Five Drivers of Revenue Generation

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  • Topic: Professional services, Marketing, Firm
  • Pages : 30 (8945 words )
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  • Published : October 24, 2012
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The Five Drivers of Revenue Growth for Professional Services  A Leader’s Guide to Increasing Revenue Mike Schultz, Co‐President John Doerr, Co‐President  Robert Croston, Vice President 

Wellesley Hills Group 600 Worcester Road Framingham, MA 01702  

www.whillsgroup.com (508) 626‐9991

A Wellesley Hills Group White Paper

        

Table of Contents
Part I: The White Paper Growth Opportunities All Around................................................................................................3 Revenue Growth Driver #1: Core Business Strength..............................................................5 Revenue Growth Driver #2: Rainmaking Strength..................................................................9 Revenue Growth Driver #3: Performance Environment Strength......................................12 Revenue Growth Driver #4: Marketing Strength ....................................................................15 Revenue Growth Driver #5: Leadership and Management Strength.................................18

Part II: Revenue Growth Benchmark Assessment and Plan How Do We Grow Our Service Business?...................................................................................20 Realizing Your Revenue Growth Potential..................................................................................22 How the Revenue Growth Benchmark Assessment and Plan Works..................................24 Why Engage the Revenue Growth Benchmark Assessment and Plan................................27 Frequently Asked Questions............................................................................................................28 Wellesley Hills Group.........................................................................................................................29 Mike Schultz, Co-President..............................................................................................................31 John Doerr, Co-President..................................................................................................................32 Robert Croston, Vice President and Principal Consultant......................................................33

Five Drivers of Revenue Growth

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©2010

Growth Opportunities are All Around

I

t’s no secret that growing a professional services firm is tougher than it ever was. In years past, firms could focus on working hard and delivering excellent client service through high quality teams, and this was enough to grow the top line through repeat business and referrals.

Not anymore. Clients are more sophisticated and demanding. Competition is more numerous and more ferocious. And these changes are happening to our industries and firms faster than ever, requiring us to change or suffer the consequences. Service firm leaders are often overwhelmed with the sheer number of items on their to-do lists, and the number of possible revenue growth avenues to pursue. Yes, the world of professional services has changed…but this is good. It’s good for the firms that are ready to take on the new challenges and take advantage of new opportunities. Opportunities? Yes, they’re all around. We at the Wellesley Hills Group have the good fortune of being privy to the growth strategies and results at hundreds of professional services firms. We’ve analyzed scores of firms in great detail and have observed first-hand what the best firms do to increase their revenue. Many firms are quietly growing their revenue and increasing their profit, even in the midst of a challenging business environment. We’ve also seen mistakes—thousands of them—from the strategic to the tactical. We’ve taken all of our data—of successes and mistakes alike—and looked for patterns amidst the chaos. The questions we sought answers to were: Do the best firms do similar things to grow their revenue? Does excellence in certain areas of the business affect revenue growth whereas excellence...
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