Whatever kind of professional firm you have, unless you are capable of changing and responding to the challenges you face, your ability to thrive in the long term will be significantly impeded. What’s more, the real value of your practice is likely to decline with time without an ongoing focus on practice development.
The chances are, your firm is typical of many others. A recent Australian survey of professional service practices provided the following insights :
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What partners and principals want:
- Freedom and lifestyle – for the practice to run as a true business
- Increased profits
- Efficient systems and processes
- Interesting work
- Manageable growth
Key frustrations:
- Staff isues, cost of staff, training, lack of confidence in staff
- Day to day workload
- Workflow, processes and turnaround time
- Debtors and slow-paying accounts
- Meeting deadlines, inefficient work
- Clients only want to deal with partners or principals.
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Lack of time and counter-productive styles of management are the key reasons many professional firms do not move forward, despite experiencing considerable pain. An ongoing focus on practice management with the external support of Business Aptitude will make it happen !
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