Leaders in professional services companies have a tough time taking on suitable work, staffing it with the right people, budgeting accurately, ensuring costs are met and protecting profitability. In addition to applying their knowledge and experience, the business’s current plans play a key role and need to be as accurate and accessible as possible.
The accuracy of your individual project planning and budgeting has company-wide implications, your sales teams targeting new projects in line with the gaps set out in the agenda. Picking the right projects for the time and resources you have available will underpin your success. With that in mind, we discuss three key ideas to help you map out the future as accurately as possible.
DSO is a measure of the average number of days it takes a company to collect revenue after a bill has been issued. In real terms, this gives you an idea of how effective your company is in keeping the cash flow going – ensuring that the money you need to meet your monthly (payroll!) expenses is available.