As we enter 2023, consulting firms are facing unprecedented challenges. From the lingering aftereffects of the pandemic to the global recession, and the rapid pace of technological change, consultancies must be adaptable, innovative, and forward-thinking to stay ahead of the curve.
This article will explore the key changes consulting firms must make in 2023 to succeed.
Recruitment Challenge
One of the biggest challenges facing consulting firms in 2023 is recruitment. According to the Consultancy Growth Network’s Consultancy Benchpress Survey, 2022, almost 2 in 3 consulting firms face a staff shortage, and around 20% are declining work due to a lack of resources.
Surprisingly, the survey also discovered that fewer than 33% of consultancies effectively utilize the necessary knowledge to attract and retain talent.
To tackle this challenge, consulting firms must do more in 2023. This may involve offering more competitive salaries and benefits packages, providing better training and development opportunities, and fostering a positive and inclusive work culture. Additionally, firms should look beyond traditional talent pools and consider non-traditional sources of talent, such as freelancers and gig workers.
Embrace Digital Marketing
It’s becoming increasingly clear that consultancies must embrace digital marketing to stay ahead of the competition. This means developing a robust digital footprint that showcases their expertise, builds credibility, and attracts ideal clients.
Consultancies that embrace digital new client generation are expected to grow faster than those that neglect it because most service buyers will actively research a consultancy and its consultants before deciding.
And with a large percentage of firms automatically getting rejected because their digital footprint does not point to a desired level of expertise, consultancies that fail to produce relevant, authoritative, and narrowly-focused content regularly will go unnoticed by Google’s algorithm.
Keyword research and search engine optimization (SEO) have become essential tactics high-growth consultancies utilize. By creating and publishing content that targets the right keywords and addresses their ideal clients’ pain points and challenges, consultancies can increase their visibility in search results, build trust and authority with their audience, and ultimately generate more leads and conversions.
But it’s not just about creating content. Consultancies must also have a well-designed website, a solid social media presence, and a consistent brand voice across all channels. They need to be acutely aware of what their digital presence – or lack thereof – tells their target audience: does it help prospects understand the depth and relevance of the firm’s expertise and encourage them to continue reading/listening/watching, or does it turn them off and make them close the tab?
Automation
Another critical change consulting firms need to make in 2023 is ramping up automation. As we noted in a blog last year, consultancies already invest in automation to streamline processes, reduce costs, and increase efficiency. This trend is set to continue in 2023, with more and more firms adopting automation technologies like artificial intelligence, machine learning, and robotic process automation.
By automating routine tasks, consulting firms can free up their staff to focus on higher-value work, such as providing strategic advice and building client relationships. Automation can also improve accuracy and reduce the risk of errors, particularly important in areas like financial reporting and compliance.
Streamlining Processes
In addition to automation, consulting firms must focus on streamlining their processes in 2023.
Streamlining includes identifying areas where time and resources are wasted and implementing solutions to address these issues. For example, consulting firms can use project management software like Scoro to track time, manage tasks, and collaborate more effectively with team members.
By streamlining processes, consulting firms can save time and increase productivity, ultimately improving the bottom line. It can also improve the client experience, as consultants can deliver projects more efficiently and effectively.
Software for Consultancies
To support these changes, consulting firms need the right software tools. Scoro offers a range of software solutions specifically designed for consulting firms, including project management, CRM, and financial management tools.
With Scoro, consulting firms can manage all aspects of their business in one place, from tracking time and managing tasks to invoicing clients and tracking financial performance.
Using Scoro can help consulting firms save time, improve productivity, and ultimately grow their business. By streamlining processes and automating routine tasks, consultants can focus on providing high-quality advice and building lasting relationships with clients.
Help Your Consulting Firm Succeed in 2023
Consulting firms face various obstacles to their success in 2023, from the recruitment challenge to the need for automation and process streamlining. By embracing these changes and investing in the right tools and technologies, consulting firms can survive and thrive in the years ahead.
If you’re looking for software solutions to support your consulting firm’s growth, check out Scoro’s software for consultancies. With our all-in-one solution, you can manage all aspects of your business in one place and focus on what matters – providing high-quality advice and building lasting relationships with clients.