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  { Professional Services }

 

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        Strategic Planning
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        Construction
        Manufacturing
        Performing Arts
        Professional Services
        Retail
        Other Industries
 
 

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Distinguishing Characteristics:

    Professional services firms typically have one product to sell:  time.  While overhead costs are low and materials costs are almost nonexistent, labor consumes the vast majority of a firm's revenues.  Companies in these industries often bill on an hourly basis, and labor costs should be directly correlated to revenues.

  • Accounting Firms
  • Consulting Firms*
  • Hair Salons
  • Law Firms
  • Staffing Agencies

    With these types of companies, most of our time in the project is spent on labor productivity, billing and customer service issues, and compensation systems that more closely tie pay to performance.

*(yes, we have advised other consulting firms)

Actual Client Results:

Home Healthcare Staffing Company:  annual revenues of $1,025,000 and $270,000 additional annual net income from re-staffing with qualified professionals.

Prison Staffing Company:  Annual revenues of $15.2 million and $135,000 saved annually through revised bidding processes and limiting unprofitable services.

Law Firm:  Annual revenues of $540,000 and $44,000 saved annually through revised A/R collection policies and improved billing procedures.  Overall, the law firm appeared to have lost $900,000 over the previous four-year period due to uncollected invoices.

Law Firm:  Annual revenues of $375,000 and over $100,000 saved annually through realigning workloads.  This client is discussed in greater detail under Case Studies.

Accounting Firm:  Annual revenues of $1.8 million and $171,000 saved annually through improved labor productivity from revised billing practices and workload balancing.

Medical Staffing Company:  Annual revenues of $800,000 and $125,000 saved annually through improved billing practices and labor productivity.

Hair Salon:  Annual revenues of $760,000 and a proposed $119,000 saved annually through controlling payroll costs.  This proposal was met with resistance, as the client preferred to use a non-standard compensation system based on an hourly wage sliding scale, rather than either:  (1) renting booth space to stylists for a fixed amount, or (2) collecting a percentage of each stylists' revenues.  Regardless of the compensation system a business chooses, if revenues decline, payroll costs must also decline, or the business will incur losses.  In this particular project, the client opted to continue fine-tuning his existing hybrid system despite the cost.

 

 

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