Growth drivers of an LLP require a balance between individual practices and a “one firm” approach
One of the largest environmental consulting firms operates as an LLP with more than 15 different practice areas and individual partners manage their own book of business.
The business challenge
As the economic downturn occurred, the deficiencies in the model were exposed as individual partner’s books of business suffered, and lack of cross-selling impacted the revenue of the firm.
The Baker Tilly solution
The firm engaged Baker Tilly to help them establish a cross-selling infrastructure that would be seamless to the partners, maintain their “meritocracy” environment and help grow overall revenues.
Baker Tilly analyzed the practices’ revenue and defined an overall “entitlement” model that created projected cross-selling potential. A broad Voice of Customer analysis was conducted to determine the customer’s propensity to purchase additional services in a cross-selling environment. A communication and opportunity tracking system was then implemented to allow partners to easily communicate potential cross-selling opportunities and allow for cross-practice engagement.
In addition, Baker Tilly defined a simple, yet compelling revenue recognition model to reward cross-selling behavior and results.
The firm saw a 50 percent increase in cross-selling wins and an overall growth rate improvement of 12 percent year over year.
Baker Tilly specialists provide a full range of tax, accounting, assurance, and advisory services to professional services firms. We specialize in helping firms focus on key procedures and operating practices to improve your operations and financial results. Connect with Baker Tilly at 800 362 7301 or bakertilly.com.