Everyone wants growth in their business (firm).
It’s the aim of every firm, businesses to increase the bottom-line. This is only achievable or made possible by intentionally applying a strategy for growth.
There is no one strategy suit all. Different problems in different environments require different strategies, yet most people don’t understand this.
There is a need to critically evaluate the unique challenges and opportunities you face as a firm and develop a strategy that is best suited for your unique circumstances.
A quick word of advice. It makes no sense to try to develop or implement new strategies for your firm if you are not optimizing what you already have. Of course, if it needs tweaking, by all means, go ahead and do that first and then optimize it to yield you optimum results.
How well are you leveraging opportunities for further business with the clients you already have? How well are you leveraging on their network to reach others in need of services you can easily render?
What other ways can you get more out of what you already have? What do you need to tweak, add or remove to improve it? To make it more effective?
Here is a question for you. How many ways can you grow your firm?
One? Two? Fifty? Hundred? How many ways can you think of?
Let me spare you the guesses. There are ONLY three ways to grow your business.
Yes. Only THREE. Whatever ways you think you can or may have outlined are all under these 3 ways.
This is the most popular of the three ways to grow your business that most businesses focus their attention and spend resources on. This strategy is all about acquiring new clients to do business with you.
If your business is new, which means it has little or no clients, focus on getting new leads/clients.
It makes perfect sense that the more the number of clients you have, all things being equal, the more profitable your firm will be. There are of course many ways you can use to get new and more clients to do business with you. That is beyond the scope of this article.
As mentioned earlier on, just adding clients isn’t enough, you must optimize your relationship with them to grow your business. This is the basis or foundation for the other 2 ways to grow your business.
You can exponentially grow your firm if you can increase the transactional value or size of your clients.
Simple example. A client comes to you to work on his/her will. Can you get them to do something else with you? Perhaps they have some land or tenancy related problem and in the midst of conversing with them, you get them to know about it and get them to engage you for that also.
Definitely, the value of the transaction would have been increased instead of you handling only one thing for them as per their initial reason for desiring to do business with you.
When clients come to you for a service, have other services as well to complement the main offer or service that they want.
If you don’t have already, think about service combinations for your clients to increase the size of the transaction with you.
Have your clients patronise you over and over again by way of over-delivering or exceeding their expectations in the value and quality of your service delivery to them.
It is easier to keep a client than to acquire a new one. No business will survive without repeat transactions and referrals. So, bend over and backward for clients that have been paying your bills for years. Offer discounts, incentives etc. to take care of them, keep them happy and make them come back to you again and again.
Let me say this, adding a new client is great if you simultaneously keep all your existing clients. Keep your existing clients and get them coming back to you at any point in time they need services you can provide. Make it a long-lasting relationship, not a one-off transaction.
There it is. The 3 ways to grow your law firm. Each of those ways goes much deeper. Whatever way you may think of to grow your business will only fit under one of these three ways.
Pro Tip: Combining these 3 ways [or different methods within each of them] will have an exponential impact on the growth of your firm. See how you can combine two or more ways for greater results.
Do you want us to go deeper into this? Send an email to [email protected].