The Most important 4 KPIs every CFO needs to Measure

Key Performance Indicators (KPIs) will vary from business to business and industry to industry. The metrics that matter to a Manufacturing business will not necessarily matter to an Accounting practice. When determining KPIs for your business, it’s important to assess your core activity and understand what you need to measure in order to measure your business value over time.

For project-based, Professional Services firms there are certain KPI’s which are essential to measure. These KPIs will likely be the same across Architecture, Consulting, Engineering and Legal Firms.

In a study by IDC – Managing your firm for growth – Professional Services firms were asked to identify the KPIs that matter most to their business and the results clearly show the top 10 KPIs which all Professional Services firms should measure. In this blog, Deltek specifically looks at the four metrics that every CFO or Finance Director needs to know and how to measure them. Namely Revenue Growth, Days Sales Outstanding (DSO), Customer Lifetime Value and Market Share.

Read the rest of this article HERE.

If you want to find out more about KPIs for Professional Services Firms you can download our Ultimate Guide to KPIs for a Project Based Business Below.

2016 Snapshot of the Architecture Industry

At first glance, many may say that the architectural industry is in an enviable situation right now. But in reality, even in times of potential prosperity, ‘getting it right’ is a fine balancing act. Find out how your peers are converting opportunities into growth.

Download Ebook below

5 Tips to Improve Your Productivity at Work

According to a survey by CIPD, a third of businesses don’t measure their productivity. Many of those that do measure it appear in practice to be thinking about business performance more generally.

What is productivity?

Productivity is the work generated by companies and their employees with the resources they have.

It is thought that, in the UK, productivity has been at a standstill for seven years due to companies not investing in their employees and required resources.

Improve your productivity

To learn more about the 5 tips to improve your productivity and become more efficient at work, click here.

Silversoft & BDO Event – 5th May 2016

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How to manage People, Projects, and Profitability

In the business world everyone answers to someone and will at times face difficult questions. Even when things are going smoothly in your business often drill down questions can be difficult. Nobody wants to stand in front of their superior facing questions they can’t answer.

In professional services companies, your business is all about People, Projects and Profitability – and it is in these areas that you are likely to get the tough questions. We’ve compiled a set of common scenarios in the Tough Questions eGuide that will give you tips to how you can prepare for the tough questions.

To read the rest of this article, click here and to download the Tough Business Questions eGuide, fill in the form below.

The New Normal: Restoring Profitability

WHAT DOES IT MEAN TO PRACTICE LAW IN “THE NEW NORMAL”?

Simply put, it means lawyers will no longer be able to achieve financial success while operating with sloppy or ineffective business practices. For years, too many law firms have gotten by with marginal or inadequate management practices.

The practice of law is both a profession and a business, but lawyers can no longer hide behind the professional aspect as an excuse for failing to create an organization with good business practices. They can no longer consider themselves the exception to the rules that apply to other commercial ventures.

With access to seemingly unlimited information on the Internet, our clients are more educated and sophisticated in shopping for legal services. Whether they are businesses or consumer clients, they have had to focus more on cost savings and efficiencies.

It has long been the case that law firms with the best management practices return the highest profits to their partners. While careful client intake, clear client expectations, timely billing, high realization rates and strong collection policies have always been the goal, under the new normal those aspects of good management have become essential to a firm’s survival.

Law firms that are not able to conform to good business practices are becoming victims under Darwin’s theory of survival of the fittest. Follow these strategies to assess your firm’s performance and compete in the new normal.

To read more about these strategies, read the article by Arthur G. Greene here or Download below The New Normal Whitepaper to learn more.

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Top Considerations for Adopting an A&E Industry Specific Accounting Platform

The Limitations of Generic Accounting Systems

Generic accounting software programs, such as QuickBooks, fall short on providing the functionality that A&E firms require to be successful. This paper discusses the limitations of generic accounting systems and why A&E firms are moving to A&E Industry Specific solutions to help grow their business and increase profitability.

Download the Whitepaper below to read more

Get To Know Your Business. Find Tips For Using Real-Time Data To Grow

Over the coming weeks, experts from the consultancy world will be looking at how businesses can face up to the challenges of transitioning client needs in an evolving marketplace. They will be exploring the many economic challenges that companies face and sharing opinions and guides with valuable insights, designed to help companies overcome them. In this blog, Deltek looks at what the future holds for successful consultancies.

During the aftermath of the 2008 global recession, we saw many large consulting firms forced to become leaner just to survive. Consultants who suddenly found themselves out of a job, used this as an opportunity to set up their own, smaller firms, offering the same services as their former employers. How does the picture look now? The consulting services industry is thriving.

According to International Data Corporation’s (IDC) 2014 research, consultancy firm revenue is up by 41% and profit margins have grown by around a quarter between 2013-14. However, with more smaller firms in the market, competition is fierce. So how do you capitalise on this upward trend, gain the competitive advantage and grow your firm? It’s all about knowing your consultancy inside out.

Read the rest of the article HERE

How to Win New Business in Engineering

In the 2014 report “Trends and Needs in Engineering”; “winning new business” was deemed to be one of the biggest business issues faced in the industry today.

It’s an understandable viewpoint, after all your firm’s success hinges on its ability to raise the revenue it needs.

The temptation may be to simply throw more resource at your sales department.  But this could be an expensive and time consuming route that may not even yield the kind of results you are after.

Less is more

Is there an alternative? What if it’s possible to win more business by working smarter rather than harder?

Streamlining and automating the sales pipeline as well as improving your visibility and customer service is a great way of increasing revenue fast.

Through storing past, present and financial data all in one place, a project-based enterprise resource planning system has the ability to improve visibility for better decision making and enhance customer service at the touch of a button.

When it comes to winning business, it means more can be achieved for less.

Read the rest of the article here.