Professional services firms face unique obstacles to their profitability goals. In times of economic uncertainty, potential clients tighten their budgets, decreasing demand for services or creating shifts in the types of services they seek. Even in periods of economic growth, you must deal with a host of uncertainties:
- What price will the client accept?
- Should I discount to win the contract?
- Does the work support our business strategy?
- What pricing model should we use?
Pricing Challenges
You walk a fine line when you are setting fees and quoting deals. You face pressure from both prospective clients and competitors to compete on price. At the same time, you must cover the costs for delivering work and maintain margins that keep your firm healthy. In addition, you have multiple teams—with differing opinions about pricing—creating deals with manual processes.
PROS Solution for Professional Services
PROS gives sales teams tools to quote profitable deals quickly, based on the types and levels of resources assigned. With all relevant data centralized into a single, high-performance system, teams can collaborate on deals without the risk of using stale or conflicting information. You can set guidelines to meet strategic financial goals and then monitor compliance. Finally, you will have tools to model deals and obtain regular resource utilization and cash flow reports.