As 2021 unfolds; for many firms it’s the start of business planning. Looking back, 2020 would definitely be a year to remember but definitely not for the right reasons. Covid-19, losing loved ones, lockdowns, foreclosures, stock market turmoil and more importantly, economic instability have tested the best of us and many will look forward to leaving it behind.

This year it will be business planning against a very uncertain backdrop. Notwithstanding with the invent of vaccines emerging we are far from being out of the woods and as we all know the financial ramifications will be here for years to come. We all need to recalibrate and look inwardly at our operating models in a bid to improve our efficiency. We need to refocus our approach.

In today’s digital world, having access to the right technology is just the first vaccination step in being able to reap the benefits of our digital society. Once you have the technology, the next essential question is: Do you know how to use it?

For individuals, businesses and communities alike, having the ability to use the technology and knowing when to use it is an essential part of the digital solution. This general ability to use digital technologies and to adapt to the changing digital landscape is often referred to as digital literacy.

The countless technology driven firms have definitely enjoyed success over the past 10 months. Many firms have been able to adjust to lockdown homeworking successfully. Zoom and Teams are now household names and technology has allowed firms to remain operational in a way which would not perhaps have been possible had the pandemic hit 10 years earlier. Ironically though this success has led to an increase in expectations and the acceleration of everything.

The world has changed forever and law firms that recognize this now need to approach business planning in a very different way. The nature of our engagements with digitally savvy clients is changing and changing for good reason. It is obvious to see that the only inoculation is a digitally savvy organization that is nosy about the future. It is needful to say that success has a nature and so does a digitally minded firm.

1. The never-say-die spirit: – Giving up should never be in your DNA. The willpower to succeed, the drive, the thirst, the passion should be our propelling force to say “I can and I will.” Falling down is part of the puzzle; but staying down isn’t even open for discussion. My momma would always say that’s it’s not the size of the dog in the fight but the size of the fight in the dog.

Remember, Rome wasn’t built in a day neither is success gotten at one seating. In 2021, if you are not thinking digital, you may as well ‘get lost’… Oops… did I just say get lost? O yes I did.

You cannot afford to have a laissez faire attitude again in 2021.

2. The Shift to Capability. There has been a tsunami of solutions hit the legal market in recent years. More has happened in the last 4 years than the 20 before. Some of these are great and others less so and in fairness many start-ups have tried to really get under the skin of the delivery of law which many tech vendors have not been able to do in the past.

Remember, in a tsunami, there is no other choice but to work and plan in this way, if not you are likely to get swept away.

3. Do you have a Product Strategy? The value realized by a firm from selling its services is determined to a large extent by the strategy that is used to bring the services to market. Organizations that launched flourishing products such as Apple and Microsoft have been credited with adopting the right product strategy for their products. Consequently it is imperative for firms to recognize the impact of the product/service strategies formulated.

When a product strategy is developed, it becomes easy for a firm to determine the direction of the product efforts. The product strategy forms the basis for executing a product roadmap and consequently product releases. A firm is therefore able to concentrate more on a target market specifically and set features.

4. Partnering Strategy. Law firms are experiencing unpredictable and multifaced demand. Clients want services delivered in new ways, they want new offerings and prices to be lower. They also want firms to be more global. Increasingly, firms are realizing they don’t necessarily have all the skills they might need to. Digitally savvy firms are increasingly realizing they need to partner and form alliances. Collectively we need to remember that our job is not to do more things but more to “make the right things happen”. This does not mean you need to invest in, buy or do everything yourself. Given the multifaceted nature of many law firms you may need someone senior to be responsible for these deals and this is likely to become an increasingly strategic role.

 

REFERENCES

https://www.productplan.com/glossary/product-strategy/

https://www.ukessays.com/essays/marketing/importance-of-product-strategy-marketing-essay.php