Measure everything. Everything!
KPI’s (Key Performance Indicators). What are they? The name pretty much speaks for itself. What are they for you? How do you use them to help you grow and become more profitable?
Consider these as some starting points in figuring out your KPI’s: Individual performance, team performance, performance improvement, (especially after a staff review or implementing a new system or policy), productivity, profitability of files, profitability of each practice area, hours spent generating the work, vs. revenues generated, your time invested, your people’s time invested, basically any and all investments you make in growing your firm.
How else will you know if what you are doing is working?
Then…If it’s working, first, understand why? Then do more of it and look for similar strategies.
If it’s not working, again, understand why? Then stop it immediately and anything else like it. Take the time and money from the under performing areas and re-allocate it to the areas that are working.
Growing your firm is not simply about getting more clients. It’s also about getting your marketing and business development strategies right-with pin-point accuracy.
Many of my clients struggle with this question when taking a look at ways to grow their practice or firm. Whether you are in solo practice or heading a large international firm, my answer remains the same. Here is how I help them determine the difference.
A “cost” is something that does not directly impact your growth or generate higher revenues. Your office space is a cost. Paper clips, paper, photocopiers, desks, chairs, rent and so on, are all costs. They are the costs of doing business. You need them to run your firm or practice. That money going out does not come back. While they are essential, they don’t directly impact your ability to grow, increase revenues or profits and therefore are “costs.”
Read more here.
How do you know your marketing efforts are paying off? Do you track your results?
Are you confident you are investing your time and money in the most effective ways to grow your practice or firm? Are you getting the maximum return on your investment of time or money?
Take the uncertainty out of your approach. Take my complimentary marketing audit to help you analyze your efforts. My clients have told me repeatedly how valuable this exercise has been for them to clarify what works and what doesn’t.
Simply contact me directly at firstname.lastname@example.org and I will send you the audit. Fill it out and send it back to me and we can schedule a 30-minute consultation to discuss your answers. This is a crucial 1st step to growing your practice or firm.
#lawyercoach #businesscoach #growyourpractice #getmoreclients #legalmarketing
Raindance: The Business Development Guide Book for Lawyers is now available through Carswell. Click here to go to Carswell for more information and ordering.
If you are a lawyer just starting out with business development, or already engaged and looking to up your game, this book is your practical, step-by-step guide to follow in order to achieve your goals.
As you become more effective and successful at bringing in business, do yourself a favor and record your wins. Keep a ‘success diary’ of all your successful business development efforts. You can refer back to it from time to time to remind yourself what you did right. And, keeping track or measuring your success will serve you well if you are approaching partnership and also when it’s time to talk about compensation.