According to IBISWorld, most professional service firms’ revenue has been adjusted to decline in 2021 due to a falling demand and tighter budgets. The professional services industry is facing how best to reconfigure, rethink and redirect its energies in the future. An intentional and focused business strategy can help firms stand out from the crowd, increase client loyalty, and grow revenue.
Here are five growth strategies to help you build your professional services firm:
Market Penetration
In the professional services industry, this means offering more services to the same clients. It can be a significant challenge to help existing clients understand your full range of services. So, even though there may be plenty of room to increase business revenue from your existing client base, you still must overcome that mindset – and adjust your marketing of those services accordingly. You may want to create a list of questions or topics to go over with new or prospective clients on services that you provide. Or a list of touchpoints that you can go through with clients at the end of the year. Maybe your client is unhappy with a service somewhere else, and it happens to be a service you provide.
Benchmarking
Benchmarking can be a crucial tool right now during the pandemic and as 2021 begins. Understanding and knowing current benchmarks is a great way to measure your firm’s success against industry standards. They give you a way to identify areas in which you excel and where attention and resources may be needed. Benchmarks can be used to create a comparative analytics report detailing KPIs relevant to your firm.
New Vertical Markets
When market conditions shift, it may be time to alter your strategy. Look for opportunities to change the vertical markets you serve and innovate another service that your clients want. Performing an inventory of your knowledge and expertise, then apply it to the problems unique to this market. For example, your firm may have historically provided financial services for the hospitality industry, and perhaps that business has come to a halt. It is not a far stretch to take those same capabilities and apply them to the construction sector, healthcare sector, or even the manufacturing sector.
Technology
Technology is essential for your firm’s day-to-day tasks, and it can help achieve growth and success when utilized effectively. Your professional service firm is selling people’s time. With the right tools, you can adapt to your business needs, provide excellent client service, minimize operational costs and maximize revenues.
Expert Support
You specialize in your field, and other professionals specialize in the essential services that can help you grow your business. Consider the return on investment that comes with experts who can help you plan and implement a business strategy. These often include legal services, accounting services, or possibly a business consultant. They can take work off your shoulders so you can focus on growing your business and building those client relationships.
Questions About growth strategies for your professional service firm?
Growing your professional service firm does not have to be a daunting task. By creating a strategic plan for your business, you will know exactly where to look for new business opportunities. We recognize your business may be facing decisions you have never had to face, and we are here to help. Contact us today to discuss your situation.
