It is not hard to search for some tips on company management on the internet. However, most of the articles on a subject matter deliver very direct and unsystematic tips. Such an approach is far from great: each business is very individual, even within a specific industry. Giving advice without an explanation of its practicality does not teach the reader anything good.
Instead of being a chaotic clutter of tips from all over the web, this article tries to be a thorough and systematic improvement plan. We understand that managing your own business is about independence and uniqueness – so it won’t be a strict railroad. As an alternative, it will be a roadmap for your own creative solutions.
Starting from a quotation of Sun Tzu is pretty cliché – but without knowing yourself, you will lose every battle. Before bringing random tips from the web to life, you need to analyze what is going on in your company. Yes, adding new partners to your company may bring you some new clients – but do you really need that if you have unsolved disputes with your current partners, and your employees can’t process already existing workload? Before drafting ideas, assess what you already have. Some things to consider while you’re at it:
1) Other partners
Making changes if you are a sole ruler is an easy task. However, if you are not alone – you need to remember that not all your initiatives will gain support;
2) Satisfaction of employees.
They are doing their job both for you and your clients, so it would be wise to consider their option;
3) Amount of employees.
Having too much can be inefficient, just like having too few;
4) Nature of clients.
By taking a look at your client list, you can indicate if your law firm is industry-focused. For example, if your favorite clients are from the same industry, it may be a good idea to remember that while working on your improvement plan;
5) Satisfaction of clients.
The client’s feedback is one of the crucial aspects that you need to consider when thinking about improvement;
Try to supply yourself with modern-day equipment. Drafting agreements manually from scratch while your competitors help themselves by using AI-based software will leave you behind;
Individual approach to each client is a very romantic and idealistic approach. However, in a multitasking business, it is always good to have at least some sort of regulated task performance plan.
Indication of drawbacks
At this point, you’ve probably figured out what must happen now – after you’ve finished your self-assessment, it is time to meditate on what drags your company down and what can be improved. As we previously mentioned, business management is a creative and independent activity, so here the best path is your own. However, let us take the liberty to present some ideas to you:
Lots of options, much lesser of time.
The Tim Ferriss’ Not-To-Do List is excellent for performance-improvement. Among other things, the list advises not to over-communicate with low-profit, high-maintenance customers. When analyzing the nature of your clients, try to focus profit/maintenance ratio. For example, the company provides legal services for customers from two industries: IT and energy. If IT generates more income while demanding less effort – probably, it would be better to focus more on that industry.
Employees are the key to success.
Just finding new clients, attending business events, and enjoying the life of a CEO does not generate revenue. Providing services to your clients does. Thus, the quality of your services depends on employees’ performance. And not on a fancy logo or an Instagram account with countless followers. You can raise their morale by:
a) Hearing them, not just listening.
If your co-worker requires something – try to understand his needs and emphasize. You don’t always have to satisfy the whims of your employees. However, letting them know that you hear & understand them and don’t mind a negotiation is always a good practice. This article mentions books that will help you to understand human nature.
b) Maintaining proper working conditions.
Cloud services, fancy & well-maintained printers, comfy offices, and occasional remote work makes everyone happy;
c) Substituting dull tasks using legal software.
There is no need to force your paralegals to form lists and substitute a couple of attributes in a template instead of letting them work on something more creative – modern-day legal software can make that instead. Check this article for some good ideas on how to use legal software.
Improvement strategy preparation
When you’ve grasped some ideas, it is too early to present them to everybody. Write them down, give them a rest for a day or so, go back to it and check if your ideas still sound good. A poor presentation may ruin even the wisest initiative, so you should come prepared.
It is best to hear criticism from your colleagues before you implement your ideas. Otherwise, you will suffer bad reviews after the implementation. Don’t forget to discuss your ideas with someone competent, even if you are a sole practitioner.
As it was previously mentioned, the best way is always your own. Creating a business just to follow a strict guideline without an understanding of it is possible – but where is the fun in that? Great CEO of a law firm knows how his business operates to the slightest details. It gives an ability to adapt and predict. We hope that this article gave you some ideas on analyzing your business to seek your ways of improving it: smartly using modern legal software, properly managing your client base, communicating with employees, and implementing other money-making ideas that you generate!