Spring has officially sprung in Australia (1 September) and so now is the time to do a spring clean of your law firm if you want to give yourself the best chance of making a strong start to 2016.
As a minimum, you should consider shaking out the winter cobwebs with the following housekeeping actions:
- Audit your client list – to see who the best performers have been, who the up and comers are, and who have fallen off a bit.
- Review your revenue streams – to see which practices are getting revenue from which clients. Remember, the more practice groups that are getting instructions/revenue from a client, the more likely that client is to be a profitable client.
- Review and update your ‘key’ (which should include decision makers as well as supporters) contacts database and update their preferred method of communication (phone, email, chat, Facebook, tweet?).
- Hold an off-site firm strategy day that includes a review of market conditions, expected client demands, and how your firm will respond to these.
- Segment your client contact database by industry, etc so that clients receive the most appropriate information from you – rather than blasted mailshots.
- Start thinking about your FY2017 client listening program – who will you go and visit? Will you be doing this internally or externally?
- Start thinking about your FY2017 communication plan.
- Review and update your referrer / firm champion list.
- Look up what industry events will be taking place in 2016 and see if you need to be attending these.
- Consider ways that you can be adding value (via your value added services) to your client relationship that might differentiate you from your competitors.
I cannot guarantee that you and your firm will be star performers in 2016 if you carry out this spring clean, but I can guarantee that 2016 will [at best] be a fairly ordinary year for you and your firm if you don’t action these and more.