Ever increasing competition has meant that maintaining or improving profitability in this sector is not just a question of doing a good job and letting others know about it. In addition a firm needs to attend to the following:
- Gross profit – a properly designed time recording system gives complete visibility on the core elements of the business: charge-out rates, utilisation, cost per head and headcount
- Overheads – as well as assisting with general cost control, using our knowledge of best practise elsewhere, we are experts in reducing size of accounts departments while usually increasing their effectiveness
- Cashflow – collection if fees is a permanent bugbear of this sector and can significantly reduce utilisation of fee-earners in this non-profit activity. We have assisted in improving processes so that evidence of work carried out is clear and so payment can be arranged by non fee-earners.
- Strategic planning – in order to grow in a competitive market place requires a plan that identifies competitive advantages, invests in them, and is used as the benchmark when assessing results. Our expertise in planning realistically with sufficient detail