A Professional Services Firm
This firm had seen nominal revenue growth over the last four or five years. They wanted to grow faster. I helped the five partners develop a three to five year vision for the company. During the facilitation process we discovered some real disparity of vision among the partners. This was good however, because it was a real eye-opener and it put everyone on the same page.
After the vision we created a one-year plan with all the things we wanted to accomplish in the next year, on our way to the 5-year vision plan. It was one page of bulleted points. Each point had an owner assigned. We agreed on how we would measure progress on each item. I believe metrics are essential, because where there is no measurement there will be no movement. We met every 60-90 days to see where we were. At the end of the year both revenue and profits were up nearly 30%.
After working with them for a year I suggested that they hire a Chief Operating Officer to handle everything that wasn't directly supporting their practice. The COO functions included accounting, technology, recruiting, vendor management, benefits, HR, office administration, etc. etc. This allowed the partners to focus exclusively on clients, customer service, and sales.
At the end of three years they had grown from $5 million in revenue to $10 million in revenue. This growth did include the acquisition of a smaller $1 million company.
It was simply a matter of having the experts focus on the things that they do best and leaving administrative functions in other hands.
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