The world has moved a long way since the days when a linear, mechanistic approach to strategy represented best practice. Today, we know that best practice varies widely according to how quickly markets are changing, the level of competition in those markets and the strategic intent of the particular incumbent in those markets. This is true for all businesses.
Professional service firms have additional considerations such as high mobility of talent, relatively thin balance sheets, the tension between managing and practicing amongst the firm’s leaders and low switching costs for clients.
Most importantly, we recognise that strategy in professional firms is often concerned with the focus and efforts of its senior professionals. For strategy to be viable though, key people in the firm must actively embrace it. In today’s hyper-competitive environment, effective strategy is also likely to need to explore areas of competencies outside a firm’s core technical focus or expertise.
We have a deep and thorough understanding of what drives performance in professional service firms. We believe that strategy is not something that can be set every few years and followed rigidly. In today’s fluid markets, the most successful firms combine a strong sense of direction with the agility to adapt as the market changes. Crafting and executing strategy has become a continuous, iterative process. Much of our advisory work therefore focuses on helping our clients to:
Several of our recent clients have achieved very significant improvements in performance during our tenure with them. While we would not suggest that this was entirely due to our efforts, we are nonetheless immensely proud of our contributions to these achievements.
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