consulting, Hindsight Is 2020: Tips for Growing Your Business with a Benchmarking Practice, Deltek Project Nation 

“To actually keep pace with the competition, we can’t just measure our own success, but must jump into the ring with the best-in-class organizations leading the pack. Yes, measure against the competition – and learn from them.”

And speaking of growth…

Consulting Playbook ThumbDeltek has a great resource designed to help Consulting firms grow called How Consulting Firms Win: A Playbook for Exceptional Talent, Project Deliver, Growth & Profitability. Whether you are an executive, project manager, team member, or firm resource, you will find value in this actionable playbook. Download it here >

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