In a legal world that is full of innovation and constant change, you need the skills to ensure that your own firm is successfully progressing. The Annual Law Firm’s Survey from 2017 showed that in the UK, chargeable hours continued to weaken with a further drop in average chargeable hours across all grades and bandings in the Top 50 firms. For the >5 year pqe grade in the Top 10 and Top 11-25 the average chargeable hours was 1,380 (fall of 3%) and 1,195 hours (fall of 4%). This drop was mirrored internationally in Western Europe, USA and Asia and the Far East. How can you stand out from the crowd and drive profits while maintaining client relationships and not losing any time and money in the process?
A planned approach to business growth strategies, including the advancement of new business and marketing your firm and its services, will contribute to the growth of your business much more effectively than not utilizing some sort of system.
Below we will show you five business growth strategies for your law firm which will optimize your investments and maintain a steady flow of both business and profit.
Stay at the forefront of marketing. Staying consistent is key to building your brand, and an integral part of this process. It also helps you to make more money. You want to make sure that all of your marketing–from slogans and designs and newsletters–has a unique voice, distinguishing your firm from the rest. Whether you are generating new leads with email marketing, creating blogs and customer reviews for your site, generating newsletters containing industry news, or capturing new subscribers with Webinars, your voice and principles must be uniform across all platforms. With the aid of these marketing strategies, you can save time and money, ensure that your firm stands apart from the crowd, keep in regular contact with your current clients, and gain new business. With smart marketing, spend your advertising dollars on what works.
Maintain strict discipline. Make a plan and stick to it. A lack of discipline risks unfavourable or even catastrophic results which can take years to correct. Utilize those time management skills, and work smarter, not harder, to reach your goals on time. If you organize your time and stick to your tasks each day, and have your team do the same for their own tasks, you can stop bringing work home and focus on streamlining your business. Your firm will begin to easily reach its goals and inefficient productivity will be a thing of the past. Take small steps and follow them each day until it becomes automatic, and watch your output increase and your business growth flourish. Being busy does not mean you are being productive!
Strategize with achievable goals. A solid plan for business growth does not need to be complicated or difficult to enact. You simply need to define your goals and then create a plan to achieve the goals within a certain timeframe. Reflect on where your firm is now, how far it has come, and where you would like to see it going in the future. Then take the steps that will enable that to happen. Be sure to consider your firm’s specific vision and branding, any industry opportunities or threats to your business, and any changes that you need to make to fulfil these goals. There is no need to be too ambitious–in fact, it is better and more effective to make simple steps to avoid discouragement and failure. Implement small, simple goals to help your firm to thrive.
Know What your Clients Want. As any successful business owner knows, a huge key to their achievement is strong client relationships. Keep up a dialog with your customers, and develop an understanding of what they need from you. Explain your services to them if they don’t know how to articulate what they are looking for, and they can choose for themselves what will work best for their individual needs. This process reinforces your bond with clients, and gives them a say, as well as helping you to create new strategies to retain your current customers and attract new clients. Be sure that the options and services you offer to your clients are flexible and innovative, benefitting both them and your firm.
Use Invoice Tracking Software. Tracking your invoices also plays a huge part in fueling your business growth. Invoice Tracker will help you save time and money by showing where any time deficits lie, allowing you to project your cash flow. This service includes automated customized emails, detailed reporting, and instant online payments with just a few clicks. Ease of use, more satisfied customers, better accounts receivable, and fewer crises are just some of the benefits of this automated program. Reduce the time and money spent on chasing payments with reliable automation to keep your customers paying on time. Track payment information and trigger overdue reminders. Choose products that work together and seamlessly integrate across platforms for the best solution to managing your firm’s time and money.
Help your Law Firm Expand and Thrive
Get paid faster and increase your cash flow with Invoice Tracker today. Use the customized invoice reminders to get paid fast. Complement this service with an accounting software or Time Tracker + Billing for ease of use and business growth. Invoice Tracker has plans for every level of business, from the sole proprietor to an enterprise, each with free, no obligation trials. This monthly service will save your firm time and money from day one, with the click of a button.
Sign up now for your free 30-day trial and watch your law firm grow. No credit card required.