Strategies For Surviving In The Present Economy

As law firms begin to plan for the new year we suggest the following key strategies:

Develop an ongoing brainstorming program to facilitate the process of identifying new business opportunities. Incorporate client surveys into the process. Consider small client advisory boards and focus groups.
Get that business/marketing plan that you have been talking about for years done for 2008.
Focus – Focus – Focus your firm

Research indicates that three of the biggest challenges facing professionals today are: time pressures, financial pressures, and the struggle to maintain a healthy balance between work and home. Billable time, non-billable time or the firm’s investment time, and personal time must be well managed, targeted and focused.

Today well-focused specialists are winning the marketplace wars. Trying to be all things to all people is not a good strategy. Such full-service strategies only lead to lack of identity and reputation. For most small firms it is not feasible to specialize in more than two or three core practice areas.

Based upon our experience from client engagements we have concluded that lack of focus and accountability is one of the major problems facing law firms. Often the problem is too many ideas, alternatives, and options. The result often is no action at all or actions that fail to distinguish firms from their competitors and provide them with a sustained competitive advantage. Ideas, recommendations, suggestions, etc. are of no value unless implemented.

We suggest the following:

Recognize that unless your firm is a large firm – full-service may not be an appropriate strategy. Small firms should identify fewer areas of practice and specialize and aggressively market these areas.
Limit your practice
Consider industry niches
Identify three to five key goals and strategies for the year
Be selective in client acceptance
Use your business/marketing plan as a tool to keep you on track
Create an environment in your firm for effectively getting decisions implemented
Increase your marketing investments. Research over several decades shows that businesses that continued to invest in marketing during a recession had greater growth and profitability than their competitors who decreased marketing investments during the down periods.
Evaluate your image and your firm identity plan. Consider upgrading your marketing materials.
Consider ancillary business opportunities.

Posted at 02:30 PM in Strategy

Jan 21, 2008

Strategies For Surviving In The Present Economy

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