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

Professional Service Contract Structures – Comparing 6 Different Models

Author: Categories: Professional Services, Project Management

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

Utilization and Engagement – How Efficient Management Impacts the Workplace

Author: Categories: Resource Utilization Management

Utilization-Management-Tools

Utilization is a loaded term in the professional services sector. Decision-makers get excited when discussing utilization because they often face demand to maximize every bit of resourcing they have available to improve the bottom line. We talk about strategies for maximizing resource utilization a lot on this blog (because it is what we do every day), but there really are … 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

Driving Professional Services Success: How Marginal Improvements Payoff Big

Author: Categories: Professional Services

Performance Dashboards for Professional Services Firms

Over the years we’ve noticed that the top performing professional services firms are always tinkering with their processes. Their growth strategy is a combination of selling more on the front end, and adjusting delivery operations on the back end. Seasoned managers are constantly evaluating incremental costs and benefits, and making a chorus of small changes that effect dramatic improvements in … Read More

The True Cost of PSA Software – PSA Infographic Deconstructed: Part Five

Author: Categories: PSA Software Infographics

Over the past few blog posts we have been examining the different aspects of how professional services automation (PSA) software can benefit a service organization. From enhancing utilization to streamlining the delivery process and ultimately improving profitability, PSA software is an essential tool for service firms. We’ve spent a significant amount of time demonstrating the effect service automation software can … Read More

4 Ways a PSA Solution Makes you More Profitable – PSA Infographic Deconstructed: Part Two

Author: Categories: Professional Services, PSA Software Infographics

In our last blog post, we talked about how utilization and profitability were two sides of the same coin and dove a little deeper into the first side: improving utilization. Today, we’ll talk about profitability, the flip side. For professional service firms, where knowledge is the product, maintaining healthy profit margins is nothing short of an art. It takes a … Read More