Once a business consulting firm is established, the work is far from over. When profits lag and growth seems stagnant, the company may need a boost—a new infusion of life and purpose.
For professional services and business consulting firms, the need to stimulate growth can easily arise, as the work does not always lend itself to repeat business. In fact, if business consulting firms have done their jobs well, their clients often have no need for their services again—a catch 22, if there ever was one.
Even so, professional services companies can still help their businesses grow by adapting the services they provide and selling to customers a little differently. Below are four ways for business consulting companies to expand their growth opportunities and discover greater revenue potential.
Offer more to current clients.
The concept of small, medium, and large is well understood in retail and food services. In business consulting, the idea of differently sized products or services is a bit too simplistic, but, as one source stated, “The conventional wisdom is that if a dozen French fries are good, several dozen are even better.” Up-selling or cross-selling to current customers is a common technique in building business across multiple industries. Applying it to professional services is a bit more complicated, but not impossible. By offering customers a selection of other services provided within the company, business consulting firms may be able to keep a current customer, while the client is able to attain a valuable service with an organization that has already established its reliability. It could be a win-win situation for everyone.
Develop new services.
Sometimes, a client needs something that falls outside the range of professional services a company is experienced with offering. In these instances, company decision-makers have a choice: let go of the opportunity and play it safe or expand to offer new services. While it may not always be a good idea to take on a client during this expansion, if the need is only slightly different than current company offerings, then the risk is small. However, a good business consulting company should also stay on top of market trends and look for expansion opportunities that may benefit current clients before they need the service. In this way, the customers’ needs are anticipated and the business consulting firm has the ability to sustain clients in new ways or obtain new clients in need of the expanded service options.
Discover new markets.
Business consulting is a service that can be applied to multiple industries and markets. A professional services firm that is experienced with consulting for law firms doesn’t have to stay in that particular market forever. The services can be expanded to include other markets with similar needs. While some industries, like the medical industry, would take a great deal of research and new hires to break into, others are less regulated and more easily explored.
Invest in technology.
In this modern age, technology is the lifeblood of most businesses. For a business consulting firm, a strong technological platform is the foundation upon which most work is performed. In fact, many organizations look to business consulting firms to help them expand their own technology in an effort to increase efficiency. Professional services firms that are looking to grow should be on top of all the latest technological trends in order to provide their clients with the best options for improvement and to scout new opportunities for their own internal use.
With a bit of research and the four strategies above, an adaptable business consulting firm can discover a new range of growth opportunities by making simple changes and revising their approach to their current market. Growth doesn’t have to be difficult; sometimes, it just takes a new perspective and a willingness to change.