It really is a billion dollar question. One of the most important strategic choices a consulting firm has to make is whether to specialise or diversify. Conventionally, the decision has been driven by size (small firms specialise, big firms diversify): the point at a firm crosses from the first to the second signals its transition [...]
There’s a common perception that consultants do well in a downturn. Because they sell services rather than products, consulting firms are – the argument goes – better able to adapt what they do to, to fit changing economic circumstances. Thus, in the good times, their focus is on growth and new markets; in bad times, [...]