Professional Services
Professional services firms are constantly challenged by a dynamic business and economic landscape. The impact of digitisation, cloud services and evolving technology has been significant, reshaping both staff and client expectations. The demand for workforce flexibility and accessible, convenient technology has granted staff greater autonomy, while clients now expect heightened transparency, rapid delivery, and an enhanced client experience. Striving to meet these elevated expectations for both clients and staff poses a constant challenge for firms, affecting productivity, service delivery, and overall growth. Our approach at Holman Hodge is to develop a collaborative partnership with clients to navigate these challenges, based on experience and trust.
Holman Hodge are specialists in advising professional services firms and practices. Our extensive network of professional services providers spans engineering, legal, personal, and professional development, human resources, architects, organisational development, financial and wealth advisors, and consultants, many of whom are our clients. We provide financial, taxation, structuring and business advisory services, with a focus on growth and sustainment. With insights gained from our network and clients, coupled with experiences as a professional services firm ourselves, we know and understand the challenges this sector is facing
We look at things differently
The age-old adage that “time is money” resonates strongly in the professional services sector, where optimising resource allocation and maximising billable hours remain perpetual struggles. The advent of new pricing models, driven both by technology and value-driven pricing, further complicates the path to progress. Amidst these challenges, the relentless threat of cyber security looms, requiring constant vigilance. Despite these hurdles, there are enormous opportunities for professional services firms and our approach is to tailor services to support you in each and every one.
Start up
Whether you are establishing your firm independently or in partnership, there are many considerations at the outset that will set in place a solid grounding for your success. While a partnership model might historically have been the norm, is it appropriate for you? We’ll step you through the decision points to establish the right structure for your ambition, while considering equity and remuneration models, tax obligations, profit distribution, and more. We’ll also assist you in establishing your operational and pricing foundations, tailored to suit.
Manage & grow
Managing your professional services firm requires timely access to information for planning and decision making. Holman Hodge can support you with advice ranging from daily team and time management to future project resourcing, from budgeting to cash flow planning and management. Our goal is to support you with systems and processes to build efficiencies and enable productivity and growth.
Whether you organically grow or do so by welcoming new partners, or through merger and acquisition, we have experience to support you with both. We also know that with it comes the challenges of change management. Aligning risk profiles, welcoming new team members, adopting new systems, merging marketing and business development efforts, managing client expectations, aligning partner expectations, equity models and more. No matter how you grow, Holman Hodge will act as your strategic advisor and sounding board.
Transition options
In planning you’re your retirement or that of any of your business partners, or possibly succession to the next generation, there are many considerations to be had. There are the financial discussions and implications; business valuation, equity, loan management or sale and then there are the business succession considerations. Retaining, attracting, and transitioning equity participants, estimating tax liability of departing partners are all discussions we can support you with.
Wealth management
Holman Hodge provides you with advice around wealth accumulation, business structures and tax implications, superannuation and estate planning throughout your career, not just as you transition to retirement.
Explore the range of services we provide to professional services clients.
Get in touch to arrange a meeting with our professional services accounting and advisory experts.