Greg Alexander

Pro Serv Blogs

Managing Your Fractional CFO: The Essential Dos and Don’ts for Small Service Firm Owners

As the owner-operator of a small service firm, be it an HR consulting firm, a lead generation marketing agency, a systems integrator for tools like HubSpot and Salesforce, or any other specialized service, you understand the challenges of wearing multiple hats. One crucial aspect that often gets overlooked is financial management, especially for those without a strong financial background. Hiring an external fractional CFO can significantly bolster your financial strategy, but it’s not without its pitfalls. Many owner-operators are not fully leveraging this resource, primarily due to a lack of financial acumen, resulting in not getting their money’s worth. This post aims to guide you on effectively managing your fractional CFO, ensuring that you get the insights and support needed to grow your business. Here are 10 dos and 10 don’ts to help you maximize this partnership.

Pro Serv Podcasts

Episode 194 – How to Grow Revenue and Stop Wasting Time with the Wrong Prospects – Member Case by John Ikosipentarhos

Are you struggling to grow revenue and win new business? Do you know the trigger events that put prospects in the market for your services? Are you talking to the wrong prospects? In this session, we’ll dive into strategies for identifying these trigger events and refining your ideal client profile (ICP) enabling you to offer a focused, niche service that resonates with the right prospects. Gain actionable insights on how to continuously focus your ICP to recognize when clients enter your market, helping you attract and win ideal clients that lead to revenue growth. Whether you’re defining your ICP for the first time or sharpening it further, this session will provide you with practical strategies to grow your business by targeting clients with high potential for alignment and success.

Pro Serv Blogs

A Tale of Transformation: From Cash Accounting Chaos to Accrual Clarity

In the bustling world of boutique professional service firms, where expertise and innovation drive success, there lies an often-overlooked aspect of business that can make or break even the most visionary entrepreneurs: financial management. Today, I want to share a compelling story from within the Collective 54 community—a tale that underscores the critical importance of sophisticated financial practices and how embracing expert advice can lead to transformative outcomes.

Pro Serv Blogs

Avoiding Common Pitfalls: Financial Reporting Mistakes Small Service Firms Make

In small service firms financial reporting is a crucial aspect that cannot be overlooked. Whether you’re an architect, run an accounting firm, or lead a consulting business, accurate and timely financial reporting is essential for informed decision-making and strategic planning. However, amidst the hustle of everyday operations, it’s easy to fall prey to common financial reporting mistakes that can significantly impact your firm’s financial health. Here are eight common pitfalls to avoid:

Pro Serv Podcasts

Episode 193 – Navigating a Partial Exit: Strategies for Maximizing Value and Retaining Control – Member Case by Travis Carey

As founders, many of us dream of a successful exit, but what happens when you’re ready to sell part of your business while keeping a stake in its future growth? In this session, we’ll explore the dynamics of a partial exit—a strategy that allows founders to take some chips off the table, while still staying involved and benefiting from the company’s ongoing success. Whether you’re considering selling a minority stake or a significant portion of your business, this session will arm you with the strategies, insights, and practical knowledge you need to approach a partial exit with confidence. Join us to learn how to unlock value while keeping a seat at the table for future growth.

Pro Serv Blogs

Harnessing AI to Redefine Scale in Professional Service Firms: A Blueprint for the New Era of Profit

The professional services industry has long faced an inherent challenge: scaling the business without proportionally scaling costs. Historically, every new client, project, or engagement has come with its own set of variable expenses, from employee time to specialized expertise. The arrival of artificial intelligence (AI), however, promises to turn this dynamic on its head by reducing the marginal cost of adding a new client to zero—or close to it. This shift is a game-changer, especially for firms in consulting, law, accounting, and other advisory domains where people have traditionally driven performance.

Pro Serv Blogs

Navigating Compensation Changes: Essential Insights for Professional Service Firm Founders

In the dynamic world of professional services, from marketing agencies and consulting firms to providers of fractional executives, navigating the intricacies of co-founder compensation is a critical aspect of maintaining harmony and fairness within the leadership team. With approximately 80% of professional service firms operating as partnerships, the question of how to adjust partner compensation equitably is a recurring challenge.

Pro Serv Podcasts

Episode 192 – Unlocking the Power of Fractional CxOs: Insights for Scaling Your Business – Member Case by Paul Theisen

Many boutique pro serv firms are hesitant to pursue large deals without a delivery team in place or have concerns that they can hire to meet demand without compromising on quality. Join this session to learn from a pioneering firm that has developed a unique approach to solving talent supply chain challenges when pursuing large deals. Ben Johnson, CEO at Particle41 will share the innovative strategies that the firm uses to ensure they have the right people in place to deliver on large deals.

Pro Serv Blogs

How to Properly Pay Yourself as a Founder of a Boutique Professional Service Firm

Founders of boutique professional service firms, such as consulting firms, marketing agencies, and software development firms, often face a common dilemma: how to structure their own compensation. This critical decision can lead to problematic outcomes: not paying oneself, underpaying, or overpaying. The solution lies in understanding and applying a dual-role compensation method that accurately reflects the value a founder brings to their firm.

Pro Serv Blogs

10 Tips for Entrepreneurs to Go the Distance in Professional Services

As entrepreneurs in the professional service firm arena, we often embark on a journey with dreams of scaling our businesses, achieving success, and ultimately reaching the coveted exit. However, the reality is that many founders falter along the way, lacking the endurance required to go the distance. In a world where millions of firms are started each year, only a select few make it to a successful exit. Why? Because the path is long, challenging, and demands unwavering mental toughness.