Consultancy Market Insights Newsletter: June 2024
Hello 👋
Welcome to our monthly consultancy insight newsletter, June Edition!
We’re here to keep you informed, help you spot trends early, and foster a stronger connection within our consultancy community.
As H1 comes to a close, we’ve observed a significant uptick in activity and success, with more consultancies landing lucrative projects and seeking growth funding. With this positive momentum, we are optimistic about a robust and prosperous H2, filled with new opportunities and continued expansion.
Insider Perspectives: Market Insight
by Daniel Lewis, Business Development Consultant:
It’s been an excellent H1 here at Sonovate having funded 17 different consultancies spanning sectors from marketing agencies, debt recovery, change management and much more. As we enter H2 it seems like a good time to reflect on what has been a mixed year for consultancies. While Q1 started quite slowly with winning new business seeming to be a real struggle for a lot of consultancies, there are clear signs the market is bouncing back. We’re starting to see more and more consultancies coming to speak to us having just won a lucrative project, and needing some funding to help them grow. I’ve personally also started seeing more consultancies winning large projects in the US and Europe, a further sign of consultancies adapting in order to grow. Long may this continue!
by Ross Winter, Business Development Consultant:
The first half of the year feels like a tale of two halves with consultancies seemingly starting to pick up a bit of momentum and now have a larger focus on growth. We’re starting to see more and more signs of the market bouncing back in a big way which is great to see. We’ve seen growth across a number of sectors but more recently digital transformation and change management seem to be two areas I’m seeing real growth in. Definitely hoping this momentum continues in H2, and consultancies continue to grow!
Insights that could change how your consultancy does business
The Consultancy BenchPress abridged report 2024 shows you more than the latest industry benchmarks. It also provides some of the answers to the questions being asked by consultancy business owners right now.
Our key takeaways
- 65% of consultancies have grown and this growth has returned to normal   levels (page 6)
- Â 48% of consultancies thought winning new clients was the biggest challenge they faced and it has become harder (page 12)
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83% of consultancies expect growth this year (page 15)
Download the report here
Celebrating UK Consultancies
Our consultancy expert, Daniel Lewis, had the pleasure of presenting an award at this months inaugural Consultancy Awards hosted by TCGN. Sonovate sponsored the Fastest Growing Award – huge congratulations to Stellarmann for getting the gold!
Thanks for reading, we’ll be back next month with more insights!