Luk’s Bi-Weekly 'Think Piece' For Consultancy Owners

EDITION #105

JULY 24, 2024

Dear reader, 

Here comes the 105th edition of my newsletter. 

In my new article in this edition, I discuss why full-service boutique consultancies struggle to achieve the levels of success (and profit margins) of some specialised firms.

Differentiation, convenience, and risk reduction are three reasons consultancy owners gravitate towards the one-stop-shop (OSS) business model. Unfortunately, research and everyday experiences have taught me that OSS often disappoints expectations. 

As always, I hope to create a bubble of calmness with my bi-weekly ‘think piece’, a place of stillness in the face of everyday stress—a chance to reflect on what really matters in your consulting work.

Enjoy reading, 

Luk

MY NEW ARTICLE

Why One-Stop-Shop Consultancies Are Bound to Be Low-Performing

Not long ago, I had a lengthy chat with the owner of a one-stop-shop (OSS) boutique consultancy. This firm offers services ranging from bookkeeping and accounting to tax and financial advice, HR consultancy and payroll admin, digital transformation, and more. 

“Luk, we offer growing and medium-sized businesses the convenience of sorting out a large chunk of their business needs in one place” – that was the selling point. 

There is nothing inherently wrong with this approach. Who am I to say that such businesses have no right to exist?

However, I have yet to come across a one-stop-shop consultancy (or full-service - FS) that comes even close to the profit margins that successful specialised firms can achieve.

READ MY NEW ARTICLE

MY RECENT ARTICLES

STRATEGY

How Boutique Consultancies Can Overcome Prospects’ Indecisiveness

CONSULTANCY GROWTH

Moving Beyond One-Off Projects in a Boutique Consultancy

KPIs

The One Boutique Consultancy Metric That Tells It All

STRATEGY

Dump the Buzzwords: What Actually Persuades Clients to Hire a Boutique Consultancy

MY LINKEDIN POSTS

BUSINESS DEVELOPMENT

Without an extensive FAQ on the homepage, a consultancy leaves its prospects in the dark.

KPIs

The hidden metric that could transform a consultancy: Revenue per FTE.

STRATEGY

Without the majority of revenue coming from existing clients, a consultancy will sink its existence.  

KPIs

Here's my KPI-differentiation quadrant (I love quadrants 😀 ). 

VALUE PROPOSITION

A double consultancy mistake: selling generic capabilities to an unspecified audience.

SUMMER READING

A Summary Of My Content - April-June 2024

MY BITE-SIZED ADVICE

In this section, I recap the pieces of advice and inspiration I share with my followers on LinkedIn every Monday – all learned or observed throughout my personal journey as a consultant.

Follow #consultingmonday on LinkedIn to never miss a dose of inspiration at the start of the week.

CONSULTING MONDAY, JULY 21

When a consultancy faces challenges or struggles to gain traction, the first step is not to do extra marketing or sales activities but to clarify EVERYTHING it can solve. Stop telling clients 'what the consultancy does' and start explaining what problems it can solve, for whom, how it does it, and the potential outcomes! If the consultancy isn't crystal clear on this, forget about all those marketing and sales activities to turn things around—they're just a waste of time and money.

CONSULTING MONDAY, JULY 14

Consulting leaders often shy away from selling, viewing it as beneath them. This mindset can hold back the financial success of a consultancy. Selling isn't about being aggressive. It's about understanding clients' challenges and inspiring them towards a solution they didn't initially see. It's about taking clients on a development journey through programs and ongoing support. Since I started my first consultancy firm in 2008, I've reframed selling as helping. I wouldn't be where I am today without this helping mindset. And it never felt like I was compromising my professionalism.

HERE'S HOW I HELP CONSULTANCIES

If you knew a way to become a high-performing consultancy, would you adopt it?

Stupid question, I guess.

My High-Performing Consultancy Review provides a 360-degree evaluation of challenges such as:

- market positioning and target audience definition;

- visibility and reputation in the market;

- new client acquisition;

- existing client development and retention;

- pipeline management and revenue predictability;

- expertise differentiation;

- non-linear scaling/growing;

- business performance measurement (financial & consulting KPI's);

- key player attraction and retention.

You'll receive a detailed report of your strengths, weaknesses, opportunities, and areas for improvement, along with quick wins and actionable insights to help unlock your consultancy's full potential.

Don't settle for mediocrity. Book your High-Performing Consultancy Review today and take the first step towards a brighter future for your boutique consultancy. 

Here's a detailed article explaining the Consultancy Performance Review. 

PS. My ideal clients: founder-led boutique consultancies with revenue between 2M and +/- 20M and/or between 20 and +/- 100 consultants. 

BOOK A CALL →

SEND AN EMAIL →

Not yet subscribed to 'The Authority'? Subscribe here.

Previous 'The Authority' edition: Edition #104

Wanna send The Authority to friends or colleagues? It lives here

Connect with me: LinkedIn