What Are You Doing to Avoid Low Points in Business?

I’ve attended numerous meetings, looked at survey results, and personally spoken to many attorneys about their biggest fear when it comes to their business. Most every answer I hear is low points in business. But what are attorneys doing about it?

I’m well aware that life as an attorney – from the moment you entered law school to the present – is time consuming, demanding, and sometimes overbearing. With the debt you acquired from your education, to the mortgage, to everyday necessities, there is no end to the expenses and the need for billable hours. But what are you doing to ensure a consistent cash flow?

Much too often I hear attorneys describe their fear of low points in business – especially when they finish a large case, or the economy hits a soft spot. Some will take immediate steps to remedy the situation with business development efforts, but will halt all progress as soon as a new client turns up.

The reader may be thinking, “She got a new client, and that was the point, wasn’t it?” Yes, acquiring that new client may have solved the problem for the time being, but it’s not fixing the overall issue. What happens when you finish work for that client and you’re left with an empty sales pipeline again?

I’ll ask the question again: What are you doing to avoid low points in business?

Your Law Firm is a Business

Business development doesn’t take as much time as you think. The concept of the law firm as a business is somewhat foreign to attorneys. Not all attorneys are wired to be business-minded, but the fact of the matter is, the legal industry is changing. Attorneys now have to treat their law firms more like businesses, but most are not yet used to this idea. Much of this change is due to how people now find attorneys.

People are More Informed

With the information now available via the internet, people are smarter and more picky about who they choose to hire. If you’re not visible online as a leader within a specific niche of law, you’ll likely miss out on a huge opportunity.

Make Time for Business Development

As with any business, success starts with marketing. Without revenue, there is no business- no matter how great the product or service. Attorneys need to start thinking more like business owners, with the knowledge of the law and legal services as the product.

As I’ve stated, many attorneys don’t think of themselves as being business owners, and it may be because they aren’t necessarily wired for it, nor have they been trained as such. When presented with the task of marketing themselves, they often know they need to, but believe it is too daunting a task or think that selling is unpleasant. Marketing gets pushed aside indefinitely, or dropped altogether the moment they acquire a new client.

I am here to tell you that there are ways to market that do not take up that much time. If you work diligently (and/or get experienced help), you can build a brand that people recognize, will refer, and that will produce constant business instead of going through highs and lows.

Marketing is not the daunting task many attorneys perceive it to be, and it is certainly not something that should be shelved when the outlook is sunny. You should always be working to expand your network and business.

Don’t Take Successful Periods of Business for Granted

During successful periods, when you have enough clients, you may feel that your business is running smoothly. Maybe you’re too busy to think about what lies ahead. You shouldn’t take these periods of success for granted. If you aren’t taking actions to ensure that these periods of success continue steadily, then you’ll find yourself in another slump.

This is where marketing comes in. Even during periods where you have more clients than you can handle, you should still be spending 5-10% of your time running a marketing campaign that keeps your brand in the public eye.

You may recall the saying, “I’d rather have it and not need it, than need it and not have it.”

It is always better, even in periods of success, to have marketing still happening in the background. This ensures that there is a constant stream of business. During slow periods, you’ll have at least a few clients rather than none at all, and you can spend more time to creating content (or copy) that can be queued up to be published when you are busier.

Attorney Profit specializes in achieving the goal of steady, successful business for our clients. We not only give attorneys the tools to build their brand, but we help them do it. If you need help avoiding low points in business, contact us today.

Now more than ever, Effective Business Development is important for attorneys. Learning about your peers’ marketing activities, including what’s working and what isn’t working, could be invaluable information for you – especially in your endeavor to create strong marketing. Help us help you by taking this 4 minute survey. It’s short, to-the-point, and will only take 4 minutes of your time. After completion, we’ll send you the results so that we can both learn how to grow your business.

Take the survey here: Attorney Business Development Survey

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