Last week in talking with one of my clients I learned of an extraordinary story about three young entrepreneurs emerging in this Covid-19 pandemic.
With time on their hands (being out of school), and spending hours playing on FaceTime during this Covid-19 pandemic, Leila Fumano (9) and Libby Fumano (5) of Vancouver, and their cousin Emma Newman (8) of Newfoundland came up with the idea to start a business called The Wave.
With two headquarters -one located in the beautiful Conception Bay South; Newfoundland, the other in picturesque Vancouver, British Columbia, while separated by distance, they consider that they are connected by two oceans coming together to create “The Wave”
While in early stages, they make original artwork, clothing and housewares.
I was absolutely blow away and amazed at the creativity of these three young entrepreneurs. It just goes to show you that we as adults can still learn from children. They came up with their logo, mission statement and are currently recruiting other young and aspiring entrepreneurs to join the wave. Stay tuned for their launch, which by all accounts will not disappoint.
What we are going through collectively and on a global scale likens itself to wartime, I’ve heard. Most of us have not experienced anything like it. It’ surreal. It’s like we are all in a Hollywood horror movie. So much has changed in such a short period of time.
Yesterday, my first day out after self-quarantine, a beautiful sunny day, I was walking along the seawall here in Vancouver. And other than people keeping a greater distance from each other than normal, you wouldn’t really know this is happening.
It’s times like these that we must come together. We must help each other. If you need help, don’t hesitate to ask for it. And if you are able to give help, don’t hesitate to offer it.
We will get through this. But it’s how we get through this that will show our true character, both as individuals, and as businesses. Let me give you one example. Disney closed it’s theme parks earlier this month but will continue to pay it’s employees. That’s good corporate responsibility (for lack of a better word). Other companies (to remain nameless), have laid off their employees without pay.
Another example comes from the airline industry. When this crisis started to appear serious some airlines made it very easy for customers to change their flights, and even waived the fees. While other airlines did not and charged an arm and a leg for their customers to get home.
Our true character will become obvious through this crisis, if it wasn’t before. Like always we have choices, as individuals and businesses.
I’ve seen more good than bad and it inspires me to do more.
Whatever I can do to help you either on a personal level or for your business, please reach out.
This seven part podcast series is aimed at Managing Partners and smaller law firm owners. Topics include: Growth strategies, from solo to firm, managing growth, becoming more profitable, leadership, and succession planning.
If you are focused on the business of law, in other words, growing your practice or firm, I’ve introduced a podcast series you won’t want to miss. Law- It’s a Business. Each month I look at another angle of the business of law and provide proven and practical strategies aimed at helping you grow. Click on the play button below to watch.
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.
Whether you are growing beyond solo practice to creating a firm, a partner growing your team, or a managing partner growing your firm, this simple formula can help you navigate the way forward with respect to growth and staffing.
It’s far too common for lawyers to wait until they are at maximum capacity and beyond to bring in help. Managing growth is a good problem to have, however, it does pose new challenges.
So here it is. When you are at about 60% capacity, start looking to recruit. That gives you the luxury of time to find the right people. You can be selective and not panic. You can take your time to find the right people and fit. And, that way, by the time you are at 80% capacity, you will still have time to groom, mentor, train, and get your people up to speed before you hit your wall.
If you wait until later, you may, as is often the case, find yourself in a never-ending cycle of chicken and egg. Where is the time to train? Who do you bring on? “Oh, I might as well just do it myself-even though that means long nights and weekends.” Think forward. don’t get caught thinking I can’t afford to bring someone in right now. Can you afford not to?
Sure, there are many other factors here: Letting go of the reigns, quality control, consistency, profitability. But they are all better managed when you are proactive and plan ahead. Think forward!