In this age of disruption and megatrends – with technology being number one – are causing tectonic shifts; and if professional service firms are to survive and prosper, they must adapt to change with laser-sharp precision.
Advances in technology, particularly AI, signal a transition towards globalisation and virtual firms, back-end services automation, and further specialisation combined with knowledge sharing. However, the one thing that stays constant is people. It is still people who order the services – ergo the client. So, whilst all of the above is true, great quality service needs to be at the fore. Service delivered with empathy, efficiency and targeting a solution to client issues. Firms that combine cutting-edge technology with superb client service will be the ones to prosper.
This is a challenging sector, with an ever-growing need to keep abreast of new legislation, techniques and commercial practices, as well as technology-driven changes. Add to this the often 24/7 demand and expectation of an immediate response, balancing life, sleep…. Oh, and the need to make a profit and collect the cash!
At Playfair Partnerships, we recognise these challenges and have designed our professional services business advisory and support packages to help your management team evaluate market opportunities and devise strategy, while also keeping an eye on the rents, profitability and cashflow of the business.
- Our professional services strategy and growth services will help your management team identify and evaluate the best market opportunities and devise strategy to address them. We will support this by helping you attract the necessary funding needed to realise the strategic plans, as well as gathering and presenting the management information needed to monitor and report on the business.
- Our professional services financial management and control packages will help keep an eye on profitability and cashflow. It is imperative to keep on top of both, in real time, not after all is finished – and it is too late to take corrective action. Our comprehensive financial management and control packages are built on our in-depth knowledge of the unique aspects and specific application in the professional services sector.
Our professional services financial management and control include:
- Budgeting and Forecasting - providing comprehensive income and cost budgets and regular reviews to help plan and control the business
Management accounts – regular, timely, accurate and informative management accounts to keep track of business performance, including a comprehensive commentary highlighting all key issues and KPIs:
o Earnings identification and analysis across all fee earners
o Profitability analysis including practice area profit statements
o Detailed cost statements compared to budget
o Bank borrowings, working capital & lock-up ratios
o Cashflow reporting and cash projections
- Cashflow management – planning, monitoring and controlling the cashflow; managing the demands of running costs and loan repayments
- Working capital reports and assistance with managing and recovery of overdue debtors
- Managing the costs of the employed workforce - with payroll, time-sheets, PAYE and auto-enrolment processes
- Statutory Accounting, VAT, Corporation Tax & other tax returns – ensuring all compliance matters are accurately calculated and properly managed
- Tax planning of both firm and stakeholders and the management of annual returns
- Review of business structure, succession and retirement planning
- Review of merger, acquisition and disposal opportunities
- Negotiation with bank and other funders in relation to business and stakeholder funding
- Given the above, we hope your business is doing great, but if it is not and is suffering from a business or financial downturn, our professional services business turnaround solutions are here to help revive the business, nurturing it to long-term profitability and financial stability.
Thanks to our breadth of services and knowledge in this sector, we are able to work quickly to support you; and our proactive approach allows us to integrate with your business, giving you anytime access to the right level and volume of resources without the full-time costs.
If you think that your professional services business will benefit from funding, better financial management, advice and support or is going through a downturn, please get in touch – we’ll be happy to talk to you.
