Considering the rapid growth so far this year, many firms have set modest targets for the rest of 2021. The median growth target for participating firms is 8%.
The largest firms, with more than $1 billion, are targeting 8% growth even though they have experienced growth of 13.5% in this year’s first half. Mid-size firms are seeking 6% growth and have reached 14% growth so far, while small firms have a growth target of 12% but have experienced 19% first-half growth.
In addition to growth, firms have prioritized adding new services and markets to expand their reach and boost what they can deliver to clients. Many firms also look to acquire practices, but as The Ensemble Practice pointed out the shortage of sellers has resulted in only 2% of participating firms meeting this objective. Furthermore, participating firms also have their sights set on recruiting and developing professionals.