You’ve made the strategic decision to continue to grow your firm. Now you need to figure out how. While growing a professional services firm is a multi-faceted process, here are 4 key ideas that are especially relevant in today’s environment.

1. Consider Hiring A Business Development Professional

For years, the Big Four accounting firms have used business development professionals. Now, Sarbanes/Oxley and other environmental changes make it a wise best practice for mid-size firms, as well. Although smaller firms have greater potential to pursue larger, more sophisticated clients, they may lack the needed large opportunity development skills.

But it’s more complex than simply hiring the right person. It’s a matter of properly integrating this business development professional into your environment, and educating partners about the potential impact of the decision. For example, business development pros are often accustomed to being paid on commission. What happens if he or she earns more than a partner?

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