What to Do When a Project is Over Budget: Critical Success Factors in Project Management

Author: Categories: Control, Professional Services, Project Management

over budget project management

Professional services project management is all about delivering projects more efficiently and increasing billable utilization. However, even at world-class professional services organizations, the best project managers and team members will run into a problematic project every once in a while. So if somewhere along the way your project goes astray, here is a 5 step guide to deliver projects on … Read More

Invoicing for Professional Services: Best Practices and Scalable Processes

Author: Categories: Efficiency, Professional Services, Project Accounting

Invoicing for Professional Services

Invoicing for professional services work is one of those things that seems simple on the surface. Download an Excel invoicing template for consulting services, punch in your hours and rate, render a services invoice, and send it to the client. For professional services organizations with just a few consultants, this is often the approach. Of course, as service teams grow … Read More

5 Myths of Measuring Professional Services Profitability, and How to do it Right

Author: Categories: Metrics and Reporting, Professional Services, Profitability

*This article was updated June 2020* Professional services firms seeking to improve project profitability often have a myopic focus on revenue generation and resource utilization with the hopes that these tactics are sufficient to optimize their KPIs. While revenue growth and healthy utilization are essential, forgetting to manage your profit margins can have a dramatic impact on the business’s long-term … Read More

Professional Service Contract Structures – Comparing 6 Different Models

Author: Categories: Professional Services, Profitability, Project Accounting, Scalability

Professional Service Contract Structures

At the core of every professional services engagement there is a contract structure that dictates the expectations of each party. While strong results are ultimately what every client wants, the contract structure that surround consulting a project plays a significant role. It dictates who bears risk, when money changes hands, and the how final product is to be delivered. As … Read More

Contingency Planning for Professional Services Projects

Author: Categories: Control, Professional Services, Project Management

*This post was updated April 2020* One of the greatest risks to a professional services project is beginning it without scheduling any time for contingency planning. Unexpected challenges can always impact project delivery, even if this is a typical project, the client relationship is robust, and your team is more than capable of easily completing it. If a sudden obstacle … Read More

6 Revenue Forecasting Mistakes Professional Services Firms Make – Part 2

Author: Categories: Benefits, Growth, Professional Services, PSA Software, Resource Management

At the center of every professional services firm, there is a revenue forecast. Regardless of the platform used to develop a revenue forecast—spreadsheets, whiteboards, or Professional Services Automation software—every services manager is trying to predict what the future may hold.  And revenue forecasts are just that, a prediction. In my last post (link below) about revenue forecasting mistakes, I took … Read More

6 Revenue Forecasting Mistakes Professional Services Firms Make – Part 1

Author: Categories: Benefits, Growth, Professional Services, PSA Software, Resource Management

Professional services firms live and die by their ability to forecast revenue. Although there are many types of forecasts that service firms perform—utilization, profitability, or backlog—they all tie into an underlying revenue forecast. Get your revenue forecasting right, and you have an appropriately sized firm that has a healthy service mix. Get your predictions wrong, and you will be under … Read More

Revenue Forecasting Models for Professional Services Firms

Author: Categories: Benefits, Growth, Metrics and Reporting, Professional Services, PSA Software

Revenue forecasting is more of an art than a science—for professional services firms at least. Although the inputs used are quantitative in nature, successful service executives will often layer in their perspectives on the business, the market, or key accounts. Perfecting the qualitative aspect of forecasting revenue comes with years of experience working in PS firms. The underlying forecast model, … Read More

The Power of Results-Driven Professional Services Automation

Author: Categories: Efficiency, Professional Services, PSA Software, Results

*This post was updated April 2020* Projector PSA is solely focused on helping people- and project-centric services firms run more efficiently, successfully, and profitably. This results-driven approach is apparent not only within the core PSA application, but also in our diverse service and support offerings. Projector’s mission statement has led it to become the leading independent PSA solution, and has … Read More

The Importance of Utilization Benchmarking, and How to Get Started

Author: Categories: Benchmarks, Professional Services, Visibility

We talk about professional services utilization benchmarks a lot on this blog. And it’s for a good reason. Benchmarks imply that you’re actually measuring your progress. And that’s something we can get behind. Too often the conversation is focused on the next big buzzword or some form of technology that promises to solve all of your problems. An important conversation … Read More