How did I manage to achieve 160% growth?

"The greatest danger for most of us is not that our aim is too high, and we miss it, but that it is too low, and we reach it." - Michelangelo

How did I improve my company’s account size?

After serving as a strategy consultant at several prestigious organizations for a decade, I was entrusted with the responsibility of improving the company’s account size.

With a background in business strategy, I joined a leading firm in employee engagement as a CEO, surrounded by people who had a lot of experience in that field.

The company had 60% of the market share, while the other dominant competitor had the remaining 40%. Despite holding a strong position in the market, the company wanted to aim for more.

So, how did I navigate the challenges of employee engagement as a novice?

I built on my strengths to create a unique position. I leveraged engagement to enable strategy.

For example, a downstream special steel manufacturer was unable to commission a new line for three quarters after erection. From the results of the employee engagement survey, we found that the commissioning team was disengaged. We identified the reasons for disengagement and helped the client address them. The line was commissioned in three months, and the CEO was delighted.

With a few examples like these, the news spread quickly. This was like music to the ears of CEOs and CHROs. Soon enough, employee engagement, which was initially delegated to senior managers, became a strategic decision driven by CEOs and CHROs.

The moment we began quantifying the impact of employee engagement on performance and revenue, the level of involvement with clients improved significantly.

From surveys, we evolved into deep analytics and organizational development.

This led to a significant increase in account size, with average revenue per client doubling. The top 10 clients, with deeper penetration and involvement in significant consulting and organizational development interventions, started contributing 40% of the business.

Consequently, the company witnessed a growth of 160% in the first year and achieved a 32% profit margin after making losses for a decade.

Key Takeaways

• Understand and map the clients’ needs
• Cater to higher-order needs for bigger client impact, resulting in better revenue
• Develop ancillary services to comprehensively address client challenges and simplify implementation

This experience taught me that with the right approach, determination, and a willingness to take risks, even the most challenging tasks can be accomplished.

Stay tuned as I plan to cover more important topics such as expanding the market and improving market size in the coming weeks.