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Caribbean Export/CICMC: Management Consulting Industry Report

This report aims to provide a comprehensive profile of the management consulting industry in the Caribbean region. It focuses on the strategy for industry development and the goals of helping local consultants access regional/external markets and supporting the overall development of the region. The report includes surveys conducted in various countries to identify supply and demand gaps. It also highlights the market performance and provides recommendations for both the demand and supply sides of the industry.

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Caribbean Export/CICMC: Management Consulting Industry Report

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  1. Caribbean Export/CICMC:Management Consulting Industry Report Management Consulting Business Symposium 2 St. Kitts & Nevis 29 June 2010

  2. Aims Profile management consulting industry Strategy for development of the industry Goals Help local consultants access regional/external markets Stronger industry to support development of region Process Local surveys of suppliers and purchasers of services in: The Bahamas Barbados The Dominican Republic Jamaica The OECS (Antigua and St. Lucia) Trinidad & Tobago Martinique Draft report based on supply/demand gaps Project Description

  3. The Market: Spending

  4. The Market: Approach to Consulting • Few projects: consulting valuable add-on, not part of business model • High value spend on strategy or systems, smaller amounts on process-type services • Although small/young businesses need strategy, most spend on process services: need to show benefits to develop this market

  5. Satisfied + very satisfied: Locals: 82% Regional: 82% Extra-regional: 72% The Market: Performance

  6. Management Consulting Industry Profile • 64% 1-4 employees, 82% 9 or fewer

  7. Management Consulting Industry Profile • Productivity critical indicator of profitability • Productivity benchmarks: 2xsalary min, 3x good, 4x very profitable • 2 groups exist: 1-new/struggling firms, 2-mature firms

  8. Supply/Demand Implications • 65% of market value in large assignments, but only 13% of number of clients • 54% of clients spend under US$50K annually • Two-tiered market, weak middle • Quality issues thrown up by Group 1 firms • Need for skills development • Flight to safety: big names on big value projects, small local firms pushed out • Need for quality assurance-CMC • Still hard for Group 2 firms to tap top segment • Need for market development/intelligence, alliances

  9. Demand Side Recommendations • Develop market for higher value consulting, particularly strategy consulting • Focus on MSME market to help small consulting firms • Will help fill in weak middle • Need to educate customers on benefits of consulting, process and reasonable outcomes • To do this use active (workshops, newsletters) and passive (information packages) techniques • CICMC could provide consulting services to BSOs serving MSMEs; act as business cases and learning opportunities

  10. Supply Side Recommendations • Marketing BDS: Benefit all firms • Opportunity identification: Centralise gathering of market intelligence, advise on market trends • Improve positioning in key marketing channels: Alliances between Caribbean firms, partnering with extra-regional firms (member directory) • Guidance in preparing marketing material • Guidance in responding to tenders • Professional BDS: Benefit Group 1 firms • Develop technical and consulting competency, CMC and advisory services • Advice on defining service offering, consulting operations (setting fee rates, management systems) • Provide quality assurance supplementing CMC

  11. CICMC to lead implementation, support from CE, form strategic alliances with national industry associations where they exist Appoint a Strategy Director to act as point person, draft implementation plan based on Strategy Lobby on behalf of industry in ongoing initiative to regulate management consulting Goal is sustainability: Need for CICMC to become service driven industry association, eventually decrease role of CE Self-reliant associations: membership fees, fee-based services, professional/promotional events Implementation

  12. Thank you

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