Professional Services

Hourly billing models leave the client wondering what result will be delivered at what cost. At a deeper level, they may create a barrier to long-term trust development, as the service provider is financially motivated to increase billable hours, rather then solve the client’s problem quickly.

Professionals have a growing desire to escape the tyranny of the billable hour in their lives, and to be recognized and compensated for results delivered, rather than time logged. Many firms are now wrestling with increased staff turnover, which impacts expertise, client retention, and project success.

Long-term acceptance of remote work – dramatically accelerated by Covid – has created the demand for and supply of collaboration tools, which offer the opportunity for higher margins (reduced office rent) greater productivity with far better, more substantive interactions than email can provide. The available resource pool the firm enjoys is also greatly expanded.

It is more and more likely that a favorable impression will be registered on social than other media – TV, banners, Adwords, etc. The Productization of professional services makes them more amenable to social media campaigns.

With staffing, task management, scheduling, milestone/deliverable, and clear, visually appealing project dashboards and reports – showing in an instant where the project is. Automated alerts and escalations for project management are key.

With resource skills, experience levels, prior engagements, availability, and performance by project, as well as the ability to easily assign or reassign project roles and tasks. The easy creation and updating of project teams, along with an effective suite of project collaboration tools is essential. Engagement performance rating (contractors/vendors as well as staff) is a long-term must.

So that key performance indicators can be automated from transaction records, and so that estimates, billing, collections, and payables creation can be automated from the engagement or opportunity (subject to any needed approvals).

Few firms do business and structure processes without elements that are unique. Rather than be forced into a one-size-fits-all dictated by a management package, each element should be customizable.