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Entrepreneurial Strategies of Professional Service Firms

Entrepreneurial Strategies of Professional Service Firms PDF Author: Andreas B. Günther
Publisher: Springer
ISBN: 3658240911
Category : Business & Economics
Languages : en
Pages : 310
Book Description
Over the past years, knowledge-intensive industries have gained significant importance as economic factor, giving rise to professional service firms (PSFs) such as law firms, accounting firms, or consultancies. Following this development, the research interest especially in the strategies pursued by PSFs has grown substantially. However, past research focused mainly on strategies of established, mature PSFs, leaving academics as well as potential entrepreneurs without guidance on what newly founded, entrepreneurial PSFs should pay attention to in order to ensure lasting competitive advantages. Based on an explorative grounded theory analysis of two outstanding commercial law firm spin-offs in Germany, this work advances the research in this field. In addition to a detailed case study report, it offers a comprehensive theoretical framework and argues that PSFs have to employ a set of seven specific entrepreneurial strategies – including for example service delivery, people development, and client acquisition strategies – in order to successfully manage the entrepreneurial phase. In providing examples for the growing PSF industry, the findings on commercial law firm spin-offs also inform entrepreneurship research in other professions

Entrepreneurial Strategies of Professional Service Firms

Entrepreneurial Strategies of Professional Service Firms PDF Author: Andreas B. Günther
Publisher: Springer
ISBN: 3658240911
Category : Business & Economics
Languages : en
Pages : 310
Book Description
Over the past years, knowledge-intensive industries have gained significant importance as economic factor, giving rise to professional service firms (PSFs) such as law firms, accounting firms, or consultancies. Following this development, the research interest especially in the strategies pursued by PSFs has grown substantially. However, past research focused mainly on strategies of established, mature PSFs, leaving academics as well as potential entrepreneurs without guidance on what newly founded, entrepreneurial PSFs should pay attention to in order to ensure lasting competitive advantages. Based on an explorative grounded theory analysis of two outstanding commercial law firm spin-offs in Germany, this work advances the research in this field. In addition to a detailed case study report, it offers a comprehensive theoretical framework and argues that PSFs have to employ a set of seven specific entrepreneurial strategies – including for example service delivery, people development, and client acquisition strategies – in order to successfully manage the entrepreneurial phase. In providing examples for the growing PSF industry, the findings on commercial law firm spin-offs also inform entrepreneurship research in other professions

The Oxford Handbook of Professional Service Firms

The Oxford Handbook of Professional Service Firms PDF Author: Laura Empson
Publisher: OUP Oxford
ISBN: 0191504939
Category : Business & Economics
Languages : en
Pages : 752
Book Description
Over the past three decades the Professional Service Firm (PSF) sector has emerged as one of the most rapidly growing, profitable, and significant in the global economy. In 2013 the accountancy, management consulting, legal, and architectural sectors alone generated revenues of US$ 1.6 trillion and employed 14 million people. PSFs play an important role in developing human capital, creating innovative business services, reshaping government institutions, establishing and interpreting the rules of financial markets, and setting legal, accounting and other professional standards. The study of PSFs can offer insights into the contemporary challenges facing organizations within the knowledge economy, and deepen understanding of more conventional organizations. Despite their significance, however, PSFs have until recently remained very much in the shadows of organizational and management research. The Oxford Handbook of Professional Service Firms marks the coming of age of PSF scholarship with a comprehensive and integrative exploration of current research and thinking on PSFs, featuring contributions from internationally renowned scholars in the fields of organizational and management studies. It is divided into three distinct sections - the professions, the firms, and the professionals that work within them - and covers subjects from governance and leadership to regulation, entrepreneurship, and diversity. Bringing together a broad range of empirical and theoretical perspectives, the Handbook offers many potentially important insights into the contemporary challenges of organizations in the knowledge economy and suggests new lines of inquiry that may shed further light on the activities and performance of PSFs and the professionals who work within them.

Professions and Professional Service Firms

Professions and Professional Service Firms PDF Author: Mike Saks
Publisher: Routledge
ISBN: 1317197887
Category : Business & Economics
Languages : en
Pages : 202
Book Description
Professions are increasingly linked with enterprise at a number of interrelated levels. By considering the relationship of professions to the enterprise contexts in which they work, this book reveals the dilemmas posed to professional groups, and the opportunities and constraints that can arise in their organisational frameworks. Addressing both private and public sectors, this collection explores questions including: what are the implications for the culture, practices and identities of professions of working in enterprise contexts, including with increased globalisation? Are professions becoming more entrepreneurial in a knowledge economy? What are the tensions between professionalism and enterprise and how are these resolved? These are themes that are extremely important to professionals and their managers, especially with the rise of large-scale professional service firms serving corporate clients with truly global reach. This cutting-edge collection will be of interest to researchers, educators and advanced students studying professional behaviour in fields such as business studies, management, organisational analysis, public administration, political science, social policy and sociology, as well as students on focused programmes of professional study in fields such as health, law and social care.

