Having a business plan is critical to success. When I say success, I mean having a business that can run without you and still cover your lifestyle. Most of the time you have created a business plan, however have you gone back to review that business plan? After a year, most owners don’t take the time to go back and review the details of their business plan. If you choose to go back and review your business plan you will find 1 of 3 things has happened. You met all your goals and therefore your are stuck, you haven’t met your goals and are wondering aimlessly, or you completely went a different direction than what you set out to do. Whatever category you fall into remember to review your initial plan because it is likely that it is time to create new goals for your firm.
The second mistake law firm owners make is not creating SOPs. What are SOPs? Standard Operating Procedures. This is a manual that governs the way the firm is run. It also covers the policies and procedures through the entire lifecycle of a client, from intake to release. The reason why the SOPs are important is because they will arm your team with the knowledge of how you want the company to run and set the standard for how your clients will be treated. If you have not taken the time out to create SOPs you may want to consider it. This alone will give your team clarity as you grow.
The third mistake is not investing in law firm marketing and branding. Why do your clients come to you? What emotions are provoked when a prospect sees the name of your firm? What does your brand voice sound like in your community? Marketing and branding will help you to answer some of these questions. If you get this part right, this is literally like printing money.
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