Is Your Professional Services Firm At Risk? – How Can Flexibility and Speed Give Your Professional Services Firm A Competitive Advantage
This blog is the third in a series of four in regards to how Progressus can help your professional services firm by injecting flexibility and speed. Professional Services firms need to be flexible in order to adapt to the ever-changing market and technology. In the first blog, we discussed the first three disruptive trends in the professional services industry. In the second blog, we discussed the remaining three disruptors to the professional services industry. In this blog, we will discuss some signs that might tell you that your firm is at risk.
Now that you know the six disruptors, we need to apply them practically. For some firms, only a few disruptors will be relevant while other firms will need to keep an eye on all of them. The most important thing is that you are able to recognize the disruptors and evaluate if your firm is at risk. It is not an easy task and requires asking yourself some tough questions.
Here are some ways to tell if your firm is at risk:
- Are you formally tracking the evolution of your clients’ needs and how well you continue to serve them? Has it recently become harder to win clients and to satisfy them? Are you losing your small clients or your large ones?
- Are you being forced downstream in the proposal process with established clients, responding to rather than shaping requirements? Are clients having their procurement departments vet your proposals or monitor your progress?
- Are you competing against new rivals for business, even with established clients? Are these rivals increasingly specialized?
- Are your clients asking that you partner with nontraditional firms or use their work products? Are these firms leveraging automation, databases, and other technical assets?
- Are you revising your business model in order to manage smaller projects at an acceptable profit?
Are you at risk? If so, contact us at [email protected] to schedule a call to determine a plan to take your firm out of risk. If you’re not sure, take another look at the signs above in depth and really evaluate your firm from top-to-bottom. Also, you can download our Flexibility and Speed for Professional Services Firms white paper to learn more!