Professional service firms are project-driven, and in most of them, the senior management team never seems to have enough time to focus on internal work – their clients always come first. Over 600,000 individual professional service firms vie for the $600 billion in annual revenue generated in North America. Given their unique challenges, it comes as no surprise to executives in this sector that only a little more than 0.8% of the firms have been able to grow their revenues beyond the $10 million benchmark.
Many professional service firms lack the luxury of time to experiment internally with different approaches to avoid the problems endemic to this sector, including:
- Working harder and harder but not seeing the effort translate to the bottom line.
- Training junior personnel only to have them move on for a little bit extra money.
- Ensuring the quality of every job meets your exacting standards.
- Balancing the fixed costs of expensive personnel against unpredictable sales.
Those firms that are pulling ahead of the pack are finding that the answer lies not in finding that one superstar, but rather the ability to make sound plans, and then execute with precision. Increasing predictability in sales and being able to effectively monitor operations are two key components to obtaining profitable growth.
Our results-driven approach requires us to work directly with members of your firm, from the boardroom to your front line people, as we implement best practices in areas such as:
- Sales pipeline systems to increase predictability and growth of revenue
- Scheduling and resource planning tools to ensure operations run smoothly
- Cost estimating systems to ensure profitable pricing
- Measurement systems to create accountability for profitably completing projects
- Financial controls to accelerate cash flow and provide management with a budgetary roadmap for profitable growth
- Administrative areas to more effectively leverage your top producers
- Corporate restructuring to facilitate growth and retention of key personnel
Although professional service firms are a significant part of our client base, working with Bellrock is not for everyone. Changing the mindset of your people and the processes they follow to become truly great is not easy.