The past couple of years have been great for a lot of small law and other professional services firms. Not having to beat the bushes for business has been great. This week brings more distressing news about the economy. Is your business ready for uncertainty?
Now is the time to get prepared. Thriving in a softer economy means more than tightening your belt. The hot job market means your Associates are making more than they've ever made. If earnings dip, owners will feel it the most.
You can't control the overall economy. However, you're not obligated to accept your "fair share" of any downturn. Now's the time to focus on outperforming your market. Let the less experienced and less prepared firms absorb brunt of the downturn.
When other firms are being reactive to weaker demand for their services is the time the best firms act proactively to continue to thrive. But you have to be smart about it. It's a chance to build loyalty with your current clients, take share from weaker competitors, and build a solid foundation for the next upturn.
Success starts with clarity about who are your Best Clients and why THOSE clients select YOUR firm. Your Best Clients are your most profitable clients, and they don't generate headaches. Why they select YOU is largely intangible.
The easiest way to obtain this clarity is to Think Like Your Best Clients. See your firm the way your Best Clients see it and the difference is amazing.
With this clarity you earn more without working harder. You attract more of your Best Clients and distance yourself from the ones who suck resources and drain your energy.
Focusing on your most profitable clients means you have more resources (Time and Money) at the ready. Build a cushion against uncertainty or use it to seize opportunities others can't.
Having Time and Money to think and plan strategically for the future of your firm is how you not only survive near term uncertainty, but thrive in the long term.
I thrive by helping you thrive.
