The traditional professional services industry will likely be radically different in ten years. Changing clients’ demands, employee expectations, rapid technology developments, and other external factors will change the nature of jobs and skills required in the future. Ultimately, these factors, with technology in the lead, may even challenge the very nature of the “practical expertise” that professionals deliver. When operating professional services firms, you cater to a unique industry that has a broad and diverse range of services. Each firm is different which means there’s a vast variety of business obstacles to manage every day.
Current industry challenges
Professional service organizations handle an array of business challenges from increasing competition to expanding client demands. Whether you’re an architecture and engineering firm, staffing agency, law firm, advertising agency, leasing company, medical practice or any other business creating a value-added service, our experience working with companies like yours can help you tackle those challenges.
Some of the challenges that professional service firms face include:
- Primary owners, who are also the company’s primary revenue producers, spend more time “in” the business than “on” the business
- A higher degree of profitability that increases the need for effective tax saving and deferred compensation strategies
- Bringing on new partners or shareholders and buying out existing owners
- Identifying and evaluating acquisition targets
- Determining which types of incentive and retirement plans are best for the business
- Evaluating whether the time is right to sell the company or form an employee stock ownership plan (ESOP)
Why is Wright Ford Young & Co. right for you?
We recognize professional service organizations have the everyday hurdles of operating their businesses. At Wright Ford Young & Co., we always try to gain a thorough understanding of our client’s business activities and challenges through regular face-to-face meetings between our partners and owners/executives. We want to take the stress off handling your accounting functions while you stay focused on your business.