Here’s the thing about socks – you can buy a specific size (mine’s size 7), or you can get ‘one size fits all’.
Have you honestly ever had a ‘one size fits all’ sock that was as good a fit as one in your specific size?
I’d say that ‘one size fits all’ usually means ‘one size fits no one very well’. You know what I mean: baggy at the heel, or too tight in the toe, and somehow always falling down…
It’s the same with practice growth strategies – using a ‘one size fits all’ strategy isn’t going to be the best fit for your practice.
Worse, if you copy someone else’s strategy, it’s like borrowing someone else’s sock in a specific size when you have a different size foot…it’s going to fit even more badly than a ‘one size fits all’.
What you need is a practice growth strategy in your specific size. This means one that’s the right fit for your specific practice, taking into account the kinds of clients you want to attract and the practice areas you want to grow.
But just like you can’t buy a properly-fitting sock without knowing your size, you can’t find the right growth strategy for your practice until you know what ‘size’ you need.
Work out what ‘size’ of growth strategy you need for your practice.
Here’s how to work out what ‘size’ of growth strategy you need:
Step 1: Write down your specific goals for the next 12 months.
Not vague goals like “increase fee income” or “get more clients” but specific goals like “increase monthly revenue from £10k per month to £20k per month” or “increase yearly profits from £200k to £300k”.
Step 2: Once you’ve written down your specific goals, write down everything you can think of that could slow you down, or stop you, from achieving those goals.
For example “my marketing isn’t bringing in enough inquiries” or “we’re wasting inquiries by not getting back to people quickly enough” or “our fees are too low, meaning we need to work for too many clients to achieve our revenue goals“.
These are the specific challenges you need to overcome – so now you know your ‘size’.
Step 3: Find the right growth strategies to overcome those challenges and achieve your goals.
If you’re not sure what’s stopping you from achieving your goals (step 2), or you’re not sure which is the best strategy to overcome those obstacles (step 3), then your number one priority should be to find out.
Spend a day with me (and a small group of other small firm owners) at my ‘Profitable Practice Secrets’ workshop where we’ll work together to analyze your firm or practice – and see what’s really possible in terms of getting new clients, increasing your profits and reducing your working hours. Then I’ll help you create a bespoke plan to make that happen and you’ll start to work on the strategies and skills you need to implement that plan successfully.