Modeling Growth Strategies For Professional Service Firms

Making professional service firms (PSFs) such as management consultants, IT consultants, creative agencies, and law firms grow is particularly hard for a number of reasons:

You are not only competing for customers but also for human resources. When there is a strong demand for services, there is mostly also a strong demand for fresh talent.

Training professionals and managing your firm's know-how is tough.

You need these professionals both to acquire new business and also to deliver the associated service.

If you do not do this well, you can easily end up with an oscillating business where you first have too much business, but too few professional resources, then you have too little business and too many resources, and so on. In this meetup, we tackled this problem from a computational perspective, using the Business Prototyping Toolkit: we first illustrated a simple dynamic model of professional service firms and then used that model to investigate alternative growth strategies.

The event started with an online presentation – we then opened up a "virtual coffee lounge" with a video share and online whiteboard for post meetup discussions.

The meetup was held as an online presentation on 17.02.2022.

You can find the Jupyter Notebook that we discussed during the meetup on our GitHub Repository.

If you missed the event, you can watch a live recording here:

You can find recordings and materials from past meetups on our meetup homepage.