Episode 132: The Broken Excel Sheet that Built a Consulting Empire, with Anush Newman
Oct 6, 2023
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Anush Newman, Managing Director at JMAN Group, shares his journey from oil and gas consulting to founding a global data consultancy. Learn how a broken Excel sheet led to the creation of JMAN. Discover the challenges faced and how they turned things around to become one of the UK’s fastest growing firms. Other topics include transitioning from freelancing, navigating financial challenges during rapid growth, and the importance of effort and success in consulting.
Leveraging partnerships and channels for sales is crucial in breaking into new markets.
Persistence and adaptive learning are key in overcoming challenges and turning setbacks into growth opportunities.
Distinguishing between spending and investing is vital for sustainable business growth.
Active listening and refining value propositions based on client feedback are essential for catering to specific market demands.
Deep dives
Strategic Approach to Partnership and Sales Channels
In approaching the challenging task of breaking into the private equity market, the podcast highlights a strong belief in utilizing channels and partnerships for sales. By leveraging relationships with recruiters, independent consultants, and other consulting firms, they were able to access warm leads and generate introductions to potential clients. Through these channels, they learned to focus on listening to the clients' pain points and needs, adapting their propositions according to the feedback received in meetings, ensuring that the message resonates effectively with the target audience.
Importance of Persistence and Adaptive Learning
The podcast emphasizes the significance of persistence and adaptive learning in navigating the challenges of entering a new market. With an initial plan to focus on private equity firms, they engaged in numerous meetings and interactions to understand the specific needs and pain points of potential clients. Despite facing rejection and polite feedback, they maintained faith that their efforts would yield results. By learning from each interaction, honing their messaging, and swiftly adjusting their approach, they were able to turn setbacks into valuable opportunities for growth.
Cost Management and Investment Differentiation
Reflecting on a scrappy period in their business growth journey, the podcast underscores the importance of distinguishing between spending money and investing money. They learned the critical distinction between unnecessary expenses and strategic investments essential for growth. The advice to 'don't spend money until it hurts' provided valuable insight into the balance between prudent cost management and strategic investments to drive scalable growth.
Adapting Propositions and Addressing Client Needs
During the process of engaging with private equity firms, the podcast elucidates the iterative nature of adapting propositions to align with client needs. By valuing listening and responding to client pain points, they refined their offerings to cater to specific challenges in the private equity sector. Through active listening, swift adjustments based on feedback, and continual refinement of their value propositions, they successfully tailored their services to meet the unique demands of the target market.
Lessons from Financial Challenges and Quick Adaptation
Amid financial challenges faced during the scrappy period, the podcast details the lessons learned from navigating through adversity. By understanding the importance of balancing growth initiatives with cost control measures, they recognized the distinction between spending and investing. Through a process of quick adaptation, cost assessment, and strategic decision-making, they were able to steer the business through turbulent times and position it for sustainable growth and scalability.
Advice for Junior Consultants
For junior consultants just starting their careers, the key advice is to be proactive and embrace all tasks, regardless of size or complexity. By taking on various responsibilities diligently and showing initiative, it builds trust and opens up opportunities for more challenging and interesting work. Holding the pen on projects and being involved in various tasks helps in learning and gaining exposure within the firm, earning respect from colleagues.
Advice for Mid-Level Consultants
Mid-level consultants with a few years of experience should focus on identifying key decision points in their careers. Advising them to eliminate options that don't align with their goals can make decision-making easier. Additionally, encouraging them to continuously seek growth opportunities and make impactful decisions can lead to personal and professional development.
Advice for Aspiring Partners/Entrepreneurs
For those aiming to become partners or start their own business, it is crucial to carefully plan and consider the type of business they envision. Reflecting on whether to build from scratch or join an established entity can shape their approach. Emphasizing the importance of hitting the ground running and creating revenue streams can help in establishing traction and achieving success in their entrepreneurial ventures.
In this week’s episode, Nick chats with Anush Newman, Managing Director at JMAN Group, the global data consultancy specialising in the private equity market.
Anush’s story makes for a fascinating listen. He cut his consulting teeth in the oil and gas industry, working in roles that took him all over the world, to locales as exotic as Kazakhstan, Sellafield and Northern Scotland! After tiring of all the travel, Anush embarked on a successful contracting career which eventually led (by way of a broken spreadsheet!) to the creation of JMAN, the global data consultancy Anush founded with his cousin Leo.
Fast forward to today, and JMAN now a team of over 200 consultants working across London and Chenai with plans for further global expansion. Earlier this year, they were recognised as one of the Times ‘Top 100 Fastest Growing Companies’ with an annual growth rate of over 80%.
But Anush and JMAN’s journey hasn’t been without its hiccups, and in this episode Anush shares openly the challenges they faced and how they managed to turn them around to go from almost going under to becoming one of the UK’s fastest growing firms.
If that wasn’t enough, there’s a whole host of other fascinating topics that Nick and Anush discuss in this one, including…
- Anush’s decision to move from the stress-free world of contracting to running his own firm
- How breaking a client’s Excel spreadsheet led to the lightbulb moment behind JMAN
- The single-minded approach that led to JMAN breaking into the private equity market
- Creating a ‘one-team’ culture in an organisation that spans the globe
If you want to learn the secrets of someone who’s gone from contractor to successful consulting leader, then this episode is a must listen.
We hope you enjoy the show!
Reach out to Anush: https://www.linkedin.com/in/anush-newman-b314476/
Learn more about JMAN: https://jmangroup.com/
Books, magazines, and websites mentioned in the show:
Legacy: What The All Blacks Can Teach Us About The Business Of Life, by James Kerr
The Captain Class: The Hidden Force Behind the World’s Greatest Teams, by Sam Walker
The Pyramid Principle: Logic in Writing and Thinking, by Barbara Minto
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