Professional Business Strategy for Professional Services Firms

A business strategy is essential to growing your firm. It is the foundation to understand industries you are going to serve, the client types you are going to do business with, the kind of services you are planning to offer them, and the ways you are trying to configure the rubrics of brand positioning.

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Here are the best global strategy and leadership dimensions to stick by:

  • Market penetration: In layman language, you have to find ways to increase the sale of products to the same consumer group. Giving discounts and freebies, as a professional business strategy, might work for the FMCG industry, not necessarily for you, as services industry is complex. More fries with the ordered fries, one sauce packet free with one burger, and so on- it’s easy. But if you are offering customer services or client dealing, the dynamics change. If the service you offer has only a few clients, you have to walk the tightrope with caution.
  • Foraying into a new market: A new market offers multitudinous opportunities along with a lot of setbacks. A new market is about new prospective customers with disadvantages like diluting your brand and expertise in one domain by including other horizontals and verticals. There can be under investment in the new market you are investing or else you may lag behind in education of the masses about your product and services. This calls for fail-proof global strategy and leadership right from the planners to people who are executing it.
  • Development of alternative distribution channels: For professional services, alternative distributive channels can be a different ball altogether. Professional services firms can form association or partnerships with trade association and business groups. A better way out is partnering with non-intrusive and non-competitive but complementary service firms to widen the channels and distribution pipeline. Even white-label is an option for firms to explore- wherein- other brands can remarket your products as their own.
  • Creating new services: As clients differ, so do the professional business strategy solutions. With professional services firms, this is utterly true because you are supposed to think of new solutions for different customers. A tax advisory consultancy may want to move in image consultation industry. When you have made a breakthrough in one particular industry, chances are that the audience will remember you for that. It’s hard to break the stereotypes and break free from the memory.
  • Taking new services to new markets: This requires very detailed and well-planned global strategy and leadership to make it successful. First, you aren’t aware of the new market and second, you are offering a new service. It can put you in dire straits. Measure your chances well as failures can make you lose your existing customer base too. When you see a vacancy for a new opportunity of services to be offered, exploit it till it reaps benefits for your firm. If you become successful in the new services you are offering, it’s worth the time and resources invested.

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About the Author: Holly.Fouraker

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