Where next for professional services businesses?

Where next for professional services?

The UK is home to a well-established and thriving professional services sector but future growth is not guaranteed. Over the short to medium-term, businesses must address a series of challenges head-on if they are to enjoy the successes they have experienced in recent years.

The sector recovered well from the recession as it took advantage of a growing need for specialist advice to support business expansion and the development boom. But clients are now looking for ways to reduce the amount they spend on external expertise. In this new era, gaining market share from rivals is a key route to growth.

Today, competition across the sector has never been higher. Firms are battling for new client opportunities, skilled staff and competitive advantage. To remain profitable and sustainable, businesses need to execute a clear and effective strategy, attract top talent and deliver an excellent service at an acceptable price.

Are you confidently moving in the right direction?

In today’s competitive market, a robust strategy is more important than ever. The right plan can help firms stand out from the crowd. Without it, they are rudderless, unable to properly mitigate risks or take advantage of new opportunities.

Professional services - business strategy

Professional services - business structure

Will your business structure help you reach goals?

Professional services businesses embody a range of structures, each with their own tax rules. The right set-up supports the realisation of strategic ambitions. The wrong one can dampen future growth prospects.

Are you investing in the leaders of tomorrow?

In a sector where the success of a business depends on the skills and expertise of their employees, recruiting top talent is a key driver of growth. But competition for staff with the right experience has never been higher.

Is technology helping or hindering growth?

Outdated IT systems weigh an organisation down, making it inefficient and uncompetitive. To maximise opportunities, businesses must harness technology to improve internal processes and deliver better client services.

What does growth look like across the professional services sectors?

Growth forecasts for the five years to 2021 vary depending on what area of professional services you operate in. Some are looking at a decline of up to 5 per cent, whereas others could access growth of up to 6 per cent. What is the outlook within your industry?

View sector growth

Raising finance: walking the tightrope

Only the most profitable businesses generate enough cash to fund their growth. Many will need to turn to external funders or investors to reach their goals. But how many make the right decision?