How Changing One Thing At A Time Leads To Major Growth Over Time
You don’t have to buy cool new technology, discover the latest marketing trend, or do anything grandiose to get big gains in your law firm.
All of those things fall under “shiny object syndrome.” You’re chasing the next big thing to get tons of new clients and dramatically increase your profits.
The truth is, none of that works. Shiny objects won’t get you the growth you’re desiring–small consistent changes will.
This happens through compounding growth.
The Compound Effect
Compounding growth (or the “compound effect”) is a strategy of reaping huge rewards from small, seemingly insignificant actions.
Small choices + consistency + time = significant results.
Knowing Your Data
To begin to institute changes and reap the benefits, you have to know your data. If you don’t know where you’re at, how can you improve?
A lot of us business owners rely solely on our gut. However, your gut isn’t always accurate and won’t always align with the data. You need metrics to prove if your efforts are working or not.
First things first, step back and look at the big picture of your law firm. You have leads coming in, you turn some of those leads into clients, you have processes, and you’re making a profit.
You need a method of tracking your profit and the efficiency of your efforts. Additionally, you need to measure things like referrals and employee satisfaction. Starting at a high level like this is very important.
From there, look at just one or two metrics in each of your processes and start there. Don’t go too deep on all the measurements in the beginning.
Avoid Shiny Objects
Once you understand your processes and some of their metrics, pick one to improve. Brainstorm with your team to figure out how to improve that one metric.
The key is to avoid shiny objects. You don’t have to ignore them, as new tools and technologies can be helpful, but don’t assume that every new thing will lead to immediate success.
Additionally, don’t do everything at once. Just pick one metric and aim to improve it within 90 days.
All of this boils down to focusing on fewer things at a time. If you have a smaller team, try to pick just one improvement to work on at a time. After 90 days, measure it and see what you can change next. If your team is larger, you can pick two or three new things to improve each quarter.
The key is to always go back to your metrics. When you institute a change or bring in new software, measure your KPIs after 90 days. Are they heading in the right direction? If they’re not and the new thing hasn’t moved the needle at all, drop it and try something else. Then repeat this process over and over.
If you want to learn more about small changes that make big differences, check out Episode 068: Compounding Growth – Consistent Small Changes = Big Gains.