Why some firms fly

In December 2009, I shared my experience over 25 years in consulting to professional service firms at our final First Movers seminar for the year. The response was overwhelmingly positive, so I thought I’d share the key takeouts.

Why some firms fly – reason #1:

Very few firms have or can develop true structural advantages, i,e. most firms are at parity with their competitors in what they offer to a given market, so can’t differentiate themselves by what they do or who they serve. Firms that fly find competitive advantage in how they conduct themselves, not in what they do.

Why some firms fly – reason #2:

Managing the capital structure and reward system, whilst critically important, is not sufficient to drive superior sustainable performance. Firms that fly realise this and invest in a trusted reward system, built on theories of psychological equity.

Why some firms fly – reason #3:

Espoused values that are not consistently lived and applied to all with out fear or favour are not values, simply part of the wall paper. Firms that fly have a shared vision, shared values, shared power underpinned by excellent leadership and management.

Some comments from participants:

“Experience and wisdom made accessible”

“Topic may be taken back to the office and applied in real circumstances”

“George identified some of the tougher issues that we tend to avoid dealing with”

“Clear model to explore opportunities for success in professional services”

“Examples provided clarity and were insightful”

Video clips to come in early 2010 – stay tuned.

Tags — PSFs, strategy

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