Chuck Ritter says Point B achieved record revenue in 2014. Why stop now?
Chuck Ritter is the President of Consulting for Point B, a firm that's always in the Top 5 on our Best Firms to Work For ranking. In 2014, Point B finished No. 2 overall. Those results could have something to do with double-digit growth year in and year out and the fact that the firm recently moved to 100-percent employee ownership. Point B just announced the opening of a Dallas office, its eighth market location. Ritter sat down with Consulting to discuss the firm's big moves in 2014, as well as its plans and goals for the year ahead.
Consulting: As we close out 2014, can you sum up where your firm is today?
Ritter: Point B can reflect upon a year in which we've much to be proud of. First, we worked hard to achieve some of the industry's highest client satisfaction scores, which speaks to extraordinary client service by our people. Next, we completed our move to 100 percent employee-ownership—a momentous event for a company that exists for the benefit of its people. And last, but certainly not least, we launched a profitable practice in Dallas. So, 2014 was a really nice year for Point B.
Consulting: What signs do you see suggesting an increase (or decrease) in demand?
Ritter: Point B saw an increase in demand and we achieved record revenue in 2014. I'm encouraged by continued domestic economic growth, client focus on profitable expansion, on-going competition for great talent and the addition of new clients to our portfolio. Of course, ongoing geopolitical, economic and political forces affect our clients' business and we have learned that conditions can change rapidly. Business cycles are somewhat predictable, but 'black swans' are by definition unexpected. The best defense against sudden change is diversification, flexibility, and a relentless focus on creating value through every engagement.
Consulting: How would you describe your firm's outlook for 2015?
Ritter: We're excited about 2015, our outlook is positive and focused. The world that shapes our clients' business changes fast and our industry has to be ready to respond to those needs. This means continued concentration on the ability to ensure our client's most important initiatives accelerate, rather than hold back, their day-to-day businesses. We anticipate double-digit growth in 2015 across most sectors, paced by healthcare, financial services and natural resources and power. We believe operations and strategy work will comprise the majority of our industry's growth. We are also looking to open at least one additional location as we continue to expand our national footprint.
Consulting: What do you see as some opportunities for the firm in 2015?
Ritter: Our opportunities lie in continued geographic expansion, offering diversification, and the pursuit of extraordinary talent—all while continuing to extend and grow our purpose and mission to lead the industry in culture, leadership, and client service. Point B is also pushing the envelope of what defines a consulting firm. For example, our Point B Capital business unit provides capital and expertise to earlier-stage companies that are not well-served by 'traditional' consulting. Another example is our Property Development Services practice, which is applying Point B know-how in an industry that has not been a traditional stomping ground for consulting firms. We're excited to continue to share 'the Point B way' with a broader audience of consultants and clients in new domestic markets.
Consulting: What do you see as the biggest challenges for the firm in 2015?
Ritter: Point B has always fought against pre-conceived notions of what 'consultants' should and shouldn't do. We were a voice in the wilderness when we strongly advocated work-life balance in the mid-1990s. We were the first firm to specialize in project leadership. Today, we are fighting to improve the image of management consulting in general.
Consulting: How do you see the consulting profession evolving in 2015?
Ritter: In some ways, consulting has been too successful for its own good. Generally, players in our industry do better work for their clients now than they ever have. But our clients—in large part due to their need to compete in a global marketplace—have raised their game. Consequently, client expectations of top-tier consultants are much, much higher. Which is why Point B continues to grow its offering of relevant services through innovation and broader relationships with our clients. It would not surprise me to see the best 'consultants' in our industry not even refer to themselves as consultants a few years down the line.
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