When determining whether or not your brand has lasting power, “longevity”:
1. Do you look at the percentage of repeat and referred clients?
2. Does your firm’s culture match what clients might say about the value you bring to the table?
What other questions need evaluation when looking to the future?
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HOME > BLOG > PRACTICE MANAGEMENT > REVENUE GROWTH AND FIRM LEADERSHIP – WHAT’S MISSING?
REVENUE GROWTH AND FIRM LEADERSHIP – WHAT’S MISSING?
August 6, 2015
How often have you heard from senior lawyers, “I’ve got lots of low hanging fruit”? Statistics over the past 8 years indicate this sounds like they are talking a good-game but are not getting out face-to-face in order to pick that crop. If, in fact, these claims are actually pursued, only 3% of the prospects are ready to buy, and the rest are either no longer interested, have retained someone else, or have moved on to other problems. That’s right, just 3% are ready to engage you, according to a study by Business Breakthroughs.
Further, every firm has a number of tools that they are not using or using ineffectively, to grow revenue. The more you look at your own firm and its business development strategies, the more you are going to find:
Underperforming assets;
Overlooked opportunities;
Hidden assets;
Under valued relationships.
And to further reinforce this challenge, 89.3% of ceo’s confirmed the need for their outside firms to build better relationships (Study by brandfog.com).
What are needed are clarity, focus and execution, starting with firm leadership. Firms need to start using tools which place more emphasis on “critical impact areas.” These will lead to clear 90 Day Strategic Implementation Maps which identify action details, timing, resources needed and leadership assignments. These lead to:
More revenue;
More clients;
More open doors.
Building a sustainable revenue path is the key to rapidly growing ROI. Those who can have the most influence in turning this into productive revenue are the firm’s leaders. Just as “marketing” has evolved into “business development,” business development must now evolve into “business generation and creation!”
Refining the roles and requirements of firm leadership need to focus on the complete picture:
1. Underutilized assets;
2. Development of suppressed skills sets of each professional;
3. Hidden opportunities, both current and future;
4. Under valued relationships;
5. Timely associations with clients and contacts.
Revealing and implementing these five avenues to your firm’s leadership are keys to achievement, growth and success. The major problem we see on an ongoing basis is the absence of holding people accountable for results. Once Strategic Implementation Maps are approved by firm management, the most potential for success is if firm leaders help others overcome obstacles and challenges.
In summary, what are needed to accelerate revenue growth in your firm are clarity, focus and execution. Take a hard look at what can be refined in order to identify those “critical improvement areas.” Place your leaders in charge of implementing each and watch the revenue grow.
• ABOUT THE AUTHOR
Allan Colman
CEO, Closers Group
Allan Colman, CEO of the Closers Group, is a business development executive keynote speaker and marketing advisor/coach. He has spent more than 2 decades helping law firms and professional services firms generate more revenue. His clients call him Mentor and TORMENTOR!
Made For Success Publishing Features Our Leadership Anthology – CRAZY IMPACT
According to one reviewer, “Leaders never graduate from leadership. CRAZY IMPACT provides you with usable lessons to drive crazy results.” (Bryan Flanagan).
The absence of leadership that could overcome what your firm is missing in the marketplace is the primary focus.
Think of it this way: if every “leader” in your firm generated only a 5% increase in their new business, with virtually no extra overhead costs needed, what a powerful impact that would have on ROI. But most firms today employ either a collegiate or consensus form of leadership. While there are often Managing Partners who take strong stands on certain issues, the biggest problem we see consistently is the absence of holding people accountable for results.
Yet it has the most potential for success if firm leaders (managing partners, executive committee, practice group leaders, partners-in-charge) are reminded of their commitments, helping them overcome obstacles and challenges, and not letting them skip “next steps.”
Take a hard look at what can be refined in order to identify “critical improvement areas.” Organize them into an IMPLEMENTATION MAP, focusing on accountability for activities that have the greatest impact and value. It is not necessary to revamp your entire organization. Just shake up the system a bit to make it clear what the expectations, time lines and results are for the business generation task assigned.
Place your leaders in charge of implementing each task, set specific timing, hold them accountable and watch the revenue grow, more doors opening, and the firm’s reputation cower the competition.
According to a recent survey by WIPL Network and Global Legal Post, General Counsel are concentrating more on cutting costs, being business advisors and cybersecurity. As reported by Rich Steeves, the GC role is expanding. Are your firm’s client relationship partners making sure their services fit in with these relationship-building clues?
My colleague, Frank Mims V, offers this tactic to make your speeches yield more leads. “Magic” is a performing art that entertains audiences by staging tricks or creating illusions. These are called magic tricks.
Your story is your magic trick. It should answer these 3 questions as part of your speech:
Who are you?
What do you have?
Why should they care?
More on building business from speeches in the next several columns.
In addition to numbers 10-2, regarding building future leaders, teaching tactics, not theories, is always open to new ideas, is both mentor and tormentor, the number one reason to hire Allan Colman, according to PRLOG’s June 8th feature, is “He uses the New Jersey method of settling disputes – a 2×4!
If that’s not a convincer, what is?????
If you have been following PROLOG’S Top 10 Reasons to Hire Allan Colman, we are fast approaching #1.
4. Allan is always open to new ideas.
3. He is an active mentor for business incubators and accelerators.
2. Allan’s clients call him both “Mentor and Tormentor.”
And tune in next time for #1!
Continuing with the Top 10 Reasons to Hire Allan Colman, featured in the June 8th editionof PROLOG,
6. Allan builds client trust by teaching them to drive others in a respectful but goal-achieving manner.
5. He recognizes the key to success is accountability for achieving ROI.
You will never guess what the #1 reason is.!!
In a recent article on the PRLOG, it listed the top ten reasons to hire Allan.
#10. Allan Builds Future Leaders
#9. He teaches tactics, not theory.
For the remaining top 10, go to www.prlog.org/12463692