Since 2000, the professional services industry has seen above-average growth, with gross value added exceeding that across other sectors of the UK economy by almost 3 percentage points according to research from the University of Birmingham.
That’s not to say growing a firm in this field of work is without its challenges. As anyone working in professional services will know, it’s a highly competitive industry with increasingly complex and varied client demands.
On a more personal level, maintaining a healthy work-life balance is a challenge for many people in this industry – and that can get even more difficult if you’re investing more time and money into growing your business.
Last year, activities website Obby.co.uk reported that people working in professional services were “the worst in the UK” at managing their stress levels.
A worrying 58% of those surveyed said they do not do anything to relieve stress, and 78% put this problem down to a lack of free time.
Between growing your firm and managing the pressure of the workload, it’s clear there’s a balance to be struck.
Recruit the right talent
If you find yourself working all hours of the day and can’t imagine being able to take on any additional work, it may be time to expand your team.
As well as taking some of the work off your plate, recruiting new staff can also help you to add to the range of services you offer by bringing in a wider variety of skills.
Of course, you’ll need to be sure you can afford to cover the recruitment costs, salary and benefits for your new employee. Before making any hiring decisions, it’s important to analyse your financial situation.
Tighten up your finances
If it’s looking like the costs of expanding are a concern, you might be able to save some money by focusing on cashflow management.
By assessing your financial position now and creating forecasts for the future, you should be able to identify any problem areas or inefficiencies.
Whether it’s by implementing better invoicing or re-evaluating your spending, making savings on what appear to be smaller areas can often add up.
Use tech to your advantage
Historically, professional services hasn’t been the fastest sector to adapt to new technology.
That’s changing now, as more firms see the competitive advantage of modernising their processes and adopting smarter working practices.
Cloud technology such as Xero, and connected apps like ReceiptBank and Chaser, can save you time and give you excellent visibility of your firm’s financial performance.
Benefits like collaborative working, video conferencing and automation allow you to free up time, which can be put towards expanding your service and providing it to more clients.
We can help
Our Love My Business service gives you the support you need to grow your firm, building on your financial figures to develop a growth strategy and track your progress.
Talk to us about your goals for the future of your professional services firm, and how we can help you achieve them.
