Resolve to Make Business Resolutions
It's that time of year to make resolutions to improve the success of your law practice. Below are a year's worth of resolutions (not necessarily in any particular order).
January: Recreate Your Financial Plan
Your financial plan should be a cash flow statement, including the firm's revenue, the firm's projected expenses, and a summary of the two.
February: Design and Maintain a Website
A website can be a great marketing tool to engage and impress current and prospective clients.
March: Beef Up Your Social Media Efforts
Social media constitutes a powerful marketing tool for lawyers.
April: Create Goals for Improving Client Relations
Show clients that you care about them.
May: Evaluate Your Risk Management
In terms of insurance, carefully consider the likelihood of occurrence compared to the cost.
June: Improve Your Bottom Line with Thoughtful Banking Practices
Banks use your average daily balance to analyze a loan request. Thus, maintain as high a balance as possible.
July: Improve Your Bottom Line with Negotiable Expenses
Although rent is normally fixed, it can become variable during times of economic difficulty.
August: Determine Your Revenue
Determining your revenue is important for future success.
September: Reconsider Your Pricing System
Is it time to reconsider your pricing system to make your services more attractive to potential clients?
October: Revise Your Billing System
Bills serve as an important marketing tool if used correctly. A narrative billing statement communicates what you have done to justify your fee.
November: Improve Your Collections
Some steps you can take to decrease the need to worry about collections include discussing your fee and establishing a budget with the client before beginning an engagement, increasing your retainer, and timing your statements to arrive after a satisfying event in the case.
December: Consider Hiring an Executive Director
Hiring a part-time executive director is one way that a solo or small firm can better manage the practice, deliver higher-quality legal services, and make more money doing it.
Ed Poll, a legal coach at LawBiz, can help you and your law firm every step of the way. For more information on legal coaching, click here.
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