A focus on quality control, the improvement of work product output, as well as the support of staff are among the most successful new management practices or policies business valuation, forensic, and litigation support (BVFLS) firms used over the past year, according to a BVR survey. Based on the results of this survey, the BVFLS industry seems to be on an uptick. What are some of the specific practices used to guarantee these great results? Here are a few responses:
- “Investing in our people”;
- “Being focused on what we do well”;
- “Improved valuation templates”;
- “Mentoring and working one-on-one with staff”;
- “Using a long-term perspective through the client ownership life cycle”;
- “Implementation of our strategic marketing plan”;
- “Implementing a valuation software standard and moving away from spreadsheets”; and
- “Focus on industry specialization.”
The survey and analysis is in the BVR Firm Economics & Best Practices Guide, 2019-2020 edition, which is based on responses from over 160 BVFLS firms collected during September 2018 and October 2018. The guide presents a thorough analysis of best practices in financial management, marketing, human resources, compensation, and professional and ownership standards. Data on over 330 BVFLS firm owners/partners and over 1,200 professional staff are included in the management and compensation sections.