Surviving Crises – Crisis Management

In the past, professional service firms were highly profitable and were able to achieve high growth rates. Currently, however, many of these companies are in crisis. The current market situation does not lend itself to reaching growth rates as before, and that even though professional service firms are by definition obligated to permanent growth, due to the career promises they made to their employees. But if they were to honor these career promises, their profitability would be destroyed as a consequence. Customers more and more experienced with consulting services, increased specialization in industries and themes, and the transition of small national shops into worldwide corporations have modified the consulting firm sector. In recent years, growth has mostly come from developing new themes within existing client relations.