Time to Acquire New Clients
The duration it takes from the point the consultancy recognizes the need to acquire a new client (active pursuit) until they successfully secure a new client agreement. In situations where client referrals aren't generating new business, this metric helps gauge the efficiency of the consultancy's proactive business development efforts. Shorter durations can mean effective outreach, networking, and pitch strategies, ensuring better consultant utilization and stable revenues.
Date of securing new client agreement - Date of decision to actively pursue new clients
If a consultancy recognized the need to actively pursue new clients on April 1st and secured a new client agreement on April 25th, the Time to Acquire New Clients is 24 days.