How to Price your Consulting Services with Ethan Williams

Send us a textWhy do senior hires fail so often in consulting? What can we do to minimise this?Join me as I sit down with Gary Lanz from Wilton Bain to explore the intricate art of talent acquisition and development within the consulting industry. We discuss finding the strong senior hires who can generate business, fit culturally, and harmonize with existing teams. We also tackle the ongoing debate between being a trusted advisor and the necessity of becoming a visible expert in today's content-driven world.Navigating the complexities of partner recruitment, Gary and I explore lateral hiring in consulting and shed light on strategic growth strategies for small to medium-sized consultancies, like diversification into new markets, and the evolving landscape of consulting leadership.We debate how smaller, agile firms can capitalize on these shifts, balancing business development with talent retention and strategic succession planning. We also explore innovative approaches to professional development, questioning the traditional value of universities and championing concepts like the "junior board" to empower the next generation. Listen in to hear how firms can foster a thriving culture and secure client longevity in competitive markets.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textIn this episode of the Consulting Growth Podcast, we sit down with pricing strategy maestro Ethan Williams, who transitioned from real estate investment banking to becoming an authoritative voice in global pricing strategy. Here is Ethan's AI Pricing Advisor: https://chatgpt.com/g/g-MNWgcA4wX-value-based-pricing-advisorHere's Ethan's LinkedIn: https://www.linkedin.com/in/ethan-williams-8567278/We dive deep into Ethan's experiences at GE Digital, PwC, and McKinsey, and his transformative work at FGS Global. Ethan unveils the secrets behind moving from traditional time-and-materials pricing to value-based models, shedding light on how these shifts not only elevate client value but fundamentally alter business models. Learn about the art of leading pricing transformations and the most common objections consultants face when adopting value-based pricing.Ethan also discusses the impact of AI and automation on consulting practices, making the case for abandoning time-based pricing in favor of more efficient models. Get practical advice on implementing value-based pricing, including strategies for maintaining confidence during negotiations and presenting clients with engaging scope options. We wrap up with heartening insights into how AI and low-code solutions are democratizing advanced tools, leveling the playing field for smaller consultancies. This episode is a must-listen for anyone eager to stay ahead in a rapidly evolving consulting landscape.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textWhat does great thought leadership look like for boutique consultancies? Join us on the Consulting Growth Podcast as we engage with Athena Peppes, a luminary in thought leadership and artificial intelligence. Drawing from her stellar career at Accenture and her current role as an independent consultant, Athena unveils what makes thought leadership effective. In this episode, Athena demystifies how boutique firms can leverage AI to distill valuable insights from existing client relationships. Discover strategies to produce impactful annual statement pieces that can strengthen your firm's market position. Athena also explores the transformative power of generative AI in professional services, emphasizing the importance of high-end thought leadership amidst an oversaturated content landscape. She delves into emerging technologies like gen AI and synthetic data, which are making advanced analytics more accessible than ever.Our conversation doesn’t stop there. We navigate the complex landscape of AI and robotics, reflecting on the multifaceted expectations surrounding AI’s capabilities. Inspired by insights from economist Anton Koronek, we discuss how businesses can better anticipate and adapt to disruptive AI applications. Learn why addressing specific business pain points is crucial for successful AI integration, and hear Athena’s thoughtful analysis on the future challenges and opportunities that AI presents. This episode is packed with invaluable insights for anyone looking to stay ahead in the rapidly evolving world of technology and consultancy.Athena's website: https://www.athenapeppes.com/ The Thought Leadership-as a Service consultancy: https://www.beaconthoughtleadership.com/ Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textProductization offers considerable opportunities to consultancies as the cost of development has collapsed. Eisha Armstong is the world's leading expert on how this is achieved in consultancies, co-founder of Vecteris and celebrated author. Chris Dando is a member of the Boutique Leaders Club and founder / CEO of Reinvigoration - an operations consultancy which has recent successfully productized some of its offerings. Eisha,  brings her expertise in