Hello and welcome to the first article for the Connect2Law website focussed on helping member practices fight the challenges of a difficult market place.
I will regularly pose questions to which there will be a simple yes/no answer. I hope to get practices thinking about how they manage their business and what they honestly think they need to do to improve it.
I will leave it to you to answer a few questions honestly:
- Are you a small practice struggling in the current economic climate?
- Do you need help to fight off the competition and the changes that are occurring in your profession later in the year?
- Are you honest enough to admit that you are limited in the management of certain areas of your business?
If you answer YES to all or some of the above questions, consider the following:
- Have you undertaken a comprehensive SWOT (Strengths Weaknesses Opportunities and Threats) assessment in the last 12 months on your practice, including your staff?
- Do you have a Business Plan (or even an action plan) that reflects your business targets for the next 12 months and is it understood by all involved in the practice?
- Do you spend a day a week developing your business?
- Is your data base up to date and used on a regular basis to drive your targets?
- Are your business partners (accountant, suppliers, insurance broker) contributing to your growth?
- Is your web site optimised to best purpose and does it promote your USP...is it doing its job?
- Do you get the most in terms of repeat and referral business from your existing clients?
- Do you get all you can from social media opportunities?
Did you know that 3 out of ten small businesses in all sectors are under serious threat of going out of business and 90% of those answered NO to the majority of the above?
It is always a good thing to get a second opinion on both your business from a competitive perspective and your management style. Many business owners fight shy on these issues... don’t fall into this trap!
I am available for a chat on 07528 201244 or contact me at alan.dring@themadapproach.com, or even visit our website www.themadapproach.com for more information.
