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How COVID-19 Is Impacting Professional Services Firms

By Snap Agency June 8, 2020

We’re several months into the COVID-19 pandemic, and new health discoveries and shifting government regulations haven’t made growing your business during this time any easier—especially if you’re a professional services firm. These firms have experienced both positive and negative outcomes during this time, whether from legal responsibilities, client cancelations, revenue loss, or something else. Today, we’ll examine several ways in which these firms are being affected, and what they’re doing to grapple with this new normal.

Challenges for Professional Services Firms During COVID-19

Marketing has never been an easy playing field, but professional services COVID marketing is that much harder. Fortunately, professional services firms are finding innovative ways to handle challenges like supply chain delays and social distancing regulations.

Client Delays and Cancelations

It’s no surprise that clients are putting consultations on pause during this time—after all, from their end, the visit to the family accountant or yearly vet appointment can often wait a month or two. The problem is, these cancelations and delays put employees’ livelihoods at risk, and a firm’s financial burden can quickly grow too big to manage.

Luckily, firms are leveraging digital mediums to keep customers in the loop. COVID-related newsletters and social media posts are a dime a dozen these days, but that makes the absence of a firm’s communication all the more glaring. Let’s say, for example, that you’re in finance, and your client, a local business, has been put under financial duress due to COVID-19. Keeping that business up-to-date about a variety of flexible financial plans may be just the aid they need—especially if many a customer order has been canceled.

Financial, Legal, and Ethical Ramifications

Financial strain means laying off or furloughing employees, but in the professional services sphere, some are seeing this as unjust and taking legal action. Firms are caught between a rock and a hard place; on the one hand, COVID-related financial strain means they may be incapable of keeping employees on in the first place. On the other hand, specialized fields, such as IT or engineering, while not necessarily essential work, are arguably vital to have on hand in case of emergencies.

How are firms keeping employees satisfied while not straining their budgets in the process? Many are keeping workers on but reducing hours. Others are being more lenient about flexible work schedules, as employee circumstances are more apt to change. Some are doubling down on communication, ensuring all employees have access to the information they need at any given time. Others still are creating to-do lists for employees to keep teams focused, while being realistic about what is achievable during this period without straining morale.

Opportunities for Firms During COVID-19

Believe it or not, many professional services firms are finding ingenious ways to maintain or even grow business during COVID-19.

Digital Workspaces = Pioneering Digital Business Models

From Zoom calls to utilizing SaaS platforms full-time, many of us have adapted to an entirely digital workspace this past month. And while nothing beats a good old in-person interaction, collaborating virtually with your peers does have its pluses.

If you’re a professional services firm, immersing yourself in the technology that dominates your field will make you an even more savvy company. Many professional services operate primarily on in-person consultations, which means their tech literacy may be lacking. What better time to brush up on those skills than now, when a significant portion of the public is using this same technology at home? And once you’ve got a handle on your digital workspace, it’ll be that much easier to gather data and analytics on clients, suppliers, employees, and related statistics that will help you refine your business model.

What does your ideal digital business model look like? Maybe it means amping up your professional services firm’s SEO game during this time, which will involve researching keyword tools, top-performing marketing agencies, and the like. Perhaps you’re looking for ways to measure your firm’s social media success, or you’re ready to give your homepage a long-awaited makeover. Truly, the options are endless. But if you find yourself stretched thin during these tumultuous times, don’t worry—every little bit helps, and Snap Agency will be by your side every step of the way.

Strengthen Your Professional Services Firm During COVID-19

Managing a broad industry during such a fraught time may sound daunting to some, but not to us. At Snap, we offer professional digital marketing services to businesses, and we want to keep your firm running smoothly during COVID-19.

Since our inception, we’ve helped law firms, insurance agencies, banks, and many other professional services achieve digital marketing success through SEO, web development, data-driven social media campaigns, and much more. Drop us a line today!

 

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