Handbook of Research on Entrepreneurship in Professional Services

Handbook of Research on Entrepreneurship in Professional Services PDF Author: Markus Reihlen
Publisher: Edward Elgar Publishing
ISBN: 1781009104
Category : Business & Economics
Languages : en
Pages : 424
Book Description
ÔProfessional service firms are critical agents of contemporary economies and understanding them has become a central focus of recent scholarship. This very timely and well organized Handbook brings together several leading scholars who explore how we might think and theorize about professional service firms and their entrepreneurial behaviours. The Handbook will become a key source for the growing community of researchers in this area.Õ Ð Royston Greenwood, University of Alberta, Canada ÔFor too long, both researchers and practitioners have presumed that professional service firms follow the status quo when they should better understand how these professionals set the rules for globalization. This Handbook reminds us that professionals are as much the shock-troops of capitalism as the multinational corporations that they serve. As this Handbook shows, the leading firms successfully compete with each other by fostering entrepreneurship and innovation in order to service an institutional system that undergirds the international economy.Õ Ð Christopher McKenna, University of Oxford, UK Professional services are increasingly seen as an important foundation for future economic growth and prosperity. Yet research on innovative and entrepreneurial processes in professional services has been surprisingly scarce. This Handbook provides a collection of original contributions from leading scholars outlining the current stock of knowledge in the area as well as providing directions for further research. The expert contributors discuss entrepreneurship and innovation from a number of different perspectives, including the entrepreneurial professional team, the entrepreneurial firm and the institutional environment. The first part of the book looks at the challenges of entrepreneurship specific to the professional service firm while the second explores the creation and exploitation of entrepreneurial opportunities in the professional service team. Part III turns to the organization and Part IV to the management and growth of the entrepreneurial professional service firm. The final part discusses the interplay between professions, firms and the institutional environment. Researchers, scholars and PhD students in the areas of entrepreneurship and professional service firms along with advanced students of management will find this volume of great value.

Managing The Professional Service Firm

Managing The Professional Service Firm PDF Author: David H. Maister
Publisher: Free Press
ISBN: 9780684834313
Category : Business & Economics
Languages : en
Pages : 400
Book Description
International expert and consultant David Maister offers a brilliant and accessible guide to every management issue at play in professional firms. Professional firms differ from other business enterprises in two distinct ways: first, they provide highly customized services and thus cannot apply many of the management principles developed for product-based industries. Second, professional services are highly personalized, involving the skills of individuals. Such firms must therefore compete not only for clients but also for talented professionals. Drawing on more than ten years of research and consulting to these unique and creative companies, David Maister explores issues ranging from marketing and business development to multinational strategies, human resources policies to profit improvement, strategic planning to effective leadership. While these issues can be complex, Maister simplifies them by recognizing that “every professional service firm in the world, regardless of size, specific profession, or country of operation, has the same mission statement: outstanding service to clients, satisfying careers for its people, and financial success for its owners.”

The Oxford Handbook of Professional Service Firms

The Oxford Handbook of Professional Service Firms PDF Author: Laura Empson
Publisher: Oxford Handbooks
ISBN: 0199682399
Category : Business & Economics
Languages : en
Pages : 561
Book Description
Over the past three decades the Professional Service Firm (PSF) sector has emerged as one of the most rapidly growing, profitable, and significant in the global economy. In 2013 the accountancy, management consulting, legal, and architectural sectors alone generated revenues of US$ 1.6 trillion and employed 14 million people. PSFs play an important role in developing human capital, creating innovative business services, reshaping government institutions, establishing and interpreting the rules of financial markets, and setting legal, accounting and other professional standards. The study of PSFs can offer insights into the contemporary challenges facing organizations within the knowledge economy, and deepen understanding of more conventional organizations. Despite their significance, however, PSFs have until recently remained very much in the shadows of organizational and management research. The Oxford Handbook of Professional Service Firms marks the coming of age of PSF scholarship with a comprehensive and integrative exploration of current research and thinking on PSFs, featuring contributions from internationally renowned scholars in the fields of organizational and management studies. It is divided into three distinct sections - the professions, the firms, and the professionals that work within them - and covers subjects from governance and leadership to regulation, entrepreneurship, and diversity. Bringing together a broad range of empirical and theoretical perspectives, the Handbook offers many potentially important insights into the contemporary challenges of organizations in the knowledge economy and suggests new lines of inquiry that may shed further light on the activities and performance of PSFs and the professionals who work within them.

