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Five Metrics that Predict Success for Professional Service Organizations

Five Metrics that Predict Success for Professional Service Organizations

  • August 16, 2021
  • CFO TipsFeatured

Professional Service Organizations (PSOs) often face a distinct array of challenges to foster success and growth. And predictability is key in ensuring that you meet stakeholder’s expectations to support the goals of your organization. Learn how to create a profitable and predictable business through our top five metrics for success below:

Forecast Revenue

In order to appropriately forecast revenue and boost your Professional Service Organization’s success, you need to have a solid understanding of seasonality and trends. By understanding your revenue types, you can plan and allocate for each service in a manageable way. To do this, you will need to complete the following:

  • Form a commitment with your organization top-down to build accurate forecasting
  • Forecast at several levels: project, portfolio, resource, and risk
  • Become predictable by preparing your organization appropriately for what’s to come and create repeatable patterns

Moreover, to begin forecasting you will need to properly assess employee bandwidth, and ensure frequent communication within your company. You should also establish clear goals and learn from your experiences to improve precision. Also, you should also prioritize your focus to encourage negotiations among stakeholders and remove potential obstacles.

Analyze Your Budgets vs. Actuals 

Additionally, you will also want to review your budgeting process and how those numbers compare to actual spending. By crafting metrics, you can forecast accurately to improve this ratio. This is key to make your organization predictable and to ensure projects are aligned to strategic goals. Furthermore, you should also ensure that you have the right people in the right place. By understanding your budget and actuals, you can also improve company capacity and have effective KPIs in place to be on track.

Succeed with Capacity Planning 

Ask yourself if you have the resources to meet current demands in your organization and if you can realistically take on more work. Capacity planning enables you to know what you can take on. And it offers you the flexibility to communicate the impact of taking on additional work outside of your scope. Through capacity planning, you are factoring in realistic expectations and actual working hours to appropriately value proposition your employees.

Utilization and Outcomes

Although some organizations are moving away from utilization and looking towards outcomes, it is important to consider if your resources are maximizing their billable time. And if high-value resources are attributed to high-value work. You should account for the following:

  • Appropriate resource assignments
  • High-level or enterprise-wide planning to maximize utilization
  • Differentiated billable and nonbillable hours

Professional Service Organizations and Project Management

Project management is integral for delivering client projects on time and on budget while maintaining your company’s profit margins. Organizations that undervalue project management have reported an average of 50% or more of their projects failing. On the other hand, high-performing organizations that prioritize project management successfully complete 89% of their projects. Making sure to prioritize project management is a key factor in its success.

By manage capacity, forecasting, and establishing efficient project management, your company can become more predictable and attain the backbone to succeed. For a more comprehensive discussion regarding the five-performance metrics, view our most recent webinar below, or contact us for a free business assessment!

 

Next Level Now’s 2021 Conference Schedule

Next Level Now’s 2021 Conference Schedule

  • May 21, 2021
  • Breaking News

Next Level Now will be attending a variety of conferences this year to network, learn, and take part in the ever-evolving discussions around finance, applied behavior analysis, and information technology. We are excited to see everyone virtually and in person! Check out the conferences we will be attending below:

Finance Conferences

We’re excited to take part in finance conferences this year that will allow us the opportunity to connect with others and learn additional tools that inspire us to continue driving client success.

Sage Partner Summit

We will be there from May 25th to the 27th. The virtual event will provide information and tools to better build businesses. Their program centers itself around the pillars of learning, community, alignment, and inspiration. Plus, the event will take advantage of the virtual space by allowing flexibility in pacing and offering an assortment of tracks hosted in a variety of languages. Let’s schedule a time to meet up! Connect with us here.

Digital CPA Conference

Digital CPA is for practitioners that are curious about technology. It will take place in Nashville, Tennessee from December 5th to the 8th. Their on-site and online conference will explore how firms can stay ahead of the curve. If you will also be attending, let’s plan a Nashville BBQ dinner! Contact us now.

ABA Conferences

Our Accounting team will be attending ABA conferences to further provide insights and solutions that support the complex decisions ABA service organizations face.

SEABA Conference

The Southeastern Association for Behavioral Analysis Conference will be held at The Courtyard Columbia Downtown in Columbia, South Carolina from October 14th to the 16th. SEABA is a regional affiliate of the Association for Behavior Analysis International that promotes scholarly discourse within the field. We are excited to meet all the ABA professionals that serve the Southeast; schedule a meetup with us!

Information Technology Conferences

Our CFOs and accounting team will be taking part in the dynamic dialogue surrounding IT and MSPs to showcase our innovative financial strategies that improve project and company profitability.

IT Nation Secure (Connectwise)

The IT Nation Secure will take place from June 21st to the 23rd in Orlando, Florida and virtually. The cybersecurity training event will teach attendees how to reduce risks and streamline service delivery to offer transformative cybersecurity solutions to their clients. The sessions will cover different aspects of cybersecurity including the human element, security operations, partner-led thought leadership, and more! If you’ll also be there, we’d love to meet up! Contact us now.

MSP EXPO and ITEXPO

Both events will take place at the Miami Beach Convention Center in Miami, FL from June 22nd to the 25th. MSP EXPO will have two conference tracks to assist MSP business owners and technology specialists. ITEXPO will demonstrate solutions and trends to innovate communications and technology tools. Both events will be an incredible network opportunity with 59% of attendees meeting new companies at ITEXPO and over 400 MSP companies present at the MSP EXPO. Contact us to connect with us at the expo!

DattoCon

We will be attending DattoCon21 from October 11th through the 14th in Seattle, WA. The MSP conference plans to exhibit the company’s expansion from data protection appliances, remote monitoring and management, professional services automation, and cloud-managed networking. Are you attending too and want to meet up with us? We’d love to buy you a drink! Let’s plan a date and time.

ASCII Success Summit Orlando

We will be attending the summit at the DoubleTree at SeaWorld in Orlando, Florida from October 27th to the 28th. The ASCII Summits are organized to assist MSPs to develop best practices and network while learning new opportunities. The keynote speaker, Mike Michalowicz, will discuss his latest book “Fix This Next” which divulges strategies businesses can use to grow. Let’s plan a meet-up down in Orlando; contact us now!

Sage Transform

The Sage Transform conference will take place from November 8th to the 12th in Las Vegas, Nevada. The technology conference will feature online and in-person experiences that will showcase Sage solutions and their latest innovations, product roadmaps, and best practices. Let’s plan a dinner in Vegas, contact us to get started!

IT Nation Connect (Connectwise)

The 3-day event will be in Orlando, FL from November 10th to the 12th. IT Nation Connect is designed to aid business owners and leaders to grow their companies while continuing to motivate and empower their teams. Let’s plan a get-together at the show; connect with us here!

We’re thrilled to attend these conferences this year and connect with a variety of businesses and professionals. Contact us to learn more about our conference schedule or how our outsourced CFOs and accountants can help your business succeed today!

Organization Development and Building High Performing Teams

  • November 22, 2016
  • Featured

We hosted our 5th LEARN GROW COACH Event on November 16 to a full room at The 100 Club in downtown Portsmouth. Laura Montville presented a great talk about Building High Performing Teams and spoke about how important relationships are in shaping organization’s success.

Laura Montville Speaking at Next Level Now's LEARN GROW COACH EventLaura Montville Speaking at LEARN GROW COACH Event

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