Inside The Consultancy BenchPress: Trends and takeaways for consultancies

The brilliant team at The Consultancy Growth Network has once again delivered invaluable insights with their latest Consultancy BenchPress.

This comprehensive survey benchmarks data shared by over 250 independent consulting businesses with revenues of up to ￡50m.

By the way, if you want to check out the abridged report, you can download it here: https://hubs.la/Q02Bkkr30

But if you’re short on time, here are the highlights…

1. Market demand: Sink or swim

44% of consultancies grew because they felt their proposition matched the market’s demand, while 33% of consultancies believed they didn't grow because the demand for their proposition wasn't there.

The primary factor determining whether consultancies thrived or merely survived in the past year was market demand for their propositions.?

The best-performing companies have a very specific and unique offering. They avoid being generic or overarching; they aren’t vanilla or diluted.?

These consultancies deliver quantifiable results and articulate their niche clearly. It's not necessarily about targeting a specific sector, but defining the buyer in a way that allows them to see themselves in your offering. This also enables those who aren’t a fit to self-filter and be repelled by the offer.

When your proposition makes people say, "This is for me, this deserves my attention, these guys get me," and you deliver on that promise, that's when real success happens. It’s about creating a proposition that demands attention, invalidates competition, and obliterates price resistance.

2. Growing gains

Growth expectations are generally in line with last year, with 83% of consultancies expecting positive growth.

Scaling takes time, so ensure your proposition is future-proof, staying in demand as much in three years as it does today.

You need the right delivery mechanisms to handle increased demand without breaking your operations. This might involve adding people, working with associates, or leveraging technology. The ability to scale delivery, sales, and marketing in unison is essential.

3. Time to tech up!

40% of consultancies are already trialling AI, with another 19% planning to implement it this year.

AI and automation are rapidly transforming the consultancy landscape, presenting both significant challenges and opportunities. Investing in these technologies could offer consultancies a substantial competitive edge.

4. Green is gold

Consultancies that are or are planning to become B Corps grew faster, with 38% seeing 26%+ revenue growth last year compared to the 27% average. They’ve also seen more consistent financial performance over the last 5 years, 47% compared to the 39% average.

Sustainability is more than a buzzword - it’s a critical component of modern business practice. The positive effects of sustainable practices on business performance are undeniable.?

Our own commitment to sustainability includes partnering with Ecologi | B Corp? to plant 100 trees on behalf of every new client we onboard.

For more insights, download the report here>> https://hubs.la/Q02Bkkr30