Professional services firms depend a great deal on maintaining a mutually beneficial partnership with clients. However, there are many industry challenges that cause potential miscommunication and hardship for professional services firms.
Professional Services Challenges
Project forecasting and scheduling
Project forecasting and scheduling: Keeping a precise record of each project involves proper forecasting, planning, scheduling, and assignment of tasks. It’s critical for professional services firms to keep projects on a strict timeline and within budget to avoid scope creep for their clients.
Maintaining profitability: Declining profitability can result from low utilization rates, stock-outs, and massive scheduling errors which drive costs up and profitability down.
Industry focus: Professional service firms can specialize in a number of areas such as accounting, marketing & advertising, architecture, engineering, IT, healthcare, and others. Having a strong focus on a specific industry niche can help professional services become experts in their field but if that niche is experiencing a downturn, profits can greatly suffer.
Liability of services and professional advice:
Liability of services and professional advice: If your work or professional advice proves faulty, you may not only be faced with lawsuits or penalties enacted by regulators but you risk losing your biggest and best customers along with your reputation.
Inconsistent cash flow
Inconsistent cash flow: Because much of the work done in the professional services industry is project-based, cash flow can be uneven. It can be difficult to forecast and monitor the actual projects and it’s also critical to account for and foresee downtimes so you can plan and budget accordingly.
Professional Services Needs
- Real-time insight into projects
- Budget/project forecasting and planning
- Mobility in the field for real-time project and expense tracking
- Business intelligence to make critical decisions
- Streamlined communications between staff and clients
- Automatic workflows for project management details
Are Professional Services Challenges Weighing You Down?
Are you struggling to make projects fit within client’s time constraints and budgets?
Are you so bogged down from reactively managing projects that you don’t even know if you’re making money?
Do you keep putting off project forecasting so you can deal with daily issues?
Can you barely see ahead one day, limiting potential business growth?