How to Lead a Values-Based Professional Services Firm

Introduction

Twenty or thirty years ago, businesses did not think about why they sold the services or products they did. Business owners and C-level executives did not give much thought, if any, to their firms’ beliefs and values. Conventional wisdom at the time was simply “we provide a service to our clients in a professional manner, and they pay us accordingly.” Profits were determined by how effectively and efficiently executives ran the firm. Until now, there was none better at explaining all this to us than David Maister in his seminal work, Managing the Professional Service Firm.

From a management standpoint, those practices are still valid, and no one was more respected than Maister, but there is a missing strategic piece: brand foundation. While running a business in the 21st century, particularly with regard to brand and culture, we find a drastically different world since Maister's work—for companies, employees, and customers. People want to know what you stand for and what you believe in, because it is no longer enough to work with a firm that offers excellent services; clients want to work with firms which align with their own beliefs and values. Customers want more than a transaction; they seek conversation and collaboration. Like any leader of a professional services firm, you probably focus on growth goals, increased sales, and streamlined efficiencies to increase profitability. We offer a different perspective: if you shift your focus to running a purpose-led, ...