A look at the future of Business Consulting, Coaching, and Advisory.

[Everything Business Consulting Episode 70]

In this episode, we look at:
Business Consulting over the past 20 Years
The current size of the Business Consulting and Coaching Market

• Industry size of “Management Consulting” in the USA - 241.6 bn in FY2021. 
• This took a dip in 2020, thanks to COVID, where it was $236 bn. 
• Prior to that, the industry was showing consistent year on year growth, peaking at 256 bn in 2019.
• Predicted to grow by 2.3% this year (FY2022).
• Business Coaching is worth 11.6bn
• Statistics provided by IBIS World, industry research
• Management Consultancies Association reported that for the first time ever, management consulting’s revenue surpassed the 11 Billion pound mark. 

The SME Market is under-served (Growth Potential)

Long-lasting effects of the pandemic

Businesses are generally doing one of two things right now

1. Struggling
   1. Stress for business owners
   2. Financial issues with customers
   3. Insecurity for staff = low morale 
   4. Can’t keep doing what they currently are
2. Booming
   1. Overwhelm
   2. Growing pains
   3. Plans & strategies out the door
   4. Unsure of how to manage finances & additional cash flow
   5. Lack of supply/labor to keep up 

Technological changes

Using the aid of technology to talk to clients

• Email, WhatsApp groups, chat groups
• Microsoft teams, Google chat

Using technology to manage and keep track of progress

• Slack, Monday.com, Trello
• Complex MS project, hive, teamwork

Making use of AI to analyze business. 

• Fathom, Reach Reporting, and others

The accepted ways of doing business are changing
Fundamentals aren't changing