Principal Experience · Professional Services · Treasury & Capital Markets · Enterprise
Google and Dropbox: winning Fortune 50 treasury work as a boutique against the Big 4.
How a small treasury consulting practice beat the largest firms in the world for work at Google and Dropbox, then grew from 2 consultants to more than 20 and from under 10% to more than half of its firm's revenue.
This case study draws on work led by a Rebar principal in a previous operating role.
The outcome
A Rebar principal joined a boutique consultancy as a senior consultant and, within three years and three promotions, became Managing Director of its Treasury and Capital Markets practice. Competing against the Big 4, the practice won treasury work at companies including Google, Dropbox, Boeing and RGA, grew from 2 to more than 20 consultants, and went from under 10% to more than 50% of firm revenue.
At a glance
Situation, complication, resolution
SSituation
The firm's treasury practice was two people inside a small consultancy. Large technology and industrial companies were modernizing treasury systems and processes.
CComplication
These buyers usually default to the Big 4, whose brands, bench size and existing audit relationships make them the safe choice for any procurement team.
RResolution
The practice competed on specialization: senior treasury experts on every engagement, deep knowledge of the technology vendors, and channel partnerships with software providers that brought it into deals early.
01 · The challenge
How can a boutique consultancy compete with the Big 4 for Fortune 50 work?
Treasury transformation projects at large companies touch cash, risk, banking and accounting. Buyers want a firm that will not get it wrong, and the Big 4 sell that certainty with global scale and existing relationships across finance.
A two-person practice could not match their size. What it could offer was senior specialists who had done the work themselves, faster engagement and independence from audit relationships.
The question was how to get into the room early enough, and credibly enough, for that difference to matter.
02 · The approach
How did the practice win against much larger firms?
The practice turned its size into a strength: senior experts on every engagement, faster delivery and partnerships with the treasury software vendors that buyers were already evaluating.
Specialize hard
Positioned as treasury and capital markets specialists, not generalist consultants, so expertise beat brand in evaluations.
Partner with vendors
Struck channel partnerships with treasury software vendors, bringing the practice into implementations early and as a recommended partner.
Win the flagship logos
Used senior-led delivery and fast mobilization to win work at Google, Dropbox and other large enterprises.
Scale the bench
Hired and developed specialists, growing the practice from 2 to more than 20 consultants while protecting quality.
| Buyer concern | Weight | Big 4 position | How the boutique won |
|---|---|---|---|
| Expertise on the engagement | High | Strong brand, mixed seniority on delivery | Senior treasury specialists on every project |
| Speed to start | High | Long staffing and scoping cycles | Fast mobilization with a small, expert team |
| Software knowledge | Medium | Broad but general | Deep vendor partnerships and implementation experience |
| Independence | Medium | Often tied to audit relationships | No audit conflicts, focused purely on treasury |
03 · The results
What did winning Google and Dropbox do for the practice?
Flagship clients made the practice credible to every other enterprise treasury team. The vendor channel kept new work coming, and the practice became the largest part of the firm.
Of firm revenue
From under 10%, making treasury the firm's largest practice.
Consultants
Grown from a two-person team.
Flagship enterprise clients
Including Google, Dropbox, Boeing and RGA.
The lesson
You do not beat a bigger competitor by acting bigger. You beat them by being the specialist they cannot staff and by being in the room before the shortlist is written.
04 · What carries over
What can smaller firms learn from competing with the Big 4?
Specialize until you are the expert.
Depth beats brand when the work is technical.
Partner for distribution.
Software vendors can bring you into deals early.
Make seniority the product.
Buyers pay for who actually does the work.
Let flagship logos do the selling.
One famous client opens the next ten doors.
FAQ
Frequently asked questions
How can a boutique consultancy win work against the Big 4?
Specialize deeply, put senior experts on every engagement, move faster than larger firms can staff, and build partnerships with the software vendors buyers are already evaluating so the firm is recommended early in the process.
Which clients did the treasury practice win?
Clients included Google, Dropbox, Boeing and RGA.
How much did the practice grow?
The Treasury and Capital Markets practice grew from 2 to more than 20 consultants and from under 10% to more than 50% of firm revenue between 2013 and 2017.
What does Rebar do?
Rebar is a CRO-led go-to-market firm based in Austin, Texas. It helps companies move from founder-led sales to a repeatable revenue engine, including first anchor customers, partner channels and new market entry.