In my Profitable Practice Secrets Workshop for lawyers and other professionals who want to grow their practice, I share a 3 step formula for getting more of your ideal clients, increasing your profits, and freeing up your time. It’s a simple formula that, when followed, gives amazing clarify about exactly what you need to do – and why – do get the clients, profits and time that you really want. I’m going to share that 3 step process here, if you want to know more about how to implement this 3 step process, I’ve got some additional resources to help you which are listed at the end of this article.
Step 1: Understand which of the 3 Limiting Factors is slowing you down, or stopping you, from having more clients, more profits or more time.
The 3 limiting factors are:
- Your model (particularly if it’s a time for money model)
- Your method (of growing your practice, particularly if it’s focused on bringing in more enquiries)
- Your level of mastery (of the skills needed to grow a practice profitably).
Which of these is the biggest limiting factor in your practice or firm?
If it’s the model, and you can’t easily change that, then changing your method or level of mastery can help overcome the limitations of your model.
Step 2: Use the Traffic Light Accelerator Tool to identify which of the 3 Essential Elements of a Profitable Practice you need to improve
If you’re not getting as many clients as you want, or working too hard for the profits you’re making, then it’s highly likely that one of the 3 Essential Elements of a profitable practice (Attract, Convert, Maximise) is not functioning properly in your business.
You can assess this by applying a traffic lights rating to each element and deciding whether it’s a red light (not getting the results you want), amber light (on ‘go slow’ or costing too much time and money) or green light (getting the right results at an acceptable investment of time and money).
Where do you have red or amber lights in your practice?
When you know the answer to this question, you know which of the 3 essential elements need to be improved. Your aim is to get to a green light in all 3 areas so you can have more clients, more profits, and more time.
Step 3: Plan out what you need to do to turn red and amber lights to green, so you can accelerate towards more clients and more profits without working more hours.
Once you know where you need to turn a red or amber light into green, the next step is to create a plan of action for how you’ll do that. In other words, what steps will you need to take, in what order?
To accelerate the process of getting to a green light we can install specific ‘accelerators’ into your practice, based on what will work best for your specific situation. I explained the 9 most common accelerators in the seminar and they’re shown in this image:
The important thing is to install the right accelerators, in the right order. Otherwise you risk wasting your time, energy and financial resources and still ending up with red or amber lights which slow you down or stop you from achieving your goals.
Do you want more help to accelerate your results?
Whenever you’re ready, here are some ways I can help you get more clients, more profits and more time:
- Read my blog article on 3 Critical Factors Limiting The Growth Of Your Practice for a more in-depth explanation of the 3 Limiting factors and how they might be holding you back.
- Come to my no-cost online seminar 3 Steps to Eliminating The Blocks That Keep Most Small Practice Owners Working Too Hard For Too Little Profit. In this FREE online seminar, I’ll show you how to overcome these limiting factors and turn your red and amber lights into green (I’ll also explain the 9 accelerators in more detail). Register Now
- Work with me personally at my 1 day Practice Growth Secrets workshop where we’ll identify the accelerators you need to install into your practice and create a bespoke ‘Gameplan’ for your practice or firm to bring you more of your ideal clients and increase your profits without working more hours. This workshop is for small firm owners and senior managers only. Check Dates