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Rate Your Profit Plans

Rate the items on this list in three ways.

First rank the items from 1 — 19 according to which action will have the quickest impact on profitability.

Then rank the items according to which have the most permanent, long lasting impact on profitability.

Finally for each item rank your firm's performance on a scale of 1 — 5

  • 1 = we have really got this one under control.

  • 2 = we do well on this

  • 3 = we need to improve

  • 4 = we are weak at this

  • 5 = we are not working on this.

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    FactorRank for Quick Impact from 1 to 19Rank for Permanent Impact from
    1 to 19    		Rank Your Firm's Performance in each Area
    1 to 5
    Justify higher fees (specialize, innovate, add more value)
    Increase utilization billable hours per person
    Find ways to use juniors in the delivery process
    Drop unprofitable services
    Drop unprofitable clients
    Improve speed of billing
    Improve speed of collections
    Use marketing to get better work not just more
    Invest in new higher value services
    Develop methodologies to eliminate duplication of effort on engagements
    Help engagement leaders improve project management skills and performance
    Speed up skill building process in staff
    Make greater use of paraprofessionals
    Reduce space and equipment costs
    Reduce support personnel costs
    Deal with underperformers partners
    Deal with underperformers non-partners
    Other specify
    Other specify

    If your firm is like many others, you will discover something like this.

  • 1 = Your list of quick impact profitability improvement tactics is very different from your list of permanent impact tactics.

  • 2 = You probably score your firm best on the short run tactics and least well on the permanent improvement tactics.

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