Art of Managing Professional Services Insights from Leaders of the World's Top Firms

ISBN-10: 0137042523

ISBN-13: 9780137042524

Edition: 2011

List price: $34.99
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Description: Today, millions of professionals 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. This book is the solution. Maureen 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.

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Book details

List price: $34.99
Copyright year: 2011
Publisher: Wharton School Publishing
Publication date: 10/24/2010
Binding: Hardcover
Pages: 320
Size: 6.50" wide x 9.50" long x 1.00" tall
Weight: 1.210
Language: English

Foreword
Acknowledgments
About the Author
Introduction
Professional Services
Characteristics, challenges, and leadership model
Common Characteristics of Successful Firms
It's Not All Good News
The Broderick PSF Leadership Model
Shared Vision, Values, and Culture
Building, communicating, and maintaining
Five Essentials of Vision, Values, and Culture
Embedding Values and Culture
The Reinforcement of Values and Culture Begins with Recruiting
Telling the Firm's Story Reinforces the Culture
Teams Teach You How to Live and Work in the Firm
Constant Communication Is Critical
Celebrate and Reward Good Behavior
Making Values Stick
Revitalizing Vision, Values, and Culture
Chapter Summary
People
Recruitment, training, and evaluation
Seven Essentials of Talent Management
Recruiting: Refreshing the Ranks
Interviewing and Selection: Choosing the Best Candidates
Mapping a Career Path
Training: Fostering Connectedness and Commitment
Mentoring: Providing Personal and Professional Support
Performance Evaluations: Frequent and Thorough Feedback
Diversity Looms Large-and Will Continue to Pose a Major Challenge
Chapter Summary
Portfolio
Strategy, client mix, and relationship management
Five Essentials of Client Portfolio Management
Mastering the Client Management Life Cycle
Strategically Plan and Review the Client Portfolio
Onboard New Clients
Sustain and Grow Accounts
Solicit Client Feedback
Review and Measure Results
Chapter Summary
Services
Strategy, innovation, and knowledge sharing
Four Essentials of Successful Service Portfolio Management
Follow the Service Strategy Cycle
Review the Service Portfolio
Stimulate and Capture New Ideas
Select the Best Ideas, and Take Them to Market
Share Knowledge
Four Essentials of Knowledge Management
Chapter Summary
Finance
Planning, metrics, and reporting
How Do the Top Firms Manage Finance?
Financial Planning and Budgeting
Forecasting
Metrics to Monitor the Business
Revenue
Profitability
Utilization
Pricing
Leverage
Performance Efficiency
Early Warning Signs
Reporting
Transparency and Accountability
Chapter Summary
Positioning
Brand, marketing, and sales
Five Elements of a Successful Market Strategy
The Power of Brand
Determine the Market and Brand Positioning
Embed and Build the Brand
Keep the Message Clear and Consistent
Regularly Test Brand Strength
Marketing
Sales
Building a Marketing and Business Development Plan
Firm-wide Brand Initiatives
Business Unit Plans
Master Plan, Timeline and Budget, Tracking and Measurement
Thought Leadership: The Most Powerful Way to Grow the Business
The Role of the Marketing Professional
Areas of Focus for the Marketing Department
Chapter Summary
Partnership
Equity, selection, and compensation
Six Characteristics of Enduring Partnerships
Selecting an Ownership Structure
Advantages and Disadvantages of Ownership Structures
Public Versus Private
To Sell or Not to Sell
Equity Programs to Attract and Retain the Best
Rewarding the Partners: Dividing the Pie
Distribution Models
Evaluating Performance
Partnership Performance Criteria
Partnership Selection: A Pivotal Decision
Criteria for Promotion to Partnership
Partner Promotion Process
Chapter Summary
Strategy
Process, responsibility, and accountability
Why Strategic Planning Matters
Five Essentials for Successful Strategic Planning
Orchestrating the Planning Process
Long-Term Planning
Annual Planning
Review, Monitor, and Update
Accountability
Chapter Summary
Structure
Design, governance, and style
Why Getting It Right Is So Challenging
Seven Essentials for a Successful Infrastructure and Governance Model
Organizational Structure: The Scaffolding That Supports the Firm
Board of Directors: Composition and Selection
Chairman: Selection and Role
CEO: Selection, Role, and Succession
Management Committee: Composition and Selection
Business Units: Structure and Seat of Power
Other Functions/Special Initiatives
Administrative Support
Changing the Structure
Governance Style
Chapter Summary
Style of Leadership
Characteristics, grooming, and advice
Essential Characteristics of a Successful Leader: Emotional Intelligence and People Skills
Good Influencer/Builder of Coalitions
Inspirational and Passionate
Visionary
Good Listener
Good Communicator
Understands the Business
To Bill or Not to Bill
Grooming a Global Leadership Corps: Finding and Nurturing Future Leaders
Some Parting Advice for Leaders
Author's Note
Index
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