This note discusses the importance of having a clear and consistent strategy in a professional service firm (PSF) and how implementing strategy is different in PSFs compared to commercial and industrial organizations. The note discusses how practice strategy involves positioning the practice on a spectrum of services and aligning the organization and its professionals to the position. However, practices are continuously subjected to forces that change their positioning. To be successful, practices must dynamically reposition or realign themselves. The note concludes with a discussion of the corporate strategy challenges facing multipractice professional service firms.
The note provides a conceptual foundation to enrich classroom discussion of professional service firm strategy and positioning.
Business Policy, Leadership, Strategy Implementation, Strategy formulation