Consulting Firms That Achieved Massive Growth: Lessons from Industry Leaders

Scaling a consulting business is hard work. Only a selected few make it to the big leagues. Yet, some firms have managed to crack the code and achieve remarkable growth. Here’s a look at six large consulting companies, each with its own unique approach to scaling and succeeding in a competitive landscape. The insights from their journeys offer valuable lessons for anyone looking to build and grow a consulting firm that stands out.

Consulting Companies and Their Growth Strategies

1. McKinsey & Company: Knowledge as a Growth Engine
   • Introduction: McKinsey & Company, founded in 1926, has become synonymous with top-tier management consulting. What sets them apart isn’t just their strategic advice but their relentless focus on building and leveraging knowledge.
   • Insight: McKinsey’s growth has been significantly driven by its investment in knowledge management. The creation of the McKinsey Global Institute (MGI) allowed the firm to produce deep research into global economic trends, positioning themselves as thought leaders. This intellectual capital not only attracts high-profile clients but keeps them engaged over the long term. Consider this: What kind of intellectual capital can your firm develop? Are there areas where you can produce proprietary research, frameworks, or methodologies that set you apart and make you indispensable to your clients?
2. Accenture: Riding the Digital Wave
   • Introduction: Accenture, with roots tracing back to Arthur Andersen, has grown into a leader in technology consulting and digital transformation. Their transformation into a digital powerhouse didn’t happen overnight. It was a strategic pivot that took years of calculated moves.
   • Insight: Accenture’s decision to launch Accenture Digital in 2015, along with key acquisitions like Fjord, was pivotal in defining their role in the digital era. By anticipating the needs of the digital economy and aligning their services accordingly, Accenture didn’t just keep pace with industry changes—they led them. Consider this: How can you anticipate shifts in your industry? Are there emerging trends you can capitalize on now, positioning your firm as a leader in tomorrow’s market? Learn more.
3. BCG: Innovating Strategy Tools
   • Introduction: Boston Consulting Group (BCG) has a long history of not just following trends but creating them. Since its founding in 1963, BCG has been known for its innovative approaches to business strategy.
   • Insight: The BCG Matrix is one of the most well-known examples of how a simple yet innovative tool can revolutionize an industry. By developing the BCG Matrix in the 1970s, BCG didn’t just help clients make better decisions—they established themselves as the creators of essential business frameworks. Consider this: What tools, frameworks, or methodologies can you develop that could become integral to your industry? Think about how you can productize or brand your unique approach to solving client problems.
4. Capgemini: Strategic Growth Through Acquisition
   • Introduction: Operating in over 50 countries, Capgemini is a global force in consulting, technology services, and digital transformation. Their growth strategy has always included knowing when to acquire and when to innovate.
   • Insight: Capgemini’s acquisition of Altran in 2019 was a strategic move that greatly expanded their capabilities in digital engineering and R&D. This wasn’t just about increasing size but about deepening expertise and expanding their service offerings. Consider this: Are there strategic acquisitions or partnerships that could elevate your firm’s capabilities? How can you identify and integrate complementary skills or services that would make your offering more comprehensive?
5. Oliver Wyman: Deep Specialization in Financial Services
   • Introduction: Established in 1984, Oliver Wyman has carved out a niche in strategy, risk management, and organizational transformation. Their deep specialization in financial services has made them indispensable, particularly in times of crisis.
   • Insight: Oliver Wyman’s expertise became particularly valuable during the 2008 financial crisis. Their deep understanding of risk management made them a trusted partner for financial institutions facing unprecedented challenges. Consider this: What’s your firm’s area of deep specialization? Is there a niche where your expertise could make you the go-to firm in times of need? Specializing can sometimes mean focusing on a narrow field, but it can also mean becoming the best in that space.
6. AlixPartners: Mastering High-Stakes Turnarounds
   • Introduction: Since 1981, AlixPartners has been the firm that companies call when they’re in trouble. Specializing in turnaround management and corporate restructuring, AlixPartners has built a reputation for handling high-stakes situations with finesse.
   • Insight: AlixPartners’ work during the 2009 General Motors restructuring was a defining moment. Successfully managing such a complex and high-pressure project showcased their ability to deliver when it matters most. Consider this: How does your firm perform under pressure? Are there opportunities where your ability to manage complex, high-stakes projects can set you apart from competitors?

Summary of Lessons Learned

Here's what to take away from this article.

• McKinsey & Company: Built intellectual capital through initiatives like the McKinsey Global Institute, reinforcing their leadership in the field. Consider: What proprietary knowledge can your firm develop?
• Accenture: Stayed ahead by focusing on digital transformation, launching new units, and making strategic acquisitions. Consider: How can you align your services with emerging industry trends?
• BCG: Innovated with tools like the BCG Matrix, setting themselves apart as pioneers in strategy consulting. Consider: What frameworks or methodologies can you create to establish thought leadership?
• Capgemini: Expanded strategically through acquisitions like Altran, deepening their expertise in critical areas. Consider: Are there acquisitions or partnerships that could strengthen your firm’s offerings?
• Oliver Wyman: Leveraged their deep specialization in financial services, particularly during times of crisis. Consider: What is your firm’s niche, and how can you dominate it?
• AlixPartners: Made a name for themselves with their expertise in high-stakes turnarounds, solidifying their leadership through critical projects. Consider: How can your firm become known for excelling under pressure?