Growing a professional services firm to $10 million in profit depends quite a bit on the systems, structures, and strategies deployed by the firm. See what the latest Professional Services Benchmark reveals about the impact these choices can have.
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
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 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
I’ve been doing some work writing an eBook that’s a primer on professional services automation software, and I got to the section on some of the choices you as a buyer would need to make in order to select the right vendor. I actually dislike the term “vendor” in general, because what I think you’re really doing here is less … Read More
One of the reasons I love doing what I do is that it gives me the opportunity to work with a huge variety of professional services firms—from startups employing just a couple of founders to larger organizations with thousands of consultants scattered around the globe. No matter where they sit along the maturity curve, each organization faces unique challenges. They … Read More
Updated April 20th, 2016 – I’m a writer…and a reader. I admire the elegant turn of phrase, the graceful arc of a tale well told, the inescapable logic of an argument well made. I’m also a visual person. I relish diving head first into a great photograph, letting it lead my eye around like a puppy on a leash. I … Read More