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3 Steps To Improve Your Professional Services Organization

Historic Struggles for Professional Service Firms and How To Fix Them

Services Firms Face Challenges Around

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Project Planning

Comprehensive project planning can make or break your profit return and even your relationship with the client.

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Project Visibility

Lacking real-time info on a project’s status undermines your ability to identify potential cost or schedule overruns.

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Billable Hours

Optimizing billable hours while also empowering your workforce is the bottom line. And a hard balancing act.

3 Ways to Grow Your Services Firm Profitably

1

Plan Ahead

Things To Consider

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Increasingly risk-averse clients are turning to fixed rate jobs.

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The fluctuating needs of the market can make it hard to hit targets.

So, to plan better…

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Managing employee skillsets and workloads helps optimize returns.

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Historical data allows you to give realistic deadlines and project quotes.

2

Adjust Accordingly

Things To Consider

Cost of Overrun

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Only 40% of projects meet schedule, budget, and quality goals.

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The average cost of an overrun project is an additional 30% to the project.

Priorities

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69% of firms list “managing changes in client expectations” as one of their top issues.

33%

that also listed poor communication and understanding client expectations as an important issue.

24%

also had trouble appropriately matching employee skillsets to tasks in real time.

Adjust In Real-time

Project Visibility

psa project visibility

Inability to see a project in real time leads to inefficiency in addressing potential overrun.

Evaluating Project Data in Real-time

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Get in front of potential problems by evaluating project data in real-time. This allows prioritization of the most important jobs with the best resources.

3

Maximize Margins

Things To Consider

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Maximizing billable hours while also minimizing administrative overhead is the best way to increase profits.

Utilization rates are the best barometer for measuring productivity and revenue.

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Improving utilization rates has an immediate impact on the corporate bottom line.

Maximized margins mean…

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By sucessfully improving utilization rates in a low impact manner, companies have reported a 5%-10% increase in productivity per worker.

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Firms using Professional Services Automation see an average of 29% profit margin on projects and a 12% increase in profitability.

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