Architecture & Engineering
Success in the architecture and engineering industry frequently hinges on an effective plan to address the cyclical nature of the business. It's not simply a matter of entering the market at the right time - it's also consistently making the right decisions about a host of operational issues such as procedures for handling government contract work, the financial requirements that stem from subcontracting, pass-through expense costs and markups, direct costs, overhead allocations, and more.
Legal
Law firms operate in a complex environment that includes not only the intricacies of law and litigation, but also a variety of financial issues that can create serious distractions for partners. For example, many firms fail to adequately address their buy/sell provisions; likewise, even for otherwise well-managed law firms, cash flow issues and year end bunching of receipts can seriously threaten financial stability.
Medical & Dental
The first priority for physicians and dentists is their patients. However, many physicians and dentists can be distracted from the goals of their practice by complicated tax and accounting issues, such as establishing efficient procedures for electronic billing to insurers, creating sound buy/sell provisions, handling purchase/buy-in arrangements for new doctors, structuring fringe benefits for high wage earners, and protecting personal assets from professional liability. By obtaining the necessary guidance and support to overcome these challenges, medical and dental practices are able to return their focus and attention to their patients.
Public Relations
The Greater Washington Metropolitan area is one of the nation's most competitive markets for public relations services. In such an environment, it's easy to understand how owners and partners can become distracted from overseeing important ongoing financial procedures and safeguards. However, matters such as handling large out-of-pocket advances for costs and making certain to maintain the profitability in large fixed cost contracts can have a huge effect on the capabilities and profitability of public relations firms.