"Planning your Firm's Future: This Year and the Next"

by Jennifer B. Atkins, MBA
McCrory & Associates Co. LPA
and
Mark Elliott,
Fuller & Henry, LTD

     Decisions made by a firm's management team can determine whether or firm will succeed or fail. Helping to ensure the long-term success of your firm is one of management's more important responsibilities- and it's necessary. Take steps to prevent problems before they occur and address discord with the issues are small. Implement systems to structure your firm's goals and objectives. Make them a part of your day-to-day management and culture to secure your firm's future.

• Analyze your revenue stream. Do you need to diversify your client base?
• Put systems in place to check on financial performance monthly. Spreadsheets can help you analyze sections and individual lawyers.
• Utilize a budget. (Construct one, and use it). Your budget will help you determine how much latitude you have- leave yourself a financial safety net.
• Communicate your financial goals- personally and for your firm.

• Eliminate turnover- for staff and associates. Turnover is peppered with hidden costs like training and your time to interview.
• Find competent staff and treat them fairly.
• Involve employees- staff and associates- in your goal setting. Help them set goals consistent with the organization's goals.
• Work to improve morale. Say "Thank You" and mean it. Recognize outstanding performance. Quickly address substandard performance before the situation explodes and costs the firm time and money.

• Talk to your vendors. Are you getting the best price? It pays to shop around. Existing vendors may match lower priced offers.
• Consider an audit of your lease. Are you paying too much?
• Do you need to make improvements to your office space? Now? Next Year? Plan ahead to avoid rushing and paying too much. Make a schedule of planned improvements and include them in your budget.

• What are you doing to expand your market share or increase your client base? Lack of growth contributes to firm failure.
• Plan your marketing activities- what contacts will you make each month? Put it on a calendar and stick to it. Make associates accountable for marketing activities.
• Is your firm's website stale and outdated? Consider assigning a staff member to keep it updated and fresh for your visitors- potential clients.

     A little planning goes a long way. Have a great year!