The Management Consultancies Association has revealed in its MCA Annual Report that its members’ businesses grew by 8.4 per cent to £5.2bn in 2014. Within this, good news for those operating as strategic, digital, financial and infrastructure consultants with growth in these specific areas providing opportunities, as well as some positive signs for an increase in public sector consulting.
The climate for doing business feels like it is well and truly warm again. In our first Business Vision Barometer looking at the current trading landscape for consultants, 88% of respondents felt their business outlook was improving or slightly improving – an optimistic look to the rest of the year.
Now is the time for firms to capitalise on this. Our Barometer revealed that 47% of consultancies see increasing new business leads as a key challenge for their business at present.
Looking at reports such as the MCA Annual Report can help identify new opportunities on a wider scale but looking internally at how your consultancy is operating can also provide insight into where extra resource or planning is needed.
The MCA Annual Report for example clearly highlights a massive opportunity for digital and technology consultants with numbers seeing rapid growth. How can your business capitalise on this? What do you need to do in your business to ensure you are staying competitive, refining your business strategy and offering perhaps? Food for thought.
Our Business Vision report will be available within the next few weeks. Please join our Business Vision group on LinkedIn to be amongst the first to receive the report.
If you would like further information on how Magnifeye can make an impact on your business, contact us here.