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 recent BVR survey, with results published in the new report, Firm Economics & Best Practices Guide: For Business Valuation, Forensic, and Litigation Support Professionals, 2019/2020 edition.
According to the report, the BVFLS industry seems to be on an uptick. What are some of the specific practices used to guarantee these great results? A partial list of the most successful new management practices or policies are listed below.
These practices are in reaction to what respondents to the survey say are the most pressing management-related challenges they face at their firms. New client development, quality control, and keeping up with business valuation standards top the list of challenges that most concern BVFLS professionals, as shown below.
These challenges at the firm level are consistent with what respondents see with the profession as a whole. The most pressing issues they see the profession facing are:
- Maintaining valuation report quality;
- Downward pricing pressure for BVFLS services; and
- A lack of professional independence by some practitioners.
Many of the concerns mentioned above are daunting, and it can only be hoped that the profession as a whole can make progress on minimizing these problems in 2019 and beyond.
To see the complete survey and analysis, be sure to check out the full report, BVR Firm Economics & Best Practices Guide, 2019-2020 edition, that includes responses from over 160 BVFLS firms with data on over 330 BVFLS firm owners/partners and over 1,200 professional staff that are included in the management and compensation sections.