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.
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?
