How mature is your law practice, Attorney?
I love this question. It takes your thoughts in a totally different direction when you’re considering how to manage your law practice.
Normally, we classify businesses by their age like start up, established, long standing. And because we often think of our business as our baby, it’s easy to see the path from being a baby at start up to a jumpy adolescent to a confident, sassy young adult. Or is that just me? 🙂
Rarely though, do we consider maturity in people or businesses. Knowing how mature a business is tells you a lot more than the age.
Sad to say that Wells Fargo is a prime example of the idea that age doesn’t equal wisdom. Wells Fargo, the 3rd largest bank, was founded in 1852. Very old. Everyone assumed that because of their age that the business was solid and trustworthy.
Not so much. In 2016, the world discovered WF was sooo broken. Millions of fake accounts, dating back to 2005, had been created to inflate earning. They lacked the systems and foundation to communicate their values as they grew.
Now, I know you’re not WF. But I do know you have serious potential to grow. That’s why now is a good time to take a serious look at your foundation and systems.
A mature business is well balanced in the four key areas: marketing, sales, operations and team. Each area is high functioning and contributes to achieving the overarching goals-whatever you choose. A mature business includes the essential teammates.
Your marketing works to bring brand awareness of you and your solutions to the people who need you most in the most effective, efficient ways. People know you and what you stand for.
Your sales machine embraces the customer’s journey and makes it super easy for your ideal client to take that first step to become your client. It’s automated,almost effortless and cranks out profit.
Your operations are documented, organized and streamlined. You have an instructions manual that’s up to date. You can walk away for a day or 30 and your business still produces income for you and your family.
Your team fits you like your favorite pair of old jeans– you’re tight and they make you look oh so good! Each person knows his or her role and is excited to work for the greater good you represent in the world.
The benefits to having a mature business are amazing, well worth striving for. When your practice is mature:
-You can focus on practicing law in the way you like best
-You can be assured that you’ll get regular leads and referrals
-You can free up your time to spend with family, friend or adventures
-You can pursue new interests without jeopardizing your current income
-You can support yourself and your family without the emotional feast or famine cycle
-You can help people by sharing your knowledge and time freely without worrying about making money!