There are two ways to plan a dinner party.
You can decide on the menu, buy the food, lay the table, and then start sending out invitations.
Or, you can send the invitations, see who’s coming, and then decide what food to buy and how many places to lay at the table.
The second way is much easier (and much less stressful) because, before you do all the planning, you already know who’s coming to dinner.
You won’t waste time and money preparing food for 20 if only 6 people are coming. Plus, you won’t make the mistake of planning a steak dinner if all your guests are vegetarians!
It’s the same in your law firm – doing things in the right order will save you time and money.
For example, if you want to generate more enquiries for your law firm, spending money on adverts (social media, Google ads, leaflets, radio, etc) before you’ve worked on creating the right marketing message, is doing things in the wrong order. You first need to decide who you want to target and what are the right words to attract them. You then need to put those words into your adverts. Only when you have the right message are you likely to get a return on your investment in running adverts.
Or, if you want to increase the amount of profit you generate in your law firm, there’s no point working on increasing the number of new clients before you’ve analysed whether the work you are doing is actually profitable. If the work isn’t profitable (or not profitable enough) then you need to increase profitability before you generate more work. A good way to increase profitability is to raise your hourly rates or fixed fees. But before raising your fees you should make sure you can do it in a way that won’t mean you lose existing clients or put off new potential clients.
It’s not just about doing the right things to grow your law firm, it’s about doing them in the right order.
If you’d like my professional advice on which strategies will work best for your firm (and the best way to implement them effectively), join me and other small firm owners at my next online workshop ‘Profitable Practice Growth Secrets For Small Law Firms’. To check dates and ticket availability (and see testimonials), click HERE.
Or, if you want to get started on implementing the specific strategies you need to in order to attract more enquiries from ideal clients, convert them at higher fees, and maximise profits from the clients you already have, then join us for Module 1 of our Profitable Practice ‘Kickstart’ to discover the 3+3 Formula to get fast results. Module 1 is complimentary, and you can check dates and times for this online session HERE.