The historical perception that the professional services market is static is outdated, and the changing landscape, regulatory reform and emergence of new entrants providing professional services, will facilitate a further shift in the short term future.
What are the key things that you should be considering in 2015 to make sure that you achieve your business goals?
1) Are you effectively managing and enhancing your cash flow and maximising recoveries?
In a world where professional services firms are facing increased scrutiny from mainstream lenders and low interest rates mean less ability to generate revenue from client balances, cash is coming into sharp focus as a key KPI and indication of health.
We can help assist you in turning debtors into cash through a free credit health check, which looks at ways to reduce debtor days outstanding and on-going queries, which can limit the risk of bad debts arising.
By improving credit control techniques and your approach to chasing debt and by tightening up the credit management processes your employees have a greater understanding of the importance of cash collection.
Register for your FREE credit health check»
2) Consider the challenges, changes or stresses which your business may face this year and the funding solutions available to your business to overcome these.
Whatever funding structure you have currently or may be looking to implement, from invoice discounting and factoring; asset based lending facilities; and property finance and bank facilities, it is important to make sure that it is right for your business and can help you to deliver on your business goals.
Find out more about what funding facilities could be available to you and how we can assist»
3) Are you a partner filling in a tax return for the first time, following the changes to taxation of LLPs in 2014?
In December 2014, HMRC announced that they are launching a campaign targeting solicitors who have not declared all their earnings. What should you do to ensure you’re compliant?
Speak to our tax experts»
4) How is your business structured? Do you need more flexibility or to change how you operate to reflect the changing environment?
Alternative business structures (ABS) have become increasingly popular in recent years, with professional services firms becoming an ABS to diversify their business. Firms are also using the opportunity to review their portfolios and business structures to consider how they are best able to take advantage of the opportunities this new status offers. Is ABS right for you?
Find out more about the opportunities ABS could provide for your business»
5) Are you and your clients ready for the new Defined Contribution (DC) pension flexibility?
It is important to make sure that you are ready for the new DC pension flexibility which is available from 6 April 2015. Start to plan ahead NOW to manage the abolition of Defined Benefit pensions contracting out in April 2016.
Speak to our Pensions experts»
6) Are your employees up to speed on what they need to know in a changing professional services environment?
Ensuring your employees are fully trained on the issues in the sector is vitally important. We have a series of online training solutions covering key employment issues, which provide a cost effective and easy way to develop your people and build a more productive business.
Sign up for a free trial of Advantage online training»
7) Make sure that you tackle business threats and problems early to avoid litigation disputes escalating.
Managing costs and minimising risk is of vital importance in financial litigation claims, to ensure you can maximise your recoveries.
Find out more about our Fund:Lit product»
8) Check your lease commitments and property portfolio – in a rapidly changing market do your property commitments suit your needs?
We act for a number of professional services organisations and advise on property portfolios and their management to enable longer term financial commitments to be carefully considered and as flexible as possible.
Speak to our real estate experts»
9) Where you advise clients orally, do you record the advice in writing?
Where instructions are received and/or advice is given, it is good practice to record matters in attendance notes and/or in follow up emails.
Find out more from our professional risks experts»
10) Take a step back. How can you achieve your strategy in 2015?
Whether you are going through Growth, Integration or Change, we can help you to understand your needs and deliver your business and individual goals.
Find out more»