Making more money is growing revenue is not just about getting more clients. If you are looking to become more profitable, you won’t want to miss this Law Watercooler podcast. Simply hit the play button below and learn how you can make you firm more profitable.
Are you struggling to manage the growth of your practice or firm? You will want to watch this Watercooler Podcast as I delve into various considerations you will want to focus on as you grow. Simply hit the play button below and enjoy!
To kick off 2018 I’ve created a new LinkedIn Group-Professional Services Marketing Group.
The purpose is twofold. 1st, to offer a forum where professional service providers can share insights and knowledge, wins and challenges as they grow their businesses. There is power in collective wisdom.
The 2nd goal of this group is to allow you to network ‘virtually’ with other professionals; build relationships and develop more referrals.
The concept of the ‘Mastermind Group’ comes from author Napoleon Hill, in his book “Think and Grow Rich”, published in the early part of the last century. I’ve always loved the concept and many of my clients have and continue to use this strategy to grow their businesses.
Join here
And then invite your best referral sources and contacts to join. The more members, the more collective wisdom and the potential to build more relationships leading to more referrals, leading to more business.
#businesscoach #mastermindgroup #growyourbusiness
I know this is a real challenge for some of you to balance your own lawyering, with leading your team and rainmaking. There is no one-size fits all formula for how much time you spend on each area. But think about where you are most valuable.
If you are relatively new to growing your firm a good model for your time would look like 50% lawyering, 30% Rainmaking and 20% leading. As you grow, that number should look more like 50% Rainmaking, 30% leading and 20% lawyering. In order to grow you have to leverage your time and allocate it where it will produce maximum results.
You should also be leveraging your people as much as possible. Depending on you and how much of the day-to-day lawyering you want to stick with will determine if that lawyering % gets even lower. That leads me into the next section nicely.
Many of you already build relationships with other lawyers as a referral source. But think about all of the other professionals that would have access to, or be in front of the people you are targeting as clients. They could be accountants, financial planners, real estate agents, contractors, hair stylists, personal fitness trainers, and so on. It will vary depending on your practice of course. Build your network with diversity. For example, build relationships with real estate agents that target different groups or geographical locations. The same goes for all of the professionals in your network.
Then be sure to reciprocate. You will build a much more loyal following by sending them referrals as well. Another reason you want to build diversity into your network, to make it easier for you to refer clients or leads back to them.
Reward the people who refer people to you with a personalized gift. It could be a gift card to their favorite restaurant, or tickets to a show or sporting event. You will stand out and they will think of you more often. Write a handwritten thank-you card to go along with your gift.
T= Targeted S= Strategic and T= Tactical This is what and how I teach lawyers to approach business development.
Targeted in that everything you do is in front of your ideal target audience whether that be potential clients or referrals sources. When you speak, you know your audience has the potential to either hire you or refer clients to you. When you write an article, you know the readers have the potential to hire you or refer clients to you.You are targeted because you did your homework to find out where to be in front of your target audience.
Your strategic approach comes from creating a plan for your practice and your marketing efforts. Your plan should include market analysis, competitive analysis, a SWOT analysis of your practice and your own skills, goals you wish to accomplish, and an audit of what you are currently doing to market yourself and your practice, what is working and what is not.
You are tactical in that every step or approach you take can create the outcomes you set in your plan in the goals section. And each and every step or approach is also practical and attainable.
Are you ready to be TST(TM)? Get targeted, strategic, and tactical, and get more clients.
Over time little drops of water accumulate and form a puddle; growing into a stream, flowing into a river and eventually creating a lake, rushing into the ocean. And that’s exactly how growing your practice or firm works. New habits take time, and with repetition create lasting and impactful results. It all starts with that first drop; or in your case, first step.