Strategic Management of Professional Service Firms

Strategic Management of Professional Service Firms PDF Author: Bente Løwendahl
Publisher: Handelshojskolens Forlag
ISBN:
Category : Professional corporations
Languages : en
Pages : 180
Book Description
"In this third revised edition the following issues are discussed among others: To what extent are professional service firms (PSFs) different? When is a service (not) professional? What are particular challenges in managing PSFs? What are important strategic issues for PSFs? Hiring, training and keeping the right people. Competing for, gaining, delivering, and learning from the ""right"" client projects. Delivering the ""right"" kind of services the ""right"" way."

Never Say Sell

Never Say Sell PDF Author: Tom McMakin
Publisher: John Wiley & Sons
ISBN: 1119683785
Category : Business & Economics
Languages : en
Pages : 256
Book Description
Learn the secrets of how recurring revenue is driven at expert firms like BCG, KPMG, EY, and more Never Say Sell: How the World's Best Consulting and Professional Services Firms Expand Client Relationships explains how to scale individual engagements into long-term business relationships. Cowritten by Tom McMakin, the coauthor of How Clients Buy and expert in account development, and colleague Jacob Parks, this book provides insights from key rainmakers at firms like Accenture, IBM, and more into how they drive growth from existing relationships. Never Say Sell is a business development guide for professional service providers like consultants, accountants, and lawyers, whether they are sole proprietors or members of account teams tasked with expanding key accounts. Doing good work with existing clients is not enough to have them come back to you again and again. You must do more. This book explores the techniques and methods that leading professional service providers use to add value, cross sell, and drive recurring revenue from existing engagements. Never Say Sell will help you turn one-and-done clients into some of your most exciting and lucrative relationships. It is a must-have for any professional who benefits from repeat business.

Professional Services Marketing

Professional Services Marketing PDF Author: John E. Doerr
Publisher: John Wiley & Sons
ISBN: 1118688430
Category : Business & Economics
Languages : en
Pages : 368
Book Description
A proven approach to revenue-generating marketing and client development Professional Services Marketing is a fully field-tested and research-based approach to marketing and client development for professional services firms. The book, now in its Second Edition, covers five key areas that are critical for firms that want to grow and become more profitable: creating a marketing and growth strategy; establishing a brand and reputation; implementing a marketing communications program; executing lead generation strategies; and developing business by winning new clients. You will also read real-world case studies that illustrate major points, as well as quotes and stories from well-respected professionals in the industry. The Second Edition features new research and updates throughout, including new chapters on social media and online marketing, as well as new case studies and interviews Authors Mike Schultz and John E. Doerr are the coauthors of the Wall Street Journal and Inc. Magazine bestseller Rainmaking Conversations and Professional Services Marketing; Lee W. Frederiksen is coauthor of Online Marketing for Professional Services Will be widely promoted via multiple online routes and direct mail marketing Firms of any size can use this proven approach to marketing and client development to attract new clients and grow their professional service businesses.

The Art of Managing Professional Services

The Art of Managing Professional Services PDF Author: Maureen Broderick
Publisher: Prentice Hall
ISBN: 9780132101813
Category : Business & Economics
Languages : en
Pages : 288
Book Description
Today, millions of people work at over one million professional service firms generating over $2 trillion in revenue annually. These firms face unique issues that are not fully understood by management thinkers and consultants. Making matters more complex is that many of these firms stand at a crossroads, searching for new strategies and practices to succeed in a radically new economy. In The Art of Managing Professional Services, Maureen Broderick offers the solution. Broderick has brought together modern best practices for these and other crucial areas of professional services management: · Building, communicating, and maintaining shared vision, values, and culture · Recruiting, training, and evaluating people · Crafting the right strategies, portfolio, and mix of clients · Innovating and sharing knowledge · Financial planning, metrics, and reporting · Positioning: brand, marketing, and sales · Defining effective partnerships: equity, selection, and compensation · Ensuring responsibility and accountability · Organizational design, structure, governance, and systems · Leading effectively, and growing the next generation of leaders This book reflects Broderick & Co.'s unparalleled research into professional services management, including 200+ executive interviews with leaders and innovators in organizations of all sizes and types.