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Pro Serv Blogs

Pro Serv Blogs

Managing Your Fractional CFO: The Essential Dos and Don’ts for Small Service Firm Owners

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As the owner-operator of a small service firm, be it an HR consulting firm, a lead generation marketing agency, a systems integrator for tools like HubSpot and Salesforce, or any other specialized service, you understand the challenges of wearing multiple hats. One crucial aspect that often gets overlooked is financial management, especially for those without a strong financial background. Hiring an external fractional CFO can significantly bolster your financial strategy, but it’s not without its pitfalls. Many owner-operators are not fully leveraging this resource, primarily due to a lack of financial acumen, resulting in not getting their money’s worth. This post aims to guide you on effectively managing your fractional CFO, ensuring that you get the insights and support needed to grow your business. Here are 10 dos and 10 don’ts to help you maximize this partnership.

Pro Serv Blogs

Stop Selling and Grow Your Business

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When I joined my father’s marketing research company in 1997 as his first employee, I had no idea that letting go of sales would ultimately 10x our revenue. My initial role was building our new research service, while my father handled all sales. Since our new service was an upsell to existing clients, the sales process was relatively straightforward at first.

Pro Serv Blogs

The Impact of AI on Your Pricing Strategy

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For those using AI to transform their business, it’s an exciting time. Most companies have already begun implementing AI to make their operations faster and more efficient, freeing up resources to take on more initiatives. It’s clear that those who use it more reliably will see substantial improvements in profitability in the coming months and years.

Pro Serv Blogs

A Tale of Transformation: From Cash Accounting Chaos to Accrual Clarity

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In the bustling world of boutique professional service firms, where expertise and innovation drive success, there lies an often-overlooked aspect of business that can make or break even the most visionary entrepreneurs: financial management. Today, I want to share a compelling story from within the Collective 54 community—a tale that underscores the critical importance of sophisticated financial practices and how embracing expert advice can lead to transformative outcomes.

Pro Serv Blogs

Avoiding Common Pitfalls: Financial Reporting Mistakes Small Service Firms Make

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In small service firms financial reporting is a crucial aspect that cannot be overlooked. Whether you’re an architect, run an accounting firm, or lead a consulting business, accurate and timely financial reporting is essential for informed decision-making and strategic planning. However, amidst the hustle of everyday operations, it’s easy to fall prey to common financial reporting mistakes that can significantly impact your firm’s financial health. Here are eight common pitfalls to avoid:

Pro Serv Blogs

How I Closed My First Long-Term Recurring Contract, and How You Can Too

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I’ve spent the last decade building my consulting firm, growing it steadily into a seven-figure operation. We serve a challenging market, partnering with nonprofits, foundations, and governments to eliminate generational poverty and uplift Black, brown, and low-income communities across the United States. While the work has always been meaningful, profitable even, it has also come with its fair share of stress.

Pro Serv Blogs

7 Reasons Why Founder-Led Sales Are Failing Your Firm’s Growth (and How to Break Free)

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In professional services, founder-led sales have been the lifeblood of growth for years. Many firms have thrived in their early days by relying on personal networks, referrals, and word-of-mouth.

However, as the landscape shifts, so does this model’s effectiveness. The way buyers make purchasing decisions has fundamentally changed, and the founder-driven, network-dependent approach is no longer enough to fuel sustainable growth. If you want to grow, scale, and ultimately exit your firm, the time to rethink your approach is now.

Pro Serv Blogs

Harnessing AI to Redefine Scale in Professional Service Firms: A Blueprint for the New Era of Profit

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The professional services industry has long faced an inherent challenge: scaling the business without proportionally scaling costs. Historically, every new client, project, or engagement has come with its own set of variable expenses, from employee time to specialized expertise. The arrival of artificial intelligence (AI), however, promises to turn this dynamic on its head by reducing the marginal cost of adding a new client to zero—or close to it. This shift is a game-changer, especially for firms in consulting, law, accounting, and other advisory domains where people have traditionally driven performance.

Pro Serv Blogs

Navigating Compensation Changes: Essential Insights for Professional Service Firm Founders

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In the dynamic world of professional services, from marketing agencies and consulting firms to providers of fractional executives, navigating the intricacies of co-founder compensation is a critical aspect of maintaining harmony and fairness within the leadership team. With approximately 80% of professional service firms operating as partnerships, the question of how to adjust partner compensation equitably is a recurring challenge.

Pro Serv Blogs

Scaling a Professional Services Firm is Like Traveling to the Moon – It Isn’t Rocket Science: Part 1 – The Moonshot

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Professional services firms face constant pressure to be creative and rise above the clutter. For executives, particularly CEOs and COOs, one of the most effective ways to break through is by leveraging the power of strategic partnerships. By forming alliances with complementary companies and key industry players, professional services leaders can expand service offerings, enter new markets, unlock new revenue streams, and maximize their return on investment (ROI).

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