Strategy

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.

Our view of strategy

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:

  • identify the areas of highest potential, on which to focus;
  • develop the agility needed to quickly evaluate emerging opportunities and threats and act on these, more decisively than competitors do;
  • provide high-quality market and competitive analysis to help them better understand the drivers of their own success and their options in achieving high performance;
  • translate strategic intent into measurable objectives and targets and into action that is actually executed, either through business plans in the various business units or through strategic projects;
  • solve the most important, difficult challenges that they face along the way;
  • integrate and align execution across systems, practices and functions.

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.

Contact our strategy team

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DEREK KLYHN

+44 (0) 7901 515188

derek.klyhn@psfi.org

ORI WIENER

Mobile: +49 (0)173 722 9121

Office: +49 (0)69 74 22 77 40

ori.wiener@psfi.org