Drive Better Results for Your Professional Services Firm With These Three Steps

Professional service firms are now averaging over 15% net profit* driven by the utilization of business software applications. Driving better results for your firm through leveraged technology is a passion of ours at HSO ProServ. Whether it be at finding new business, managing relationships, serving clients, or tracking projects…we aim to please!

We want firms to perform better in all operational phases, and we want to be the ones to guide them along the way! From business pursuits, all the way to project completion and billing. To assist firms in achieving that goal, we’ve designed a three-part webinar series. We address a list of strategies that professional services firms can utilize to drive better results for their clients, their staff, and their bottom line. Patrick Connally, National Industry Director – U.S. Professional Services at Microsoft, will discuss strategies your own firm can employ that provide maximum impact without increasing headcount.

Session 1: Find and Win More Work

With the incredibly competitive nature of the professional services industry, identifying new potential projects and winning that work, is not as simple as we might like. Combined with the lengthy and complicated sales cycles quite often involved in such projects, you have a difficult environment for developing a healthy project pipeline.

There are strategies for identifying new opportunities and increasing win rates. With the right combination of technology and strategy, your firm can depend on existing relationships to help find new work, use pursuit intelligence to improve bid-to-win rates, and create better pursuit strategies based on opportunity strength indicators.

In this first session in the series, we dive into several topics related to identifying and winning more business.

These include:

• Put your firm’s existing relationships to work to discover new opportunities and improve win rates
• Tap into your firm’s experience and qualifications to produce winning proposals
• Use pursuit intelligence tools to make effective pursuit decisions and increase your bid-to-win ratio
• Gain a 360-degree view of your relationships, clients, pursuits, and experience

Watch the on-demand webinar.

Session 2: Deliver Projects that are Profitable

After winning a project, your firm has two primary goals…delivering the best possible outcome for your clients, and maximizing the profit realized through the contract. Throughout the lifetime of the project , it’s crucial to optimize project plans and resource allocations, in addition to the real-time monitoring of project profitability.

SPI’s 2022 Professional Services Maturity Benchmark Report highlighted an 11% increase in billable utilization for firms that adopted a professional services automation solution. Session two of our series addresses how you can optimize project profitability.

We discuss:

• Develop project estimates that are more accurate and help your projects start off on the right foot
• Effectively plan and manage resources to drive on-time delivery
• Put project managers back in control of projects
• Use real-time insights to drive better utilization and project margin

Watch the on-demand webinar.

Session 3: Simplify Time Tracking and Billing

Accurate time tracking and billing practices are a fundamental part of doing business. Unfortunately, these critical tasks are too often time-consuming, with multiple manual steps that can lead to inaccurate time tracking and billing. Far too often, project managers or finance staff are forced to track down employees to get clarification of their hours. This creates delays in billing and takes staff away from more important tasks at hand.

Automating these processes can considerably improve accuracy and timeliness, and will naturally lead to better results for your firm. Simplifying these processes can also help eliminate some of the frustration felt by parts of your organization. Optimizing your time tracking and billing will also assist you in getting paid faster and more accurately, which assists with revenue growth. According to the same SPI benchmark study, productivity improvements have directly impacted a firm’s bottom line with project margins climbing 12% in 2021.

The final session of our series will address a range of topics to help you streamline time tracking and billing, including:

• Streamlining the process of time and expense capture and approval
• Improving timesheet accuracy and easily chasing missing timesheets
• Client invoice review and approval automation prior to sending them
• Improving AR and collection processes

Register to attend this session to learn more.

Expand  Your Firm’s Goals

If driving better results for your firm interests you, HSO can help. With years of industry experience, and a longstanding partnership with Microsoft to help professional services firms tackle even the most difficult challenges, our record speaks for itself! Register for our webinar series today and learn how you can take these actionable insights and turn them into results.

*Source: SPI’s 2022 Professional Services Maturity Benchmark report

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