Practice turnaround and the role of the Board: an enabler or a brake?

In this series, we are looking at leadership in a crisis.

Practice management, how to spot an underperforming practice and how to turn things around are perennial challenges for professional and financial services firms. These problems which were exacerbated during the pandemic have been brought into sharp relief with recession looming, with practice leaders, firm managements and boards in crisis mode, with little time to focus on the day-to-day practice management.

Building High Performing Practices explores the nature of practice group underperformance and its causes. Our new report examines three key areas of focus that leaders have used to turn underperformance around and put practices onto a growth trajectory. To inform this report, we’ve interviewed 40 leaders across the professional services industry to capture the wisdom from their experiences in leading these changes.

Chapter three focuses on the role of the Board. Boards have risen to the challenges of COVID-19, but as professional and financial services firms begin to move beyond the pandemic they are now faced with extended times of turbulence and economic crisis. Boards have to engage even more actively with the challenges of practice management and underperformance and support their
management teams to ensure that they act as enablers of change, rather than becoming a hindrance.

We look at how Boards can act as a brake to turning around performance and what they should do instead to enable change and growth.

Read chapter three here.

Author
Henry Marsden
Henry is the Managing Partner at PSFI and has worked with over 50 firms in an advisory capacity over the last 20 years in the field. As an experienced consultant and advisor as well as coach, Henry designs, develops and delivers development programmes to professional services clients. His work focus is on leadership development, supporting partner conferences, leadership development programmes, succession planning and top team development.
View Henry Marsden's profile
Author
Mike Mister

Leading in a Crisis: A masterclass for leaders

As part of our leading in a crisis series, PSFI’s Mike Mister chats to James George, part of the senior leadership team at strategy consultants OC&C. James joined the business over 20 years ago and has held a number of roles including Inter...

29th November, 2022
Author
PSFI

Building High Performing Practices in Challenging Times

Building High Performing Practices explores the nature of practice group underperformance and its causes. Our new report examines three key areas of focus that leaders have used to turn underperformance around and put practices onto a gro...

28th November, 2022
Author
Ori Wiener

Practice turnaround and the role of the Executive

In this series, we are looking at leadership in a crisis. Practice management, how to spot an underperforming practice and how to turn things around are perennial challenges for professional and financial services firms. These problems which we...

22nd November, 2022
Author
Mike Mister

Practice turnaround and the role of the practice leader: have you got what it takes?

In this series, we are looking at leadership in a crisis. Practice management, how to spot an underperforming practice and how to turn things around are perennial challenges for professional and financial services firms. These problems which we...

18th November, 2022