At a time when a number of segments within the consulting industry are seeing lower demand amid the Covid-19 crisis, Gary Williams, the founder of professional services business development coaching consultancy BD Coaching Hub, explains how consulting leaders can win a bigger slice of a smaller pie.
Professional and business services make up 25% of UK businesses, with a combined turnover of £399 billion – and adding £190 billion to the economy. The sector employs 4.6 million people – 13% of the UK workforce – and accounts for 27% of the UK’s services exports, worth £66 billion to the UK economy.
One of the industry’s flagship segments, management consulting, is worth around £10 billion. While the overall market grew by 2.5% last year, the unprecedented challenges posed by the coronavirus-induced downturn has meant that some segments within the industry are contracting.