This post is about ‘How to Stay Relevant in Rendering Your Legal Services in Today’s Changing World’.  Before we properly get into that, I want a build a background with a short story.

Here is a little story of Albert  Einstein when he was a lecturer at Princeton University.   It was noted that every year for 21years, he gave his students the exact same final exam every semester. After just a couple of years, his students figured out the predictability of the questions, and so did his fellow professors. One of his peers asked him why he continued to use the same final exam questions year after year. Albert’s replied was “Because the answers keep on changing.”

Let’s bring this to your businesses.

The only constant in business is changing. A good idea three years ago could be a bad idea today. A great idea today could be a disaster next year or next quarter.  So, the answers of yesterday might not work for today problem.  A new problem demands a new answer or solution.

How did tens of thousands of people make millions between 1996 and 2000?

They woke up every morning, turned on CNBC, and bought every dot-com listed on the NASDAQ stock exchange. That was the dot com rush.  Today, that same strategy won’t work.

How did lots of these same people make millions more?

By buying and flipping single-family homes in Las Vegas between 2002 and 2007. Like all great ideas, these were seemingly brilliant,  bulletproof ideas then until they weren’t.

What caused them to go from being a great idea to a horrible one? A change in the environment.

Here is what to note.  One of the major reasons companies lose relevance and go broke is because they continue to grow, but failed to evolve. They relied on old and outdated ideas.

Great questions lead to relevant answers. But wrong questions lead to outdated answers.

Great questions, an open mind, flexibility are your best friends in the business.

There is no business that is immune and safe, all require constant changes.

Looking back in history,  it was discovered that 435 (87%) of the Fortune 500 companies from 1955  till now are no more. They disappeared.

The reason was as the business environment kept on changing, it requires different sets of answers, but they didn’t come up with better questions to get the relevant answers. so, they fell under.

Once again, asking the right and relevant questions as things change will lead to the relevant answers and decisions that will make your company relevant in times of change.

History is repeating itself again. Covid19 has officially ushered the whole world into a different business landscape.  Two years ago business ideas won’t work for today changing world.  The environment has changed. You have to constantly disrupt yourself, be flexible and adapt to the new reality of life and business.

Here are  some questions  for your ‘Thinking Time’

-Where has the environment in which we’ve been operating (economic, technology, regulatory, competition, clients preferences, employees, culture) changed over the last few years?

How are clients’ expectations different today than they were two or five years ago?

What will clients’ expectations be twelve months from now?

Where has our expertise (relevance) as a company lagged or stagnated in the last sixteen months?

What skills or personnel do we need to add to excel at what we do, shift our direction, and optimize our bottom line?

What is happening competitively that could change what we sell, how it is sold, the price we charge, and where/how/what we message?

Are we learning, training, and evolving as fast as things are changing?

Your answers to these questions will help you to make the relevant changes were needed to stay relevant in your business career.

If you need help with business strategies, sent us an email here: [email protected] or drop your comment below in the comments section.

Cheers!

Your business Growth Specialist,

Luke Ikekpolor