The professional services market is a broad market which comprises several occupations, which supports businesses of all sizes and all industries.
Professional services is a broad term that refers to any business or department whose core output is a service or particular expertise, rather than a manufactured product. Examples of this include accounting, advertising and marketing, and legal services.
Consultants also are considered to be working within the professional services industry, again, because they offer their expertise.
Professional services firms exist in many different industries. They include lawyers, architects, accountants, financial advisers, advertising professionals, engineers, and consultants, among others. Basically, they can be any organization or profession that offers personalised, knowledge-based services to clients. Most professional services firms use a leveraging system to maximize profitability.
Singapore Scenario
Singapore consistently ranks as one of the world’s easiest places to do business. That’s why numerous MNCs set up their regional or global HQ here to mine pan-Asian insights, conduct R&D, and deploy regional strategies. This creates aggregated demand for professional services firms to assist MNCs tailor solutions to Asia’s diverse consumer markets and navigate different countries’ commercial systems.
Professional services are nearly as good as their people. Singapore’s productive workforce is ranked among the best in the world (Business Environment Risk Intelligence’s 2011 Labour Force Evaluation Measure Report). Top firms are among the biggest employers here, tapping our well-educated, highly-skilled local professionals as well as our global talent and industry experts.
Challenges
The professional services sector is facing a period of rapid change, and lot of professional services firms face new challenges driven by the downturn in the economy. With clients demanding excellent service delivery as well as value for money, businesses must strive to deliver high quality service while at the same time making prudent use of their resources.
How Bluebox can help you?
Our professional services experts can advise you on not only how to deal with a rapidly changing business environment, but to realise positive advantage from it. Our services include ownership advice, ensuring regulatory compliance, tax minimisation, partnership dispute resolution etc.