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.