Skip to main content

Owners or senior managers of professional service firms are often faced with difficult decisions and should be prepared to make the tough ones.

We’ve detailed some of the common (and not so common) difficult decisions that professional service firms face below; would you rather:

a) Lose a good team member or a great client?

b) Put up prices/rates following inflation (with some clients leaving) or retain current pricing at reducing margins?

Professional Service Firms Blog - smartAR

c) Pro-actively invest in technology to reduce staff, or retain your staff count and live with lessening productivity?

None of these are easy decisions to make – yet they all have clear and correct answers.

The doubts, uncertainty, and anguish come before you make the decision.

Once the decision is made, our minds turn more productively to how we can implement it: diplomatically, transparently and in alignment with our values as a business.

Another tough decision for professional service firms is whether to actually enforce your terms of trade (e.g. payment due in 14 days).

Before you answer, check out this calculator to see how much it costs to NOT enforce your Terms of Trade.

From our experience working with over 14,000 professional service firms we understand all the internal and external challenges to making these changes.

But – the first step is making the decision. Do you actually enforce your terms of trade? If you do decide to have some focus on debtors and slow payers a good second step is to either Book a free strategy call or download our free DIY Improvement Guide today.

Improve your accounts receivable process with the help of the smartAR team and transform your business. Contact us to learn more about how we can get started.

Contact Us