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 hashtag#employeeengagement 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 trail the tough terrains of employee engagement as a novice?
I built on my strength 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 3 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. The CEO was hugely delighted.
With a few examples like these, the news spread like wildfire. This was like music to the ears of CEOs and CHROs.
And soon enough employee engagement, which was initially delegated to the senior managers, became the decision of hashtag#ceos and hashtag#chros .
The moment we began quantifying the impact of employee engagement on performance and revenue, the level of involvement with the clients improved.
From surveys, we leveled up to deep hashtag#analytics and hashtag#organizationaldevelopment.
This led to a significant increase in the account size and average revenue per client doubled while the top 10 clients with deeper penetration and involvement in significant consulting and OD interventions started contributing 40% of the business.
Consequently, the company witnessed a growth of 160% in the first year. The company achieved a 32% profit margin after making losses for a decade.
My hashtag#keytakeaways from the experience are as follows:
— Understand and map the clients’ needs
— Cater to higher order needs for bigger client impact which would result in better revenue for us.
— Develop ancillary services to comprehensively address the issues faced by the clients. This facilitates implementation and makes the life of the client easy. Of course, clients will be willing to pay more.
This experience taught me that, with the right approach, determination, and a willingness to take risks, even the most challenging tasks can be accomplished.