Michelle Diamond, CEO, Elevate Diamond Strategy, a growth strategy and execution advisory, consulting, and interim executive firm has 25+ years’ strategy, general management, marketing, finance, go-to-market, and operations experience.
Michelle has strong expertise helping companies scale, developing, evaluating, and implementing diverse, yet innovative growth strategies, strategic plans, and go-to-market initiatives for acceleration and long-term value creation, leading mergers and acquisitions (pre and post), creating competitive advantage and differentiation, and in turnarounds/ restructuring to optimize profitability.
Michelle is an expert, executive, and entrepreneur who worked with 65 organizations from startup, early/growth stage, small/mid-cap, private equity/venture capital, to Fortune 50 companies in 25+ industries including CIGNA, Colgate-Palmolive, Elsevier, MetLife, and Daimler.
Michelle was the creator and Head, Competitive Intelligence for the $1B+ Group Insurance Division at CIGNA. Prior to that role, she oversaw CIGNA’s $20M Printing & Distribution business, was Manager of Strategy at Accenture, and in Mergers & Acquisitions and Assurance and Business Advisory Services at Ernst & Young. She also held financial roles at Colgate-Palmolive and Citibank.
Michelle holds an MBA from Duke University, a BS from Morgan State University (Summa Cum Laude), and attended Wharton Executive Education. She is also a nonpracticing Certified Public Accountant.
Michelle volunteered for the United Way, March of Dimes, Boys & Girls Club, Big Brothers Big Sisters, and Habitat for Humanity. She is also a speaker and a growth expert on top radio programs.
Michelle is the author of the book, How to Grow & Expand Your Business in Times of Feast or Famine.
What is Elevate Diamond Strategy all about?
Elevate Diamond Strategy is a growth strategy and execution independent consultancy, advisory, and interim executive business expansion and profit improvement firm, focused on helping startups, small to middle market, early/growth stage, private equity/ venture capital, and Fortune 1000 companies get to the next level and grow faster and more profitably than they could on their own – accelerating their speed to success.
Michelle Diamond of Elevate Diamond Strategy also advises CEOs, business owners, and executives when they need a ‘second set of eyes’ and an unbiased point of view.
To date, Michelle Diamond of Elevate Diamond Strategy has worked with 65 companies in 31 industries.
Since 2005, Elevate Diamond Strategy has worked on investor, Board, SME, and CEO/C-Suite issues, helping public and private companies scale, identify and capitalize on growth opportunities (organic/M&A), and achieve or defend their competitive advantage – whether they are losing money, experiencing stagnant growth, need assistance managing rapid growth, or are seeking to grow exponentially.
Elevate Diamond Strategy focuses on providing strategies and solutions that ‘grow the top line while keeping the bottom line in mind’, making complex solutions innovative and effective, yet simple and easy to implement and understand, to drive execution and provide extraordinary results for clients.
Elevate Diamond Strategy’s motto is “Strategies Do Not Belong On A Shelf.”
Tell us a little bit about your background and how you started your company?
I grew up in Queens, New York and started my career in Accounting & Finance. I worked at several corporations (Colgate-Palmolive, Citibank) and then at a large accounting firm, Ernst & Young (now EY). After getting my CPA and then my MBA from Duke, I worked in strategy consulting and at large organizations, where I began to focus on growth and expansion strategies, marketing, new market entry, competitive intelligence, and general management.
After building the Competitive Intelligence function for one of the key divisions at CIGNA, I realized I missed the variety of working with multiple companies and decided to go back into consulting. However, at the time, I did not want to ‘live out of a suitcase’. I told myself if I could not find a firm that provided the balance I wanted, I would start one myself. When I did not find what I needed, I started my own firm.
In addition, I wanted to serve clients of all sizes, especially small to midsize companies who did not typically retain growth strategy consulting services for their companies and provide innovative, yet PRACTICAL and EXECUTABLE strategies and solutions for all companies of all sizes to help them better drive top and bottom-line results.
I then came up with a business name and registered the business. I also reached out to individuals I knew (‘my informal advisors’), that created and ran successful consulting and other high-end services and advisory firms to gain a better understanding of how they were able to achieve their success. Their advice was invaluable because it helped me to better plan, recognize timing, and overcome obstacles.
After several months of networking, I got my first client. That was more than 16 years ago.
What are your plans, how do you plan to grow this company?
I plan to grow my company by focusing on more Advisory work going forward. I have been fortunate enough to obtain a wealth of information and insight that I can now share with business owners, CEOs, and other key executives to better guide them, answer their questions, and give them strategic advice to overcome obstacles, increase profitability, and identify and capitalize on growth opportunities. Advisory provides both my clients and my firm with flexibility as well as consistency (since most clients are on retainer), that goes beyond the scope of a typical consulting or interim executive engagement.
What was the biggest problem you encountered with your business and how did you overcome it?
When I first started, I knew I had the background, pedigree, and track record of results needed to be a great growth and business expansion strategy consultant and advisor, who could help companies achieve their goals. However, I did not account for the fact that my not being from the city where I first started my business, would have an impact. I lived in a city that had a protective ‘small town mentality’. Most business owners and decision makers cared more about my connection to the city and whether or not I was going to stay vs. the fact that I could help solve their growth problems and help them achieve their growth goals.
