Consulting Industry Factoids

How is the consulting industry faring amidst the global pandemic?

Thanks to the hard work of our talented consultants, Croixstone Consulting celebrated a record revenue year in 2020 (and 2021 is proving to be even better)!  In light of our firm’s success, we decided to dive into Statista’s latest published consulting industry research over the weekend to see how the rest of the industry is faring.

Here are 5 fast facts about the management consulting industry.

  • Industry Size:  The global consulting market delivers $132B in annual revenues while the USA market produces $64.4B.  The USA is the world’s largest management consulting market.
  • COVID Impact:  After experiencing continuous growth between 2015 and 2019, the consulting industry saw a significant revenue loss (-12.5%) across all markets and segments in 2020.
  • Number of Businesses:  In 2020, the number of consulting businesses in the USA reached 831,621, a slight increase over 2019.  It is estimated that this number will increase by 30,000 units in 2021.
  • Number of Consultants:  Since 2012, the number of management consultants in the USA has increased every year, reaching 734,000 consultants in 2020.
  • Revenue Per Consultant:  The average annual revenue per consultant of management consultancies worldwide decreased overall between 2015 and 2020.  During a 2020 survey, respondents reported an average annual revenue per consultant of $208K.

Click here to read more highlights from Statista’s latest research on the consulting services industry.

Consulting Industry Insights: Restructurings & Turnarounds

The global pandemic has fueled an increase in consulting engagements focused on restructurings and turnarounds over the past 15 months.  In its May 2021 newsletter, BDO Consulting Group published the below informative chart highlighting U.S. corporate bankruptcies with debt greater than $10MM by industry.  Interestingly, approximately 40% of the 302 bankruptcies filings were in two industries:  1)  Oil & Gas and 2) Retail & Consumer Products.

Source:  BDO Consulting Group, LLC, Debtwire Restructuring Database
* Includes companies with at least $10 million in funded debt

So what are the common restructuring and turnaround services that consulting firms like Croixstone offer?  As published in a recent article by Consultancy.eu, these services include: 

  • Diagnosing the problem:  Identifying drivers for the crisis, stage & severity of crisis
  • Stabilizing operations:  Managing short-term liquidity & working capital concerns
  • Cost efficiency & austerity strategies:  Evaluating business needs for cost-cutting measures; designing & implementing austerity plans
  • Procurement cost reduction:  Analyzing contracted spend & redesigning & renegotiating contracts
  • Business model innovation:  Rethinking operating & core business models, value creation & enhancement
  • Divestiture strategies:  Offloading non-performing business units, distressed segments, portfolios, etc.
  • Organizational effectiveness:  Streamlining resources; revamping processes & business segments; interim C-level deployment
  • Change management:  Developing change implementation plans to ensure minimal people disruption

The Rise of the PORTFOLIO Career

Much like COVID-19 has accelerated the pace of digital transformation, future of work experts are seeing a rise in the pervasiveness of professionals with “portfolio careers.”

Ben Legg is an engineer, serial CEO of global digital businesses, former COO of Google Europe, and former McKinsey consultant.  He believes the portfolio career is a continuation of the automation of work and is here to stay. 

Croixstone’s business model is built around our deep understanding of the portfolio professional.  So what is a portfolio career? 

  • A portfolio career isn’t reliant on a single source of income.
  • Income is derived from serving multiple clients that might include project work, consulting engagements, interim roles and/or board roles.
  • Unlike a “gig economy worker,” a portfolio career is thoughtfully put together and is focused on offering differentiated services in order to maximize earnings.

Learn more about portfolio career insights from Ben Legg.

Fresh Links – June 9th Edition

A curated list of business, career and community links with a focus on positivity.

The NOW Normal.

Life has changed dramatically for all of us in the Charlotte region over the past couple of weeks.  Given the vast uncertainties we’re facing with COVID-19 and the economy, the Croixstone team isn’t quite ready to call these times the “new” normal.  We prefer to think of our current state as the “now’ normal.  

Whether you are presently employed or seeking your next opportunity, COVID-19 is causing all of us to think, and act, differently. The following links are designed to help you navigate the “now” normal.

Learn about consulting.
Join Croixstone + the Charlotte Chapter of the National Black MBA Association for a virtual Zoom meeting/webinar on “The Business of Consulting.”  Joining us will be leaders from Deloitte, The Kaleidoscope Group + The Graybeard Partners.  Wednesday, April 8 from 6-7:3pm.
Grab your tickets here.

Learn how consulting revenues may be impacted by COVID-19.
Yes, the consulting industry is being impacted.  Source Global Research has surveyed hundreds of consulting firms from across the world to gain insights.
Click here.

Find a job.
Your best strategy during the COVID-19 pandemic might be to focus on short-term solutions.
View this Fast Company article to learn more.

Learn more about collaboration tools.
Inc. magazine has compiled a comprehensive list of tools including pricing.
Click here.

Learn how to stay productive + connected while at home.
LinkedIn is offering 16 free professional development courses on Microsoft Teams, Skype, Zoom and more.
Click here.

Learn Zoom basics.
Zoom experts host interactive, live training webinars daily.
Sign-up for free or watch a previously recorded training session.
Click here.

Take your Zoom skills to the next level.
Learn 13 Zoom video chat tips, tricks + hidden features.
Click here.

Learn how to run a virtual meeting.
An executive recruiter shares 8 cardinal rules for successful virtual meetings with Forbes.
Click here.

Access a library of COVID-19 resources.
Check out the Charlotte Regional Business Alliance’s “COVID-19 Resource Portal.”
Click here.

Learn how to lead during a crisis/downturn.
5 great tips from Chief Executive magazine.
Click here.

Find your right work-from-home playlist.
LinkedIn is now on Spotify with a variety of playlists curated for the varying times of your career journey.
Click here.

Online MBA Programs

Croixstone has built its practice around a group of elite, senior level top-tier MBA consulting professionals who thrive on tackling the toughest industry challenges to help propel businesses forward.

Recently, Forbes released a list of MBA programs they say are just as good or better than those ranked by U.S. News & World Report. Click here to read more.

WHO WE ARE

Croixstone is an Inc. 5000 boutique consulting firm known for connecting the brightest minds in business and community. We drive business outcomes by accelerating and sustaining transformations.

Croixstone is nationally-certified by the Women's Business Enterprise National Council (WBENC) as a Women's Business Enterprise (WBE) and a Women-Owned Small Business (WOSB).

CONTACT

101 South Tryon Street, Suite 2700
Charlotte, NC  28280

Phone:  704.478.6040

info@croixstone.consulting

       
 

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