Here’s something interesting that happened with me yesterday at a hotel in Mumbai...

I ran into a friend from one of the big consulting firms.

Interestingly, one hall was booked for consultants from McKinsey to have breakfast at, and there was another hall occupied by the folks from BCG.

I jokingly asked my friend if we should expect a face-off between consultants from the two firms, and what’s the relationship like of people between them.

He said, oh we love these guys, and we want them to succeed.

I thought the feeling came from an understanding of how a worthy competitor keeps you on your toes and helps grow the market.

He said no... they needed the other firm to succeed because if they went down under...

Their competitor would no longer be this firm, but Deloitte Consulting, which charges just 20% of what the top 2 firms charge for an assignment...

And then the market will start questioning why this firm is 5 times more expensive than Deloitte.

Having the other as a worthy competitor is important to show the real value of consulting and justify what the price should be.

All the banter about the true value of consulting aside...

My take away is that the biggest determinant of your brand is who you choose to compete with.

In business, being seen with the right set of competitors is more important than beating your competitors.

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A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.

Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years.