If you own a consulting business, do headlines like this one worry you? (see image below)
Let’s break this downđ
Every few years there are articles like this written about the consulting industry. Does this really mean demand for your consulting services will slow down?
I’ve owned and run a strategic planning consulting practice since 2009 and seen two recessions. I don’t know your specific situation so I can’t say how it will impact your business, but here are my general observations:
đŻ The article talks about major/large consulting firms. These firms serve very large organisations – public corporations, governments, social sector orgs, etc.. Some of those organisations may be cutting back on consulting. That doesnât mean the opportunity for independents and small consulting firms is also waning. Most of you consulting business owners serve mid-sized or small organisations – whether thatâs 100, 1000 or 5000-person companies. There are thousands of such orgs to choose from if youâre looking to land new business.
đŻ News of layoffs, reorganising and “belt-tightening” in consulting is not an indication of waning demand for independents and small consulting firms. Consulting firms may layoff people for any number of reasons. Maybe they over-hired in the past and are now rebalancing. Maybe their large public company clients are cutting back on consulting to improve quarterly earnings.
đŻ Times of change are generally good for consulting. Many leaders recognise they need a new perspective or need to identify new opportunities in a changing environment, or need new processes and systems. Who knows? You could even land a large organisation as a client as they look to address their needs while avoiding Big 5 consulting fees.
â My point is:
Donât clamp down on marketing activities just because everyone around you says demand is going to fall. Nowâs the time to ramp up marketing and prospecting so you can capture new opportunities and start new client relationships.
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Image credit: DALL·E 3
