What are the basic commercial challenges for a professional
services organisation?
In terms of basic management….

Recording project time and expenses accurately

Keeping track of Work in Progress – Knowing what and how much to Invoice
Keeping track of expenses – Knowing what to Invoice and what to reimburse to Employees

• Keeping track of staff requests and notifications – Holidays, Sickness, etc.
  
  

First, do the basics well

What are the deeper commercial challenges for a professional services organisation?
In terms of management of professional staff…

Realisation – invoicing the full value of work

• Maintaining profitable Fee Rates – achieving fee rates that are profitable in relation to staff costs
  
  

Rule 1: A professional services organisation is like a distributor of fast moving consumer goods whose unsold stock is destroyed at the end of each day.

Unsold time is lost forever.
High utilisation means higher sale.

Rule 2: When fixed prices for projects or activities have been agreed in advance, a professional services organisation islike a distributor of fast moving consumer goods whose goods are diminishing in value by the day.

The value of project time diminishes as a project overruns.

Higher realisation means higher profits.

Rule 3: A professional services organisation whose fee rates are only marginally profitable is like a distributor of fast moving consumer goods whose goods are always ‘on sale’ and who never makes enough money to cover his overheads, even when he’s selling more.

Low fee rates mean a higher risk of loss.

Low rates can increase utilisation, but unless realistion is high, profitability is at risk.

Industries and organisations now benefiting from time@work:

time@work is designed to help the professional services
organisation maximise: