Consultancy Market Insights Newsletter: March 2024
Hello 👋
Welcome back to our monthly consultancy insight newsletter, March Edition!
We hope you enjoyed our first edition last month, where we unveiled a glimpse into our successful deals and provided exclusive insights into emerging trends. As promised, we’re back again to keep you informed, help you spot trends early, and foster a stronger connection within our consultancy community.
Q1 Highlights: Deals & Partnerships 🚀
Deals so far…
We’ve now onboarded eight new consultancies in 2024, we’re proud to report that we’re nearing the impressive benchmark of £2 million in funds deployed to new customers this year, a testament to the resilience and growth potential of our community.
NEW Partnerships
We’re also delighted to introduce two new strategic partnerships that promise to enhance the support and resources available to our consultancy network…
Create Engage – a dynamic social media agency dedicated to supporting consultancies with digital strategies.
Vivero – Run by M&A specialist Augusto Negrillo who we can introduce to give invaluable guidance and opportunities for our consultancy partners.
Market Insight from Augusto Negrillo
“Opportunities and risks come, as always, together. Current market trends are driving a significant change agenda on businesses, creating both growth prospects and obstacles for consulting firms. Whether harnessing the power of artificial intelligence, adapting to remote work environments, or addressing environmental, social, and governance issues, consultants occupy a pivotal position in shaping and executing business strategies. However, these very trends also impact the consulting industry itself. To maintain a competitive edge and capitalize on emerging opportunities, businesses must continually evolve their propositions.”
Insider Perspectives: Market Insight
by Oscar Phillips, Consultancy Channel Lead:
Encouragingly, when speaking to prospects & customers this month, I’ve noticed a promising uptick in the market, marking a welcome shift from the slow start experienced earlier this year. More projects being approved, projects being extended & PO’s being raised which is good news all round.
by Ross Winter, Business Development Consultant:
This month I’ve been seeing consultancies win projects of all shapes and sizes. Typically they consist of a number of forms, from Time and Materials projects which can contain signed timesheets to deliverable based Statements of Work. I’ve been having a lot of conversations with consultancies who have sought funding options from traditional financiers who are often unable to fund them, specifically when it comes to projects being in the Statement of Work (or SoW category). We’re seeing more and more projects being brought to us which could potentially need funding which has previously been refused by other funders.
by Daniel Lewis, Business Development Consultant:
It’s been a great Q1 here at Sonovate, and I’ve personally been seeing more digital media agencies coming to us for funding. Financing has often been a roadblock for these businesses due to what can be fairly unique billing methods, so it’s been great to see how we’ve been able to support a number of these agencies so far this year. The uptick hasn’t stopped at digital media agencies, however, and it’s been great to see the consultancy market as a whole seemingly bouncing back as I’ve been busier than ever!
Working with EAS
Through a strategic partnership with Sonovate, EAS gained access to crucial working capital, effectively bridging cash flow gaps.
