Surviving is not good enough.  Smart companies will make 2009 a "rebuilding" year!  Recessions force us to focus our attention internally to be sure our companies can "weather the storm".  This is the perfect time to prune dead wood from the business and examine the way we do things...everything!  Use this opportunity to work on, not in your business.  As a professional services firm, you probably spend most of your time and energy helping your clients build their businesses while often neglecting your own.

Having been through the sale of a professional services firm, I can tell you that you never know when you may have the opportunity to entertain an offer from a potential buyer.  Once the recession winds down, it will be a buyers' market and you may be approached.  This may not be the optimal time to sell but you will learn a lot by entertaining the offer.  Are you ready to have your company examined under a microscope?  Is your "house" in order?  Do you know what makes your company more valuable than others in the same industry??

According to a recent survey of acquirers and valuation experts called "Top Dollar - How to Achieve a Premium Valuation for your Professional Services Firm" (http://www.pivotalbrands.com/resources/surveys/topdollar.html), there are seven primary factors that drive premium instead of average valuations of professional services firms.  Most of the factors won't surprise you, although their ranking may!  Here they are in order of importance:

Strengh of existing client relationships

Technology

Quality of management team

Marketing strategy

Financials

Employees

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So it is not just about the numbers!  Prior to selling our firm, my former partners and I were able to implement several important initiatives at our company that boosted our value significantly before we were approached by our buyer. 

I would challenge you to think beyond survival and focus on these factors for the remainder of 2009.  Determine how to improve your business practices in each of these areas and then measure the results by developing monthly key performance indicators (KPIs) that include both financial as well as non-financial data.

You may be a somewhat smaller organization at the end of this recession but you will have a high quality foundation on which to grow and build your value even if you are not preparing for an exit!