Professional Services Companies & Agencies face a very specific set of financial challenges as they grow. Companies that ignore them eventually stall.
“Where am I making money?”: How do you accurately track employee time and easily allocate it out to customers to understand profitability?
“How much money can we make?”: How do we project our capacity to keep from overloading our employees and causing turnover?
How do you know when you should raise prices and how do you tell your customers about it without risking churn?
How do you strategically grow the value of your customer relationships over time?
How do you know when you’re doing too much? Or not enough?
How do you set expectations about pay and employee performance?
How do you create reporting that allows you to track how much margin each product, service, and customer is generating?
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If you’re going to build a profitable professional services business, all of these questions are critical to answer.
However, getting the answers to these questions isn’t easy if you’ve never done it before.
Luckily, we have.
Over the last 10 years, we’ve cataloged over 65 best practices from the 25+ professional services firms we’ve helped grow. We use many of these best practices every day in our own business.
These best practices of our Professional Services Profitability System include:
How to track time in easy, cost-effective ways…
How to structure your Quickbooks software to track customer, product and other service margins accurately…
How to create incentive comp programs that bring out the best in your employees and vendors…
How to “productize” services to help reduce operational costs, provide more value to your customer, and increase margins…
How to improve margins by defining narrow customer segments…
And more.