It was frustrating for me at first. I thought it was one thing if a potential client did not think I was a fit for their needs. It was something completely different when they would not even give me a chance because I was new to the city and did not have any real roots yet. However, I never thought of giving up. I just saw it as a problem that I needed to solve.
I had the drive to continue because I already knew there would be a certain level of difficulty because consulting and advisory work is a relationship-based business. I knew that it would take time for me to introduce myself and what I could provide to a new business community, as well as for others to get to know me. The individuals I reached out to for advice told me it might take me six months to a year before I got my first client. Knowing this gave me a reason to continue to press forward.
To solve the problem of me not being ‘a local’, I decided to make alliances with other local, but complementary companies (i.e., accounting firm, venture capital firm, other local small consulting firm) that I knew had great brands and were well respected in the marketplace. My value proposition was cross promoting the value add of the option of providing consulting services to their clients and when I gained traction, referring to them as well. In exchange, I could use their brand names as an alliance partner in my marketing efforts (website, presentations, marketing materials, etc.).
I also focused on ‘influencing the influencer.’ After attending multiple networking events, I started to see the same people. I have a habit of paying attention to dynamics and how people interact with each other. There were a few individuals who other people tended to gravitate towards or followed. I introduced myself to those individuals and focused on making a connection. Then I shared what I did and my firm’s value proposition. A few of them became my champions, introduced me to others, and gave me more ‘local’ and overall credibility.
What were the top mistakes you made starting your business and what did you learn from it?
The top mistakes I made when I first started my business was speaking in too much jargon vs. stating plainly what I do and how I could help CEOs, business owners, and other executives with their business challenges or to better capitalize on opportunities. While I knew that the work product and deliverables I produced would be easily understandable, I still had to get all of those years of working at large corporations that value jargon to a minimum, so I could focus on more basic things like revenue, profits, customers, competitors, operations, processes, etc.
I learned that I have to focus more on who I am communicating to and not assuming that they speak, listen, or understand things in the same way I do. I also had to bring more of my personality, which is direct and to the point, to my interactions with clients (existing and potential), so they understood more quickly and effectively.
How do you separate yourself from your competitors?
Most strategy consultants and consulting firms come up with elaborate strategies that are hard to understand and implement. I focus on providing innovative, yet practical strategies that are uniquely tailored to each client and make complex solutions simple and easy to understand. I also am able to bring a lot of direct industry experience as well as best practices from other industries. That helps me make recommendations that give both my firm and my clients a competitive advantage.
What is one thing that you do daily to grow as an entrepreneur?
I try to read as much as I can and focus on learning at least one new thing each day. I listen to a lot of webinars, read the paper, get daily alerts from top business magazines and organizations, and try to watch shows like TMZ, Wendy Williams, The Breakfast Club, Entertainment Tonight, and other shows that keep me up to date on what is happening on a general, mass population level.
What are three books or courses you recommend for new entrepreneurs?
This first one is my book, How to Grow & Expand Your Business In Times of Feast or Famine, because it breaks down how to develop and execute a growth strategy in 10 steps. It is a way for entrepreneurs to both learn and implement as well as create the right foundation for future success.
The second book is From Good to Great. This book will help an entrepreneur to understand how to have the right mindset and create and implement the right practices to potentially build a great company.
The third book is How to Deal With People You Can’t Stand. This is one of my favorite books because it breaks down the top behaviors that people can’t stand along with practical and straight forward ways to still achieve your goals and give yourself peace. Business is about people and relationships. Entrepreneurs are going to have to learn how to navigate many different people with different personalities and agendas. This book will be a great help.
What is the one thing you wish you knew before starting your business?
I wish I knew that some of the most challenging times would come after I started (not at the beginning). I also wish I knew how to create the right balance between both my business and personal life. While I have learned that now, it would have been great to learn that beforehand.
What has been your most effective marketing strategy to grow your business?
In the past, it has been a lot of networking at first, referrals, and then co-branding via strategic alliances. Now, in addition to that, my marketing strategy going forward is to do a lot more speaking engagements, write more, and get more traditional press.
If you only had $1000 dollars to start a new business, knowing everything you know now, how would you spend it?
I would build the best website and hire a business development person who could introduce me to the right clients for my business. Business development takes up a lot of time and consulting is a timing business. That would have freed up a lot more time for me, especially at the beginning.
What’s your best piece of advice for aspiring and new entrepreneurs?
“My advice would be to focus on filling an actual need or want in the marketplace, have both a strategy and plan to start your business, get the right people around you to effectively execute your strategy and plan, and get the right team of advisors (both business and personally) around you as well.”
What is your favorite quote?
“It’s better to be prepared and have no opportunity, than to have an opportunity and not be prepared.”
Random Bonus: With the game on the line and 5 seconds on the clock, who takes the last shot? Michael Jordan, Kobe Bryant, or Lebron James?
Michael Jordan, without a doubt! He prepared himself mentally and physically for years to be the one who would take the last shot and had proved time and time again, to win, that’s where the ball should be. Kobe and LeBron are great, but there is a reason that Michael Jordan was their mentor or idol.
They learned from him. He is the greatest for a reason.
How can we get in touch with you?
I can be reached at michelle@elevatediamondstrategy.com, via my website Elevate Diamond Strategy, or via LinkedIn.
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