August is a big month for us at 5P Consulting. 8 years ago I took a risk and started the firm after two decades in a corporate career. The foundational idea was to create a firm people loved working for and clients loved working with.
When I created 5P I had a vision for a firm that was focused on client impact and value, unlike the firms I came from in the past. I wanted every client engagement to have a return on investment and the company culture to focus on customer experience, employee happiness, and efficiency.
The vision I had still rings true today in all we do.
Over the past 8 years, we have serviced many clients across our three practices, multiple industries, and geographies. We are a Pledge1%, WBE, and WOSB certified company.
Our 8 years have brought many highlights, challenges, and things we’ve learned and it’s a great reminder of where we came from and where we want to go as a company.
Highlights:
- Building a global organization of over 40 individuals
- Evolving our services to ensure we are making the biggest impact in the area of digital commerce, data, AI, and not just technology
- Growing our Program Management Office practice over the last year as we manage IT investments for several clients in the M&A space
- Building our first SaaS-based product available on the Salesforce App Exchange which helps companies get from setup to live quickly with a customer loyalty and rewards program
- Sponsoring a number of clients and non-profit organizations through donations of time and dollars in our regions (NY, TX, CA), which aligns with our company DNA of being a Pledge 1% organization
- Developing team members that have the autonomy to influence how we operate the business and deliver to clients; it’s not all about me, as my goal is to leave an employee entrepreneurial legacy across all areas of the business.
- Providing comprehensive employee benefits packages so our team feels valued
Challenges 5P Has Faced:
- Business development has always been our top challenge as we continue to learn how to sell, which is uncomfortable for all of us (including me), and continuing the cadence of this while delivering client engagements; we’ve never had a sales team.
- Pivoting cost models based on economic trends.
- Quickly making decisions and executing fast. This is the nature of a growing firm. You can’t just sit on ideas, you have to execute and you have to execute as a team to make a broader impact.
- Ensuring our business (5P) has the operational excellence in place that we bring forward for our clients. We often spend so much time working on our client’s business it’s been hard over the years to ensure we have built that into ours without burning the team out.
Things I’ve Learned:
- Build leaders who can drive the business, up skill their team, and plan succession opportunities
- Communicate often and intentionally; communication should balance between the positive and the negative, which builds trust and a culture that works through things together
- Have a data-driven business, knowing monthly where each area of your business is at, and be agile in how you deliver and pivot quickly
- Ensure you have cash flow mechanisms in place to help with late billings and R&D opportunities in the practice
- Always deliver value to your clients, not just services, and have an ROI for them
- Use the mantra: ask for forgiveness, not permission; treat your team like family and give them freedom to make decisions and learn from their mistakes
- Always listen first and talk second, reiterating what you’ve heard and how you can help
- Take unplugged vacation time throughout the year as a refreshed sense of mind goes a long way with how you show up at work and bring happiness to your clients and team
- Know you won’t be great at everything as there will be ups and downs, but it’s all about how you get back up when you fail and how you celebrate or spend money when you are doing well; manage risk and invest in your business at the same time
When I left my corporate career at 20 years in and decided to be an entrepreneur I realized there would be many things I had to let go of. Having a multi-year plan is great, but I’ve learned that it’s not always feasible because things can change quickly, and being flexible and agile is just as important.
I am super grateful for our firm, our team, and our clients. I truly hope our organization continues to organically grow over the next couple of years as we inch closer to being in business for a decade.
Happy 8th anniversary 5P Consulting!
Y’vonne Ormond – Founder/CEO