Over the coming weeks, experts from the consultancy world will be looking at how businesses can face up to the challenges of transitioning client needs in an evolving marketplace. They will be exploring the many economic challenges that companies face and sharing opinions and guides with valuable insights, designed to help companies overcome them. In this blog, Deltek looks at what the future holds for successful consultancies.
During the aftermath of the 2008 global recession, we saw many large consulting firms forced to become leaner just to survive. Consultants who suddenly found themselves out of a job, used this as an opportunity to set up their own, smaller firms, offering the same services as their former employers. How does the picture look now? The consulting services industry is thriving.
According to International Data Corporation’s (IDC) 2014 research, consultancy firm revenue is up by 41% and profit margins have grown by around a quarter between 2013-14. However, with more smaller firms in the market, competition is fierce. So how do you capitalise on this upward trend, gain the competitive advantage and grow your firm? It’s all about knowing your consultancy inside out.
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