Everyone knows that business development is never finished. It is a continual process designed to nurture growth. With markets ever-changing and fluctuations in demand, there will, of course, always be ongoing updates and maintenance required to ensure your firm is streamlined, profitable and stand out from the noise.
In the meantime, here are 3 top tips that you can begin implementing today that will upgrade your legal firm, instil confidence for your clients, and free up valuable hours.
Consistently upgrade your firm through regular reviews. Monitoring progress and processes and taking action when necessary will make sure you are consistently performing to your best.
- The products and services offered: Review your ongoing workload for potential patterns and areas to focus future effort on. Equally, review billable hours. Are there services that are not proving viable?
- The economy: Keeping up with current affairs, news and trends can provide insight into possible future requirements. The property market, for example, may influence requirements for conveyancing services.
- Marketing strategies: It is wise to review marketing campaigns and gather intel regarding success rates. For example, is your firm reaching the right people on social media? Is printed advertising proving to be a lucrative investment? Do you need to rethink your chosen channels to maximise exposure?
- Your business plan: This should always be under constant review. Compare performance to objectives and KPI’s to ensure you are operating towards your business goals. If you are not on course to achieve your aims, then you can make the required changes to get back on course and reignite your motivation. Maybe your aims have changed? Amend your business plan in accordance with new targets and ensure everyone in your firm is on the same page, driving success as a team.
Optimise software for your ‘bread and butter’ services
Efficient workflow processes maximise productivity and save valuable time and money. According to the SRA, conveyancing is one of the most widely used services, with the UK witnessing over a million house sales annually. As such, this service will likely be a regular occurrence within your practice. Conveyancing legal software provides automation for important yet time-consuming administrative tasks and a dashboard for document storage and submission that can save your firm billable hours. Data capture technology allows the software to pre-populate land registry forms, allows for digital submission of SDLT’s and optimises workflow operations. Resourceful delivery of services will only serve to reassure clients and reinforce your firm’s credibility. Work smarter, not harder.
Wear your badge
On the subject of credibility, in 2018, the SRA introduced their digital badge. From November this year, displaying the badge will become mandatory, but currently, it is optional. The badge acts as a visual reassurance for your clients, demonstrating that your firm is regulated and compliant. It will also link clients to useful information and guidance, offering clear differentiation from unregulated organisations. It will undoubtedly instil confidence, and while currently not mandatory, it is the perfect opportunity to get ahead of the competition.
“An SRA online trial of nearly 2,000 people found that 79% felt more comfortable choosing a provider when that business displayed a regulator’s badge.” SRA 2018
There is no better time than now to begin improving your law firm. Efficiency and reliability are very desirable traits for your clients when seeking legal representation. So, when they come to select their services, make sure you have everything in place to ensure that you are their provider of choice.