When it comes to shaping the future of your business, defining core values is essential. However, many founders delay this step far too long, leaving their culture to chance. In today’s workforce, especially with Gen Z leading the charge, culture reigns supremely. If your organization’s core values are not well-defined, it will not attract or retain top talent.
Prospects have heard your Pro Serv firm is able to onboard & provide speed-of-light ROI to new customers… the service you provide is outrageously good, the value is far superior to established competitors & your own firm is humming like a well-oiled machine.
Founders of boutique professional service firms, such as consulting firms, marketing agencies, and software development firms, often face a common dilemma: how to structure their own compensation. This critical decision can lead to problematic outcomes: not paying oneself, underpaying, or overpaying. The solution lies in understanding and applying a dual-role compensation method that accurately reflects the value a founder brings to their firm.
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).
A close friend reached out to me after the company she founded failed its second due diligence. The buyer’s reasoning was harsh. “We don’t understand your numbers. And we think you don’t understand them either.”
Ouch.
Frustrated and anxious, she asked me: what does it take?
Only four things, I told her. Do this and I guarantee it won’t happen next time.
Timing is everything. I became a firm shareholder just weeks before the start of the Great Recession. Years later, I became the sole owner. After stabilizing the firm after the exit of my majority partner, COVID-19 hit. Talk about bad luck. During those times, I was confident in the direction of the firm. Just keep spending time meeting client expectations. I wasn’t afraid – I was energized. My reward would be the eventual sale of my business.
As entrepreneurs in the professional service firm arena, we often embark on a journey with dreams of scaling our businesses, achieving success, and ultimately reaching the coveted exit. However, the reality is that many founders falter along the way, lacking the endurance required to go the distance. In a world where millions of firms are started each year, only a select few make it to a successful exit. Why? Because the path is long, challenging, and demands unwavering mental toughness.
Tech enablement is essential for professional services firms looking to remain competitive in an increasingly digital world. By leveraging AI and other technologies, firms can:
1. Increase efficiency and productivity
2. Enhance decision-making through data-driven insights
3. Improve client experiences and satisfaction
4. Attract and retain top talent
5. Scale their services and reach new markets
However, attempting to implement AI without first optimizing your firm’s processes is like building a house on a shaky foundation. It may look impressive at first, but it’s unlikely to stand the test of time. That’s why it’s essential to take a “process first, tech second” approach to AI adoption.
When I launched my consulting firm in 2021, many people were shocked and worried for me when I told them I would only work with construction companies. Initially, I wondered if they might be right, but choosing to specialize in a vertical market has turned out very well for us. My company Well Built Construction Consulting works in strategic plan development and execution support for the construction sector. We’ve been in business for less than four years and have experienced comparably rapid expansion to peer companies precisely because of our targeted approach. We have 10 full-time staff members, an extended team of another 5-8 professionals, and strong net profits at this early stage of growth.
Imagine a high-stakes chess game where the rules change mid-play, and your opponent is a shape-shifting committee of diverse minds. Now, picture yourself playing this game with limited pieces and minimal training but with a powerful AI assistant at your disposal. This is the new reality faced by many professional services firms in today’s B2B sales environment. As founder-led organizations with tight budgets and often basic sales processes, these firms navigate an increasingly complex landscape with constrained resources. However, the advent of accessible AI technologies offers a game-changing opportunity to level the playing field.
