Remember the 1989 film “Field of Dreams” starring Kevin Costner? He heard a voice in his corn field in Iowa saying “Build it, and he will come”. So Costner built a baseball field. The other voices he hears in the movie say “Ease his pain” and “Go the distance”. To get the full story google “Field of Dreams”. For me, the movie is metaphor for what you must do in your business to grow it Continue reading
what’s your hedgehog?
One of the most challenging decisions to make as a business owner is to decide on what strategy to implement that will maximise your growth, but do it in a sustainable way. And more importantly, what actions NOT to implement. For a professional services firm, like a law firm, the principals are traditionally Continue reading
turn that matter around
There are many ways to describe the time period between when a client first provides you with instructions to when you finally get paid. Some firms call it matter turnaround or file velocity or matter open time. From what I see in law firms, it is the one KPI that most firms ignore. In fact, it is the one key process that effectively drives margin improvement in your firm. This is because it takes into consideration all activities that drive improvement in profitability and cash flow. Continue reading
What are you selling?
Most law firms try to be all things to all people, even in a specialised practice. Some people also say you need to have a great elevator pitch to get the sales conversation started. Agreed, but it is not the key driving sales activity. Yes, sales activity. That is what you do to generate revenue Continue reading
what are your goals and objectives?
Where do you want to be?
What do you want to do?
How do you want to live your life?
Your goals are your wants and desires. Continue reading
start with your existing clients first
The revenue growth formula for any business is:
(Number of existing clients + new clients) x the number of times a client works with you in a year x the average sale x margin.
Whilst new clients are essential for the growth and energy of any Continue reading
new year business resolutions for 2012
Have you started thinking about your New Year’s resolutions? Perhaps you want to spend more time with your family, get fitter, or enjoy life more? Have you thought about how you could improve your business in the New Year? Continue reading
market update for january 2012
january’s performance overview
- The New Year started strongly on the back of better than expected economic data across most regions, a partial unwinding of the systemic European sovereign and banking risk that gripped the market in the last couple of months and an easing of concerns around China tightening.
- Equity volatility dropped sharply with the VIX Continue reading
market update for december 2011
December’s Performance Overview
- After a reasonably encouraging start to the month, equities once again came under selling pressure, denying investors the usual Christmas rally into the end of the year.
- Investors were again faced with a plethora ofmacro data including increasing concerns of a potential break-up of the Eurozone, further evidence of theresilience Continue reading
