5 areas to consider in order to grow your Professional Services Organisation
This past week has seen us working with Enterprise Times, who has written a blog post exploring the areas all Professional Services Organisations (PSOs) should consider when looking to grow successfully.
There are some great tips which can be summarised as:
Identify the best route for growth for your PSO
Is it to find a new way to serve customers or a new customer need, using sales and marketing to drive these messages forward?
Is it to introduce competing services to grow a market further? Is it worth considering acquiring competitors in your space to do this more quickly and effectively? You must be sure to put your own stamp on what you do to stand out with this strategy.
Will your business creak at the seams if it grows further? What is the health of your underlying systems? Do they meet the requirements of a modern, growing business?
The importance of the customer relationship
The old black book approach, where all customer information is kept by individuals within a business, is fading fast. CRM systems can now house all customer information collectively so it remains within an organisation whether employees remain or not. It also means the information has the potential to be used more strategically with other key business information such as financials so customers can be better served and organisations can ensure they operate more efficiently and profitably.
What is the most effective way to expand your organisational structure?
It is easy to be persuaded to buy a collection of apps with benefits promised, all of which operate on different platforms. However, in order to realise the true power of organisational and customer data, it is paramount to keep the number of platforms in use as low as possible. With many platforms in place, a ‘Frankencloud’ can be created, which brings not only additional complexity to manage, but can prevent data from working together to show a real time and true picture of any organisation. Another consideration is to ask if your system enables real time access to information anywhere and at any time?
Evolve throughout your relationship with the customer
Are you selecting a solution that will evolve as business needs and demands change? In a fast-paced world where the customer is king, those organisations that fail to serve customers in the right and most modern ways will suffer. How does your solution help you to manage customers, employees and financials and ensure you can deliver projects in the most effective way at the same time? Can it help you focus on customers that will generate the most profit for your organisation?
Are you ready for what’s still to come?
How mature is your business? You must evaluate what you want to change and how it will evolve with your business. You may not need a full ERP suite of applications right now, it depends on the maturity of your PSO. However, prioritising is needed to ensure growth is optimised. Does the solution you select allow you to add the next sets of applications easily and when you are ready?
For more detail, please visit Enterprise Times and view the blog post ‘Are you ready to scale your Professional Services Organisation?’.
FinancialForce Professional Services Automation (PSA) or combining apps to create the full ERP suite can give a huge boost to PSO growth. To find out more about how we can help you with PSO best practices, visit our www.FinancialForce.com