By Suzanne Lowe
What professional service firm (PSF) isn't trying to pursue revenue growth with each of its clients? No matter what sector your firm represents, we call this "cross-selling," or "building a book of business," or (my favorite) "increasing a firm's share of the client's wallet." First your company must acquire that client's engagement or assignment, then retain their business, and then increase its share of that client's wallet.
Sounds like a simple progression of steps, right? Yet growing a PSF's book of business with clients is challenging and complex. Of course, there are the obvious complexities inherent in the way most professional service firms are organized (a matrix of service lines, geographies, industry concentrations or practices). There's the inevitable complication that people are the product.
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