helping service companies reinvent their business models to thrive in today's market. Meanwhile, Chris shares insider knowledge on developing a software spin-off aimed at facilitating operations transformation and building recurring revenue streams.Transitioning from consultancy to software business can be riddled with pitfalls. Learn how to avoid common mistakes by ensuring you have the right people in strategic roles and conducting thorough market validation. Discover why a market-minded product leader can make all the difference in commercialization success. We also discuss how focusing on urgent and expensive problems can guide product development, along with the importance of co-designing with your target market segment for best results.We explore actionable methods like the Van Westendorp price sensitivity meter and the 10x value rule, essential for aligning pricing with perceived value. Explore the future of productization, including how AI and automation are revolutionizing service delivery by enhancing standardization and efficiency. Join us as we provide a comprehensive framework for optimizing your consultancy’s offerings and staying competitive in a rapidly changing landscape. Don't miss out on these invaluable insights from Eisha and Chris!You can download Productize free here: https://www.vecteris.com/complimentaryproductizebookProf. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textMeet Michael Kempner, the mastermind behind MIKEWORLDWIDE. His is a story a narrative woven with tenacity and transformation moving from a solo operation to spearheading a leading independent PR firm, where embracing past hurdles has been integral to the company's monumental growth.This episode peels back the layers on how valuing human capital has been pivotal to MWW's success, revealing that nurturing talent is just as crucial as attracting it.  We discuss the importance of brand perception to consulting firms as well as learning from the journey of Michael in growing his own firm to over 300 people. We explore some innovative strategies his firm employs, juggling AI and predictive analytics with human decision-making. Join us for this exploration of reputation, trust, and leadership—and how these pillars can chart a course to success in the competitive realm of PR.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textUnlock the secrets to a triumphant M&A journey in the knowledge economy with Jerome Glynn-Smith, the Equiteq's Head of Europe. As a former JP Morgan and Deloitte luminary, Jerome provides wisdom on the pivotal role of specialization within the technology and professional services sectors. Our chat navigates through the critical $10 million revenue threshold, the allure of private equity in the consultancy sphere, and the delicate art of balancing risk and scalability for consulting firms on the brink of a sale.We dissect the valuation conundrums and profit trajectories that influence the consultancy industry's M&A trends and shine a spotlight on the non-negotiables of EBITDA evaluation. Jerome also weighs in on the potential pitfalls of diversification, urging firms to sustain a laser focus on their core services to cultivate a tantalizing appeal for prospective buyers.In our final exchange, Jerome lays out a roadmap for boutique consultancies anticipating a sale. Aligning stakeholders' visions, bolstering market presence, and maintaining a pristine and comprehensive data room emerge as the cornerstones of a well-prepared exit strategy. By championing specialization and crafting a compelling equity narrative, Jerome assures us that small to medium-sized firms can navigate M&A transactions with the precision and confidence of seasoned pros.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textPhil Rolfe founded, grew and sold FS101 to P2 Consulting, then P2 Consulting to Valcon, where he is now the country COO for the UK. This episode promises a treasure trove of wisdom, from Phil's transformative journey from Eagle Star, KPMG and RBS to the innovative frontiers of Vulcan's data problem-solving focus. As your host, Professor Joe O'Mahoney, I'm thrilled to share how Phil's bold leap to the Netherlands and the launch of FS101 led to an exhilarating adventure in financial crime advisory.You'll gain rare insight into the delicate dance between new leaders and their predecessors, and how Phil's commitment to transparent communication shaped a resilient path through the challenges of private equity involvement. His reflections on personal growth and cultivating a supportive leadership atmosphere within a large organization provide a candid glimpse into the essence of effective management.As we explore the intricate tapestry of business growth and scaling, Phil unveils the strategic musings behind hiring decisions in a growing firm. We then discuss the future of consulting in a digitally transformed world, where AI and data analytics are not just buzzwords but pivotal tools reshaping the industry. For anyone eager to understand the forces driving business success and innovation, Phil's incredible journey is a beacon of inspiration and strategic acumen.