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

Author: Categories: How To, Professional Services, Project Management

When it comes to measuring professional services profitability, many firms have a myopic focus on revenue generation and resource utilization with the hopes that profitability will be there in the end. While revenue growth and healthy utilization are essential, forgetting to manage your profit margins can have a dramatic impact on the business’s performance. The most successful professional services firms … Read More

Contingency Planning for Professional Services Projects

Author: Categories: Professional Services, Project Management

One of the greatest risks to a professional services project is starting it without dedicating any time to contingency planning. Sure you’ve delivered this type of project a thousand times. Of course, you have an excellent relationship with the client. Without a doubt, your team has the right skills to deliver under budget and on time. But things change, and … Read More

Revenue Forecasting Models for Professional Services Firms

Author: Categories: How To, Professional Services

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

How a Focus on Incrementalism Drives Professional Services Results

Author: Categories: How To, Professional Services

The following article is a guest post authored by Phil Pedlikin. Phil is a professional services executive with a proven track record of growth and profitability–increasing revenues and profits wherever he has been a leader. In this guest post Phil outlines how he has leveraged incrementalism to drive significant improvements in professional services profitability. As services companies strive to improve … Read More

Getting the Right DIRT on Time Reporting

Author: Categories: Professional Services, Projector PSA, Tutorials

Labor is the largest investment made by a professional services company. There are two important quality measures: accuracy and timeliness. Accurate time reporting leads to higher project profits and resource utilization, as well as greater customer satisfaction. The benefits of accuracy are: Better knowledge of project profitability and resource utilization Better process improvements through better knowledge of actual effort Correct … Read More

The Importance of Utilization Benchmarking, and How to Get Started

Author: Categories: How To, Professional Services

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

About to Outgrow Your Accounting System? Look at Your PSA Software Instead

Author: Categories: Professional Services, Projector

The Plot… A few years ago, a prospective client came to us and said they were interested in implementing Projector as their Professional Services Automation (PSA) tool. At the time, they were a small, 8-person start-up consultancy and Projector was probably overkill for their existing needs. They predicted, however, that they were going to grow, both in size and in … Read More

Predicting Professional Services Variability with PSA Software

Author: Categories: How To, Professional Services, Projector, Tutorials

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