5 Tips
TO MAKE YOUR PROFESSIONAL
SERVICES FIRM MORE PROFITABLE
5 Tips to Make Your Professional Services Firm More Profitable
1
Money really does grow on trees…but only if you
give the tree some TLC. Professional services firms are
no different. With some nurturing and a lot of elbow
grease, your business can become the source for an
abundance of money.
Here are 5 tips to water your own tree and make your
professional services firm more profitable.
5 Tips to Make Your Professional Services Firm More Profitable
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01
Train Your Employees
Imagine your employees in the future completing a $10,000 project in 20
hours, when today it takes them 40 hours to complete. You just doubled
your capacity! With the 20 extra hours this employee now has available,
you can complete another $10,000 project. You’ve just doubled your
revenue from $10,000 to $20,000 by having your employee work the
same 40 hours. Investing in your employees’ training and professional
growth to help them become twice as efficient will put more money in
everybody’s pockets.
5 Tips to Make Your Professional Services Firm More Profitable
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02
Stick to What You’re Good At
If you can make $500 an hour by prospecting new clients, then why are
you sitting at your desk scrolling through e-mails? Clients pay you big
money for your professional expertise. You should spend most of your
time dispensing this expertise and developing new business. Anything
else that needs to be done to keep your doors open can be done by
someone else for far less money.
5 Tips to Make Your Professional Services Firm More Profitable
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03
Negotiate with Vendors and Suppliers
Many vendors and suppliers are happy to work with loyal customers.
Take advantage of credit terms by postponing payments as long as
your terms will allow. If you’ve been a long-time customer, ask the
vendor for a loyalty discount. Most importantly, always keep an open
channel of communication. Working with vendors and suppliers has the
same objective as working with clients - establishing a win-win business
relationship based on trust.
5 Tips to Make Your Professional Services Firm More Profitable
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04
Get Better Clients!
The best way to quickly boost your firm’s profits is by identifying your
best clients, then going after more of them! A-List clients appreciate
the value your firm provides their business. They don’t hassle over the
price. They’re the clients who are most likely to say “Wow! Your fee is a
bargain. You just saved my business a ton of money and I want to work
with you more.”
5 Tips to Make Your Professional Services Firm More Profitable
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05
Don’t Skimp on Accounting Software
Do you know who your most profitable client is? Do you know what your
most profitable service is? You can’t manage what you don’t measure.
You need an accounting system that lets you generate useful reports
to tell you the answers to these important questions. Time and billing
software is also helpful when tracking your revenue and expenses.
Analyzing how your employees spend their time at work can possibly
uncover a client you’re spending too much time on compared to the
fees you’re receiving. You can then make the decision to either raise the
fee or fire the client!
5 Tips to Make Your Professional Services Firm More Profitable
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We feel your pain, which is why we make smart, friction-free solutions like
BillQuick. BillQuick effectively manages your projects to ensure your firm
grows and succeeds. To learn more about our industry specific time and
billing, project management and accounting solutions, visit our website or
call (866) 945-1595.
5 Tips to Make Your Professional Services Firm More Profitable
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