You need to get them to understand that investing in their business is more importan
t than that one client project!
That response came from my son when I was commiserating with him regarding a website project we are excited about and the general challenges of selling to and doing projects with law firms, explaining the facts of life about how administrative projects are always trumped by client work.
We all know that Client Work Always Comes First, but his comment floored and inspired me to pen some thoughts of my own on creating a new rhythm for your business.
In most firms, the rest of the year is spent:
- Billing; and
- Collecting.
A truly vicious cycle… head down, working on what is right in front of you, little time spent on tasks that will ultimately grow the business.
For well managed firms, there is less of an emphasis on this rhythm, as there are processes in place and they have developed their business to be less cyclical.
However, for many firms, and trust me size does not matter here, this is life in a law firm.
Want to break this cycle?
Here are a four steps to get you on a better track:
Create a plan: This does not need to be an onerous process. Just set aside an afternoon or a Saturday morning and brainstorm with key members of your team how you can grow your business.
Make sure you document every idea, and then simply prioritize them for what you want to achieve in the next 12 – 18 months. Answer the questions: Do we have the right resources? Do we need outside help? You need to have this figured out for the next steps.
Create a budget: Once you have your plan established, it is pretty simple to set a budget for the expected costs. Now the tricky part, looking at your past and projected revenue: Can we afford it? Do we need to go to the bank? or Cut some of the items?
Now, Just Do It: Ok, you now have a plan and a budget. Now is the time to stick to the plan, move forward and execute the tasks required. You also need to keep your eye on the budget and project timeline.
A great saying I used to use all the time when I was a law firm CFO… You can expect what you inspect.
Pretty sure my team hated it, but it is so very important to check in on plan execution progress and how you are doing against budget, regularly.
Check-In Meetings: Set regular follow up meetings to ensure assigned tasks are being completed. At first, the follow up meetings need to happen frequently.
Once your team understands that these tasks are: 1) a priority; and 2) as important as client work, you will be able to spread them out, or even transition to email or conference call updates. At these meetings, you can modify the timeline and budget if you need to.
So, break your vicious cycle, and create a virtuous one that grows and sustains your business by following this simple mantra:
- Plan
- Do
- Review (and Repeat regularly.)
Having done this for nearly 30 years, we have found that repeating simple steps leads to long-term success. Look for more on related subject matters.
Do not hesitate to reach out to us if you need assistance getting processes in place to grow your business by contacting us, or calling direct at 510-912-0929.
The ProfessionalWORX team
P.S. Kudos to my kid for that bit of inspiration. He is typical of a 16 year old, face buried in phone, iPad or video games, but also a thinker, very thoughtful in the positions he takes and comments on, and I am obviously a proud papa.