How often do we say to ourselves, “I wish I had more of _____,” or “If only we had ____.”? It doesn’t matter what you put in the blank. Every small to mid-sized law firm (every human!) feels the strain of limited resources from time to time, especially during the startup phase. At the end of the day, though, we really only operate in two forms of currency—money and time—and the further we can stretch both of these commodities, the better. Let’s explore some practical tips for making the most of both money and time, to help your law firm do more with less.
Automate, Automate, Automate
How much of your workday is spent performing a litany of tedious office tasks, most of which are done exactly the same way every time? Here’s the good news: Nearly every repetitive task can be systematized and automated, including answering emails, reminder calls, data capture and categorization, appointment setting and a host of others. The more you automate these processes, the more time you redeem to focus on other things—and most automated systems can be implemented with minimal cash outlay.
Focus on Your Best Clients
The Pareto Principle applies here: 20 percent of our input accounts for 80 percent of our results. Put in a business context, approximately 80 percent of your revenue comes from 20 percent of your clients. Spend more time nurturing those clients and trying to get more like them, and you’ll generate more money for your time spent. The Balance also suggests this principle works with our productivity in general. Don’t focus on the daunting list of small tasks, but focus more attention on the few larger ones that will yield greater results.
Develop a Repeatable Sales Process
When your law firm is cash hungry, it’s easy to get bogged down into the “grind” of trying to generate new clients, and we mistakenly assume each new client costs the same amount of work. In reality, if you spend more time honing a sales process that can be used over and over again, lead generation and conversion become more automatic, requiring less time and effort. In fact, Fast Company lists this strategy as one of its fundamentals of sustainable business growth because a repeatable sales process is also scalable. It takes time to refine the process, but once you’ve got a system that works, you’ll be amazed at how easy the money flows in compared to the time required.
Your law firm may be small, but when you use your time and money wisely, you’ll see that your resources aren’t as limited as you think. If you need more help maximizing your law firm for ultimate efficiency, we’re here to help. Call us at (888) 375-2573 to learn more.