Episode 149: Building for scale: how to unlock 20x growth in your consultancy, with Mark Palmer
Jul 19, 2024
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Former Managing Director, Mark Palmer, shares insights on achieving 20x growth in consultancy. Topics include client focus, team culture, and strategies for success. Learn how his unique background and approach led to building a thriving consultancy. From fostering strong client connections to building a collaborative team environment, this episode is packed with valuable advice for scaling a consultancy.
Mark Palmer transformed a $2m consultancy into a $40m industry leader.
Client focus, team collaboration, and shared successes drive consultancy growth.
Strategic decision-making, productivity, and client-centric value proposition lead to success.
Assigning team roles based on strengths and client profiles enhances project outcomes.
Investing in employee growth and fostering a positive work environment drive lasting success.
Deep dives
Building a Strong Consulting Network
Consultancy Growth Network is highlighted as a leading community for boutique consulting leaders aiming to share insights from seasoned growth experts. This network offers valuable resources, in-person and online events, and a supportive community through which firms can learn, solve challenges, and achieve their goals.
Transformative Consulting Growth Story
Mark Palmer, former managing director of OEE Consulting, shares the firm's remarkable growth story, where revenue surged by 20x. The journey from near failure to success was marked by critical factors such as client focus, fostering a culture of shared success and failure, and emphasizing the importance of team collaboration.
Career Journey and Key Experiences
Mark Palmer's career journey, from working in France to leading OEE Consulting, spanned valuable experiences in the automotive and consulting industries. He emphasized the significance of productivity, decision-making, planning, and prioritizing organizational success over process improvement.
Strategic Decision-Making and Value Proposition
Strategic decision-making at OEE involved focusing on winnable opportunities, adopting a strategic account management approach, and prioritizing client-centric value propositions. The enhancement of service offerings and refining the value proposition by aligning capabilities with clients' needs led to significant business growth and resilience during challenging times.
Matching People with Client Profiles for Optimal Performance
It is crucial to assign team members roles that align with their strengths and client profiles to enhance project outcomes. By focusing on the strengths of individuals and creating a suitable match with client profiles, organizations can foster successful collaborations. Anecdotes from client interactions underscore the importance of recognizing when chemistry is lacking and swiftly adjusting team compositions.
Investing in Team Growth and Long-Term Success
Prioritizing team development and long-term investment in employees cultivates a positive work environment. Emphasizing employee growth and well-being over solely monitoring performance drives lasting success within organizations. The approach taken reflects a culture of support, progress, and forgiveness, promoting trust and mutual respect among team members.
Strategic Account Management and Client Relationships
Strategic account management involves understanding clients' business challenges and aligning consulting services to their specific needs. By focusing on client context rather than content, consulting professionals can effectively communicate value and differentiation. Additionally, maintaining a client-centered narrative instead of detracting from competitors enables firms to highlight their unique strengths and establish meaningful client relationships.
Researching the Competition and Adding Value
Approaching competition research with a collaborative mindset rather than criticism fosters stronger client relationships. Providing clients with insights on competitor offerings while emphasizing organizational strengths can lead to more informed decision-making. By showcasing unique value propositions and focusing on client needs, consulting firms can differentiate themselves effectively in competitive landscapes.
Sharing Vulnerabilities and Building Trust with Clients
Being transparent with clients about project challenges before issues escalate can strengthen client relationships. Prioritizing trust through open communication and honesty fosters positive client perceptions. Demonstrating genuine interest in solving client problems and focusing on accountability and expectation management builds credibility and long-term client trust.
Advice for Different Career Stages in Consulting
For a graduate starting out in consulting, mastering self-organization is key to efficient work management. Mid-level consultants should prioritize understanding client context over content to drive impactful engagements. As professionals advance to partner or leadership roles, emphasizing client-centric narratives and maintaining a genuine interest in client needs can enhance leadership effectiveness and client relationships.
How do you take a boutique doing a healthy $2m a year and transform it into an industry leader at $40m. In this episode of Climb In Consulting, Nick is joined by Mark Palmer, former Managing Director of OEE Consulting, to share his story of having done just that.
Mark’s journey is a fascinating one, but also one that nearly didn’t happen. Had it not been for a chance meeting at a dinner party, Mark would have been on his way to McKinsey, and his story with OEE would never have begun.
Fortunately for Mark, and for you listening, that chance meeting did happen and it led him on a journey to building OEE. A journey that he shares all of his advice, lessons, and learnings from in today’s episode.
This conversation is packed with value, from the importance of client focus and collaboration to fostering a culture where successes and failures are shared by the whole team.
Get ready to unlock the secrets to building – and scaling - a client-centric boutique consultancy, as we explore:
How Mark's unique background equipped him for success in consulting.
The strategies Mark and his team used to achieve phenomenal growth.
Mark's approach to building a thriving team environment as well as strong client connections.
This episode has so much in it to equip you to build a thriving consulting career - be that within a consultancy or leading your own.
Reach out to Mark: https://www.linkedin.com/in/markpalmeroee/
Books, magazines, and websites mentioned in the show:
Create Space: How to Manage Time and Find Focus, Productivity and Success by Derek Draper
I'm Ok, You're Ok: A Practical Approach to Human Psychology, by Thomas Harris
The Strategy of the Dolphin: Winning Elegantly by Coping Powerfully in a World of Turbulent Change, by Dudley Lynch and Paul L. Kordis
Blackbox Thinking by Matthew Syed
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