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Key Skills for Professionals

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Key Skills for Professionals

How to Succeed in Professional Services

Kogan Page,

15 min read
10 take-aways
Audio & text

What's inside?

Two lawyers and two consultants provide practical advice for managing a professional services business.

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Editorial Rating

7

Qualities

  • Applicable

Recommendation

Two consultants and two attorneys wrote this manual for professional services providers. Emphasizing how your behavior defines your business, the authors discuss basic financial information, plus how to network, negotiate, communicate, develop better speaking and writing skills, manage your time, conduct performance evaluations, and handle other aspects of professionalism. They cover a little something for everyone and much of their welcome guidance is not specific to creating a professional services firm. Instead, this manual provides basic, sound advice to help you manage any client-oriented business. getAbstract recommends this thorough, basic primer to anyone launching a client-first firm, or to beginners in professional services.

Summary

Financial Management

The first step in running a professional services business is to be businesslike about your own company. Regularly audit your operations. Check that you are in compliance with all local, state and federal laws. Manage your finances and risks.

Any business needs cash flow to operate. Starting a professional firm requires personally investing – plus having partners invest, taking out loans, and retaining profits as needed “to meet the costs of running and developing the business.” Decide which portion of your earnings to invest in your firm’s future – or to earmark as working capital for operations or investment in new equipment, employee training, technology upgrades, and so on.

Your cash flow depends on how quickly you get paid. Decide whether to structure your charges on an hourly basis or as flat fees. Consider your advisers’ experience, your total number of partners, the cost of providing service and your competitors’ prices. Most customers comparison shop. Accurate timekeeping is crucial, especially if you charge by the hour. Establish procedures for proper billing and payment recovery. Communicate with clients before you issue a final...

About the Authors

Alan Pannett is CEO of fresh professional development ltd, Shalini Sequeira is a learning and development specialist, Andrew Dines, MBA, is a management consultant, and Andrew Day is an author and scriptwriter.

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