Join me for a live streaming coaching pod-cast, “Law-It’s a Business”, beginning Tuesday May 7th. If you are unable to attend live, a recording of each podcast will be available for you to view anytime.
This series is geared towards small firm owners and managing partners, however all lawyers who are serious about growing their firms or practices will find highly valuable content throughout.
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.
If you are an owner or managing partner of a firm, do the math. One rainmaker (you), or all, (your entire team)?
If you are the only one bringing in clients, there are limitations to your time, energy and focus. Whereas, if you get your entire team engaged in business development, or bringing in clients, the opportunities for growth are far greater.
So how do you go from a ‘one-person show’, (you are the only rainmaker), to getting your entire team out there growing your firm?
Get the right people on your team-that starts with hiring.
Establish the ‘new way’ with your new people-leverage the competitive nature to encourage your current people to step up.
Give your people the support and learning opportunities to develop new skills-that starts with investing in them.
Reward this new behavior-create a comprehensive bonus structure, somewhat like ‘profit-sharing’ to reward your people when they succeed.
Tell the whole world about your firm and your approach-this will help you to continue to attract the very best and brightest.
When you go from one ‘rainmaker’ to an entire team of rainmakers, watch your firm grow.
As I am a business coach, this post is focused on your business relationships. However, you could easily take these tips and apply them to your personal relationships as well.
Before you take the time away from your practice and go to the expense of attending that new conference, look at your contact list. Who should you be investing more time with? Current clients? Past clients? Friends from Law School? Other colleagues and connections?
I’m not saying don’t go to that conference or sponsor that event, or take that add out. But focus on your current relationships before you take on anything new this year. No matter where you are in your career, you have relationships. Sure, if you are relatively junior, you may have less, but you have them.
I see far too often where lawyers want to push the ‘easy button’. They think simply throwing money at their marketing and business development efforts will produce results. It makes them feel good like they are doing ‘something’. News flash-there is no easy way, no easy button-thanks Staples! Building your practice or firm takes time-your time! My suggestion is to focus 80% of all of your business-building efforts this year on strengthening the relationships you already have.
Pick up the phone. Send an email. Go for coffee, lunch, a drink (or juice), lunch or dinner. Take your best client(s) to a special event. Connect, re-connect and keep connecting!
I’ve always maintained that in business there are two New Year’s. January of course and September.
The kids are back to school, vacations are over, the days are getting shorter and there is a feeling of starting new. There is also the feeling that we are entering the later part of the year, and next year is right around the corner.
It’s time to focus on ending this year well and preparing for 2019. Have you got your plan? Have you set your goals? It’s never too early to start planning ahead to January; events, speaking, client lunches, and conferences, etc.
It’s a short week following Labour Day, but it’s important to set the stage for the remaining last months of this year. End it well and launch your career and business into the new year. I wish you well.
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.
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