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.
Today, we are going to talk all about compounding growth. Throughout the episode, you’ll learn why making small continuous improvements usually beats out big “swing for the fence” changes, how to avoid shiny objects, and how to decide on the one new thing you’ll focus on at a time.
- What the compound effect is.
- Why you need to track your metrics to see change.
- How to start tracking metrics simply.
- Why you need to avoid shiny objects and how to do it.
- Why you should only focus on one new thing at a time in your firm.
- How small changes can lead to the biggest gains.
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1. Look at what you are doing now. Do you have measurements in place that you can work to improve?
- For example:
- Intake process
- How many leads are turning into consultations?
- How many leads are turning into clients?
- Digital marketing
- Number of leads from online marketing efforts
- Are sessions increasing?
- Are your ranking and visibility increasing?
- What is the conversion rate of visitors to your website to those that become leads?
- Utilization of your team
- Number of hours available to work billable work
- Number of hours being billed
- Intake process
2. Pick a couple of measurements that you would like to improve this year and identify one or two things you can test to try to improve one of those measurements.
- Has the number of visits to your website gone up a lot but your conversion rate has dipped a little? There are a lot of little things you could improve in this case.
- Would you like more leads turning into consultations? Maybe you can increase the frequency of times you are following up with a lead or add text messaging to your follow-up.
- Listen to our podcast and you’ll hear a lot of ideas that can help you take your firm to the next level. Pick only one item to work on for now.
3. Take these small improvement items and pick one or two to work on in the next 90 days. After 90 days, measure, identify some other improvements, and repeat.