This professional service firm (CPA/Accounting) had a good reputation and revenue showed consistent growth. However, profit margins were declining due to client mix changes and inefficiencies within the operation.
To increase net profit by increasing team productivity, improving systems for efficiency, and refocusing marketing on higher margin clients in strong niche areas.
- Analyzed and modified critical systems and procedures, including service delivery and billing, to improve quality assurance, customer satisfaction, and profitability.
- Revised organization structure for optimal efficiency. Developed position descriptions, clear team goals, performance bonus program, and an employee appraisal system that supports team development.
- Clearly defined ideal market segments and services. Then built delivery procedures with service level requirements and marketing to support each segment. Walked away from some business.
- Established procedure to bring on new clients and get them started right.
- Developed method to stay connected with clients and prospects throughout the year.
- Updated website to reflect new focus, provide resources and support for target customers, and generate new quality leads for the business.
Within 12 months, realized revenue increased 11% and profit increased by 18%. In addition, the employee satisfaction scores increased 5.3% over the prior year.
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