The top three sectors in professional services, IT consulting, legal services and architectural and engineering services according to Hoovers, continue to see new potential in the newly emerging small business market. Firms that are nurturing smaller accounts in greater volume will be searching for new professional services business software to manage new projects and portfolios.
As lenders remain bullish on “very small business loans” thanks to strong returns in this new market, entrepreneurs will be looking for simple, cost-effective business management software that will get them up and running quickly.
IT Consulting Services
This is good news for IT services professionals. Getting in on the ground floor as the trusted technology advisor with up-and-comers is critical to nurturing long-term large accounts. Cloud based software like Microsoft Dynamics GP from myGPcloud gives consultants the ability to offer clients the power of choice to grow in the cloud and then migrate to on-premise in the future. IT services professionals that advise small businesses to leverage these solutions now, can expect to see larger scale implementation services accounts down the road.
Commercial real estate markets have seen steady recovery progress since the collapse in 2008, according to the National Association of Realtors, and will continue to see improved progress in the coming months.
“The stabilization that we have seen in the commercial real estate markets during the past year has added greatly to the ‘cautiously optimistic’ outlook we have for the year ahead,” said Matthew Kimmel, principal and U.S. real estate sector leader for Deloitte Transactions and Business Analytics LLP in a recent statement. “Overall, we see the potential for moderate and continued growth in the volume of commercial property transactions and in property prices.”
New investment will naturally lead to new starts through the end of the year and into 2015, and architectural services firms who may have been putting off new internal technology overhauls for the past five-plus years can be expected to reinvest in IT as they gain more confidence. There are a number of cloud-based professional services business software options. Decision makers should seek solutions that offer the full power of Enterprise Resource Planning without the huge upfront and ongoing cost of implementing and maintaining on premise ERP, rather than stringing together disparate systems for financials, customer service, payroll and other critical processes.
Legal services too are reaping the benefits of recovering economy as more business transactions mean more business for attorneys and law firms. As with IT consulting, the rise in very small business loans likewise creates new clients for small business attorneys. For firms that need secure client management software, cloud might not seem like the logical choice, but with technology advances and specialty shops like myGPcloud that can offer the highest standards of security and compliance, cloud is actually a better choice than in-house or homegrown solutions.
The legal industry is notoriously behind in the realm of technology solutions, but as mobile and social technologies have become popular in all industries, keeping up with IT trends is increasingly important to law firms. myGPcloud makes it easy with automatic updates and security and compliance support.
Professional Services Business Software
For smaller shops in any of these professional sectors, solutions that offer project costing and project management, portfolio management and financial management tools are critical in this new competitive market. Equally critical in the emerging small business environment is agility and the ability to provide services on the go while remaining secure and compliant.
The latest cloud based professional services business software offers these tools plus mobility for anytime anywhere access to client data and role based analytics dashboards so professionals in any sector can drive growth as the economy builds strength.