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textImagine if you could transform your consultancy's repetitive tasks into a unique service offering or automate more of your back-office? That's precisely what our guest, Tim Redgate Strategy Director of Axioned, discusses in this fascinating episode of Consulting Growth. We dive deep into the concept of productisation and how it can be a game-changer for consultancies and professional service firms.I kick off the conversation with Tim by exploring the role of tech investments for decision-makers and the potential benefits and pitfalls of productising people services. We share essential strategies, including the significance of having a passionate product owner, a dedicated team, clear goals, and budget constraints. We also highlight why it's crucial to start with a feasibility study or proof of concept before jumping into the deep end.Later, we venture into the exciting realm of automated workflows and productisation. Imagine having a tool that could streamline your consultancy's repetitive tasks – that's the power of automation. We also discuss AI's potential across various industries and its possible impact on the consulting industry.  Tim also shares his experience with low-code and no-code solutions and how they can help to supercharge the first stages of product development. Join us on this fascinating journey, where we explore the cutting-edge intersection of technology and consulting.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textWhat does it truly take to build a PR and communication firm that stands tall among the giants? Today, we're joined by Jessica Schaefer, founder of Bevel, a strategic PR and communications firm that has carved a unique niche at the intersection of financial services and technology. Jessica's remarkable journey takes us from her start in the throes of the Great Recession, through prestigious companies like Moody's to the establishment of her own game-changing venture. Learn how Bevel's strategic approach of applying a hedge fund-based performance model to communications, coupled with a focus on quarterly KPIs and bonuses tied to client retention, set it apart in an intensively competitive market.Dive into the heart of the challenges and rewards of creating a consultancy powerhouse with us. Jessica offers an insider's view into the delicate art of managing clients, nurturing talent, and maintaining a work-life balance while steering a successful firm. Our conversation touches on the factors that contributed to the impressive acquisition multiple on Bevel's sale, providing valuable insights into the business of PR and the nuances of selling an enterprise. Strap in for a thrilling exploration of the world of entrepreneurship that every aspiring professional should hear.As we navigate through the rapidly evolving landscape of communications and technology, Jessica shares her perspective on the future of Bevel and its synergies with Avenue Z. The focus is also on their recent acquisitions and the increasing emphasis on digital marketing, PR, and influencer strategies. The conversation delves into the importance of attracting and retaining top talent and how Bevel's dedication to meaningful work and ownership has been a critical factor in their success. We wrap up with a deep dive into the benefits and challenges of being a young, female founder from a non-privileged background. This is an episode you won't want to miss. Tune in for a truly inspirational journey and invaluable lessons for emerging entrepreneurs.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textWant the inside scoop on how to successfully navigate senior leadership appointments in consultancies? Don’t miss an enlightening conversation with our experts, Deri, Simon, and Caroline as they pull back the curtain on designing organisational structure, performance management systems, and effective team engagement to prepare for a prosperous exit. We discuss strategies for growth and succession planning. Listen and learn from the experts as they share their personal experiences and strategies on building both internal capability and external recruitment to catapult a business to its desired size. Overcome the hurdles of building a talent pipeline and uncover the ways to maximize value at an equity event. Also, unearth the importance of finding the right people to fill gaps in your business and how to quickly make them value accretive.Finally, we explore the recruitment order for growing boutique firms, the roles necessary as a firm expands, and the significance of each role in the business. Take note of the importance of a Chief Operations Officer, Chief Business Development Officer, the role of an operations lead, and when it's crucial to have these roles within your firm. Also, learn about constructing internal capability and external recruitment strategies to facilitate growth. Prepare yourself for an informative and insightful episode that you simply can't afford to miss.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com