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How to grow a management consulting business

In the U.S., the management consulting industry is expected to grow to $158 billion by 2020. While the industry is changing, it certainly isn’t shrinking.

When looking to grow your business as a management consultant, your first step should be understanding your target audience.

Successful management consultants know what CEOs want and offer proven solutions to solve their struggles.

Now you can get the inside scoop, too.

We recently surveyed 156 CEOs, presidents, and chairpeople to learn what drives them, what their struggles are, and what they’re looking for in a consultant. Here’s what the research said:

Four of the top five CEO challenges relate to talent optimization.

Bringing to life the old adage “all business problems are really just people problems,” our data showed that the top challenges for CEOs mostly concerned their employees. From finding the right talent to aligning people with their business strategy, CEOs are concerned about optimizing their talent to achieve business results.

More CEOs say they need more help with talent strategy than business strategy.

While you may think that talent strategy lives with HR, it’s something CEOs are actively concerned with. More than 69 percent of business leaders we surveyed said they needed some or extensive help on talent strategy, compared to 64 percent who could’ve used some support with business strategy.

Opportunity abounds for management consultants who can address a variety of talent optimization issues.

If you want to grow your management consulting business, this stat is one you should pay close attention to. Ninety-two percent of our survey population shared they could use some help with talent strategy and execution—and not just in one area. It turns out CEOs need help across the board, including leadership development, employee performance, pre-hire selection, employee engagement, and more.

The business opportunity for management consultants

Talent optimization is the key to growing a successful management consulting business in the long term. By leveraging tools that help companies optimize their talent, you position yourself to stand out from the competition and provide CEOs what they truly want.

By incorporating talent optimization into your existing skill set, you increase the value of the consulting services you offer and help CEOs drive real business results by aligning their people with their business strategy.

Stay ahead of the curve. Offer your clients what they really want: talent optimization.

Join 10,000 companies solving the most complex people problems with PI.

Hire the right people, inspire their best work, design dream teams, and sustain engagement for the long haul.

Patrick is the partner marketing manager at PI.

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