If you’re having a bad day or week, if things aren’t going smoothly, it helps to remember the saying, “Rome wasn’t built in a day.” Sometimes, the best thing you can do is persevere, push forward and trust the process.
David Williams Chen began his professional career with 13 years of experience in consulting in one of the Big Four firms, and he was an economic and policy advisory expert.
His clients were varied, from government departments and companies to charities, and his advice was integral to decision-making regarding public policy and infrastructure investment. Consulting as a profession was exciting and fulfilling for David, with variety in terms of clients, industries, and challenges to resolve.
But in 2024, David’s career took a path he did not expect when his entire team was let go. The company offered him the opportunity to become chief economist, but he was also given the option to depart. “Luckily, there were a couple of consulting opportunities available immediately, which made me wonder whether or not I should take them on my own,” David recalls.
Having grown up with parents who were business owners, the idea of running his own business had always been in the back of David’s mind. When clients started reaching out to him for help, it felt like the perfect moment to make the leap. “I’ve always loved consulting work—the variety of clients, industries, and challenges makes it a stimulating and rewarding career. After the clients started calling, it seemed like the moment was appropriate to try it out,” he says.
David was fortunate to have his husband—a veteran accountant with plenty of experience in establishing and operating small businesses—available to help him through the process. Within three days of leaving his previous employment, he had established his own consultancy. “Within a month, I was booked solid with a number of clients,” he goes on to recall, looking back on the rapid transition from corporate employee to businessman.
Early growth and overcoming challenges
I made a conscious decision to invest in marketing -branding, design services, and a professional website.
Piloting a business, especially one that is consultative, made David contend with many issues ranging from acing operations, compliances, to finance. It did not take long before he realized that despite his economics and policy expertise, which was tantamount to having gold, he would need advice in other areas to ensure that the business smoothly sailed on course. One of the most prominent lessons he absorbed was never being afraid to get advice. “Access to accountants, lawyers, marketing experts, insurance brokers, and design experts has been essential in setting up the business,” he describes.
The early months of running his consultancy were frenetic, but they also left space for growth. Demand for his services was strong enough to justify the hiring of an employee immediately. While recruiting staff so early was intimidating, it was important for David to make the best use of his time and take the best of the opportunities that lay ahead. “Having to recruit staff so early was intimidating, with so many issues around it, but it allowed me to utilize my time wisely and make the best of the opportunities that were coming my way,” he adds.
The shift from a large firm to a small firm was another drastic transition. David understood that to succeed, he needed to find the right partners to work with. “Networking with other boutique consultants in order to identify complementary skill sets was crucial,” he explains. This led to a number of mutually rewarding relationships, where there were two-way opportunities. The path to making those partnerships was being strategic with partnership and seeking out professionals who brought something unique.
Another important decision that David made during the early stage of his professional life was spending money on promotion. Though fresh to business, he understood that it was indispensable to develop a strong brand perception. “As soon as the business started, I consciously invested in marketing – branding, design services, and a decent website. Investing in building strong foundations at the outset has proved to be imperative to the business’s success up until now,” he reflects.
Inside a competitively demanding market
David’s boutique consultancy, being a new entrant in the market, needed to compete with established larger companies, and therefore he needed to have something unique that would differentiate his company from the rest. One of the key areas of differentiation for David’s company relative to the big firms is cost savings. “Clients tend to want the advice and guidance of very experienced consultants.”.
Having no huge overheads as a boutique firm, he is able to provide the same level of skill from his people at a third of the cost of the Big Four, without compromising on quality,” he adds. This kind of ability to provide quality services at a low price has been the key to the success of David’s practice.
While in other bigger firms, much of the work would fall to junior members of staff, David’s customers get direct contact with experienced practitioners who have served decades in consultancy and academia in leading businesses. “Our customers get direct contact with highly focused and experienced experts with decades of expertise in academia and consultancy for renowned businesses. It means customers get great value,” he states. This model has allowed his firm to develop close, trusting relationships with customers, a feat difficult to achieve in larger companies.
In addition to offering personalized service, David’s firm excels through the use of sophisticated economic models. The models are validated by government agencies as among the strongest tools for policy change simulations and large project investments. The economy-wide models we utilize are embraced by government agencies as the most accurate and strongest modelling tools for policy change and large project investment,” says David. His team’s expertise with the models places them in high demand, setting the business apart in a competitive market.
In order to stay competitive, David’s firm is also taking up technology. “We are in the process of exploring AI tools to be efficient while maintaining our environment as secure as is expected by our clients in relation to the usage of AI,” he says. Using AI tools for data processing and client assignments is becoming increasingly popular, and David is committed to taking on these technologies to be able to continue offering his clients the best service.
David’s business is also opening its horizons by using digital marketing strategies and tools. With AI set to become a major player in customer personalization and process streamlining, David is excited about the future of innovation at his business. “The latest cohort of ANZ SMBs are innovators at implementing AI into their marketing processes, and it’s delivering measurable improvements,” he says.
Lessons learned
Maintaining work-life balance is crucial for long-term resilience.
Reflecting on his entrepreneurial journey, David emphasizes the importance of work-life balance. He confesses that entrepreneurship comes with an infinite list of things to be done. “There will always be more to do, and as an owner, the to-do list never really ends,” he says. But for David, guarding his time for himself and his family has been critical to long-term success. “Maintaining work-life balance is essential for long-term resilience. Developing a business involves many thousands of hours, and without balance, it’s easy to burn out,” he counsels.
Having also been an entrepreneur himself, David is encouraging others to persevere, even when things don’t exactly go according to schedule. He cites the saying, “Rome wasn’t built in a day,” reminding others that a business doesn’t happen overnight. “Sometimes the best thing you can do is just continue, keep keeping moving forward, and trust in the process,” he shares.
To everyone who wants to start a business, David has a simple message: seek help when needed, invest in others, and welcome change. Collaboration with other advisors or the acceptance of new technology will be an option, perhaps, but it will be most critical to adapt. But above all, balance between personal and professional life will ensure that entrepreneurial spirit is kept in place with the inevitable pitfalls along the journey.
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