Luk’s Bi-Weekly 'Think Piece' For Consultancies

EDITION #73

APRIL 26, 2023

Dear reader, 

Here comes the 73rd edition of my newsletter. 

In this edition, I'm discussing one of my favorite case studies in the last year.

I worked with a consultancy that made the – what some may call "insane" – decision to reduce its service portfolio by a third. In just 18 months, this proved to be the smartest decision the firm could make for its profitability and growth. In this case study, I outline the background, the numbers, and the thought process behind the decision. I strongly recommend to read it in full.

As always, I hope I can 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

FEATURED ARTICLE

(Case Study) How This Consultancy Cut Back 30% of Its Services Yet Improved Profitability

A thought-provoking case study! 

Last year, I worked with a boutique HR consultancy. The consultancy approached me to help them reposition in their market.

One of the three partners retired the year before. The two remaining partners had to go back and reassess the state of the business and decide whether the services offered by the retired partner and his team of consultants should be kept as part of the service portfolio or phased out.

They made the difficult decision to gradually eliminate the retired partner’s set of services from the portfolio. My job was to conduct a business review and help the consultancy sharpen its new market positioning.

It’s a fascinating case study where a firm actively chose to reduce its service portfolio yet came out on top in terms of profits.

Since I see so many consultancies going in the opposite direction – adding more and more services in an attempt to maintain growth – I thought it would be important to share the story of this particular high-performing consultancy that did the opposite: reducing services.

READ MORE

MY RECENT ARTICLES

POSITIONING

25 Positioning Lessons Every Consultancy Should Internalize

AUDIENCE EDUCATION

How Consultancies Can Reach the Unconverted Audience in 4 Steps

STRATEGY

Relying On the Network Is A High-Risk Consulting Growth Strategy

MANAGEMENT

High-Performing Consultancies Train Their New Hires on These 5 Things in the First Month

STRATEGY

10 Consulting Trends: 2023 Edition

MY LINKEDIN POSTS

STRATEGY

The Trust Deficit: How Consultancies Are Shooting Themselves in the Foot with Aggressive Sales Tactics.

NARROW FOCUS

If a consultancy leader can’t explain the prototypical outcomes of the work, it’s not a leading consultancy.

BUSINESS DEVELOPMENT

Do your existing consulting clients hold too much power in the relationship?

AUDIENCE EDUCATION

10 Reasons why consultancies should generously share their expertise.

MY SUNDAY SHOUTOUTS ON LINKEDIN

...to Ben Edwards for this great consulting KPI list.

If you are a consulting leader or owner, there’s a lot to learn from this list.

...to Simon Collard for his excellent financial advice.

Simon is specialized in agency financials but consulting leaders or owners can copy/paste his advice. 

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;

- visibility and reputation in the market;

- new client acquisition;

- existing client development and retention;

- pipeline predictability;

- expertise differentiation;

- business performance measurement;

- key player retention.

You'll receive a detailed report of your strengths, weaknesses, opportunities, and areas for improvement, along with 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.

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

BOOK A CALL →

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