Every entrepreneur hopes that their business will be a success, but many find themselves out of their depth when that dream comes true. Companies like Deloitte are there to step in and provide professional services in this, and every other sort of business situation. With a global network of affiliates, Deloitte aims to solve the problems that businesses simply can’t manage on their own.
A Network of Assistance
Deloitte is a brand name under which thousands of independent firms operate. These firms collaborate in order to provide their clients with all sorts of services, including consulting, audit and tax assistance, financial advisory, and risk management among others, depending on the affiliate.
In 2017, nearly 264,000 individual professionals worked at member firms offering these professional services to clients, in more than 150 countries. That’s a jump of more than 100,000 individuals in just 10 years. With reported earnings of nearly $39 billion in 2017, it appears that Deloitte is just getting started.
Learning from the Past
Deloitte, as it is known today, was born out of a number of predecessors dating back more than 100 years. The original Deloitte was a public accountant; he eventually joined forces with another accounting firm run by a man named Touche.
In the following decades, a number of consultants and accountants informed the way that Deloitte conducted business, but the common thread was that every influence was revolutionizing some aspect of the professional services industry.
The 1990s led Deloitte to begin providing comprehensive, global professional services to clients. This came with a simply stated goal that is rather difficult in execution: simplify work so that it can be performed more efficiently.
Since then, the Deloitte network has grown rapidly, providing all manners of business with all manners of professional services, becoming an increasingly integral resource for outsourcing modern companies’ most complicated needs.
Competing in Consulting
Deloitte may be rapidly growing within the professional services space, but they’re not the only ones. Competitors like Accenture and Ernst & Young are also moving quickly in the modern world, providing an increasing number of services with a rising number of employees.
As it stands, Deloitte trails Accenture in the number of employees (but not really in revenue), and Ernst & Young trails Deloitte, so the consulting industry is still anyone’s game at this point.
Keeping it Professional
Given that they’re a business-to-business company, it comes as no surprise that Deloitte doesn’t make many drastic moves to gain visibility. They produce a pretty steady stream of resource videos via their YouTube channel, but the views generally only hover around 100-200.
Unfortunately, this lack of marketing doesn’t help them in the face of controversy. Deloitte was found to have completed some questionable accounting recently, and their misleading financial reporting may serve to injure both Deloitte and their clients. This wasn’t the first time that the integrity of Deloitte’s services have been called into question.
Still, Deloitte isn’t doing too poorly, as they rank 26 on the Fortune 100 Best Companies for 2019 with 2018 revenue coming in at more than $43 million.
This professional services brand may have to mind their p’s and q’s for a few years as their controversy blows over, but with their vast network of professionals, Deloitte is bound to come out on top once it’s settled.