Consultancies sometimes get a rough ride. The stereotypes are well known, and suspicions that they’re just waiting to get their hands in your pockets not uncommonly held.

As tongue-in-check as it is normally spoken about however, it’s an important issue. Not because the cliches are true in the overwhelming majority of cases, but because the sentiment expressed by such tongue-in-cheek commentary actually speaks to the substantive problem of how to trust the motivations of those who, it can seem on the face of it, may hold limited stake in the long-term success of the businesses they work with.

It’s a fair challenge because believing in one’s work is important. Really believing in it. When you’re working for something greater than yourself – bigger than the team, even – that’s what can make good businesses great. That’s what drives people to go above and beyond. Our business may know all about commercial outcomes but, we’re equally concerned with the ‘why’ in the work we do as growth consultants.

When individuals believe in the value of their work, their dedication and drive often leads to exceptional output, and can help to bring new and innovative ideas to the market. By fostering a culture where people know exactly what the true value of their work is – the big picture, if you will – and empowering them to pursue their ideas, we can achieve the extraordinary.

But back to consultants. How does all of this relate to what consultants do? Can people realistically be expected to trust our purpose in serving their businesses? Let us examine the ‘why’ of our own company, Commercial Outcomes, as an example. It is our motivation and, therefore, the stake we hold in every one of our clients, after all.

Our ‘why’ doesn’t begin with light reading, unfortunately. It begins with the hefty topics of economic diversity and wealth concentration. Wealth concentration is an increasingly topical and pressing issue around the world. We’re all for free market enterprise, of course. However, the fact is that excessive concentration of wealth and power in the hands of too few has negative effects on the economy, leading to reduced choice and opportunity for consumers, and it limits innovation.

But what exactly do we mean by ‘wealth concentration’ and ‘economic diversity’, and how does it come about? Are these merely more buzzwords?

Market concentration (lack of economic diversity) can contribute to wealth concentration, as a limited number of dominant firms control the market and reduce competition, leading to increased profits for those firms. This can result in a concentration of wealth among the owners, executives, and shareholders of these firms. On the other hand, wealth concentration can also drive market concentration, as wealthy individuals or organisations have the resources to acquire and consolidate market share. Thus, the relationship between market concentration and wealth concentration is mutual and reinforcing. No individual involved is to blame for the state of affairs, but the outcome is undesirable nonetheless.

When there is diversity in the market, it helps to prevent concentration of wealth in the hands of too few and, as a result, promotes consumer choice, ergo innovation, leading to better products and services. When the opposite becomes true, and there are too few players in the market, it becomes easier for the wealthiest to dominate and control. The lack of economic diversity leads to a lack of competition, which is essential for driving innovation and progress in the economy.

In summary, we see that wealth concentration and lack of economic diversity are part of an unwelcome symbiotic cycle, leading to increasingly unequal distribution of resources, power and influence, which in turn fosters serious consequences for consumers, the economy, and society at large.

It is far from a lost cause though. On the contrary, although governments and complex geopolitics must be considered in these matters, some of us are perfectly positioned to make a real and meaningful impact in our own way on this massive issue facing societies around the globe.

To combat wealth concentration and promote economic diversity, it is important to support the growth of new, emerging and challenger businesses. This can be achieved by providing access to funding and resources, as well as creating a supportive environment for start-up and challenger brands to thrive. Government policies and regulations can play a crucial role but, so does private enterprise and investment – which is where we do our part. By investing in new, emerging and challenger businesses, and by providing expertise and services to maximise their chances of success, we hope to help in our own humble way to mitigate the risk of concentrated wealth, ensuring a more resilient diverse economy which better benefits society, communities, and consumers.

Believing in one’s work is indeed a crucial factor contributing to the success of a business – both one’s own and one’s clients. When individuals have confidence in their abilities and believe in their work, they are more likely to dedicate themselves fully, leading to better quality output. This dedication and commitment drives innovative solutions and progress, with individuals more likely to pursue new solutions and opportunities.

Economic diversity and disrupting wealth concentration are important for a well-functioning economy and, in turn, our societies, communities and fellow citizens around the globe. By supporting start-ups, scale-ups and challenger brands, we hope to play our own small part in fostering a more diverse market.

The growth of new and innovative businesses, to which we contribute, helps to spur economic growth, providing consumers with more choices within more resilient economies.

This is our ‘why’…and ‘why’ is the answer to the problem of how to trust a consultant holds the necessary belief to fully commit everything they have to your business.

We hope you found this perspective of interest…and we hope you will consider joining us in our mission.

Start-up. Scale-up. Step.up.