A Quick Read For Bootstrapped And Beyond
They say the only vice is advice and that may be true, please excuse us but we wanted you to see some of the ideas we had gleaned from our clients.
First, what exactly is a small legal business?
At HDUK, we categorise a small legal firm as having a turnover of less than £6.5 million, a balance sheet total of no more than £3.26 million and has less than 50 employees.
89% of all UK legal firms are small, you’re part of an army of legal firms providing valuable services across the UK.
You’re not DLA Piper or Clifford Chance.
You run a lean headcount but want growth or you continue to grow.
HDUK hope you find some value in this article. After all, our legal clients are just like you, some may be slightly bigger or at a different stage of development but very similar.
- Running any small business is a challenge and the legal sector is no different, so many of our clients have told us “Outsource everything you can!” It could be financial services or just a virtual assistant but outsource where possible.
- If you need to hire, look at part-time in the first instance.
- When you find somebody great….keep them!
- Manage your time, it’s the most valuable thing you have. The bigger you get the less time you have.
Find the right technology partner, someone who can host all your legal applications and manage your day-to-day IT issues.
- Improve your communications with existing clients (remember 80% of your revenue normally comes from 20% of your clients).
- Use basic English language if you can, otherwise, it can be confusing and dull. If it’s confusing it could prove to be expensive. Worse case you lose the client or they call you because they don’t get it (another cost).
- Keep your website clean and simple, let people know why they should work with you. Case studies and happy customer quotes work wonders.
- You don’t need to spend a huge amount on marketing but work smart and get the most value.
- Marketing 101 it’s not about you it’s what you can do for your clients.
- If your business development isn’t having the desired effect-change it! Do something different.
- Deliver a wonderful client experience, keep doing this and they will stay with you for a very long time.
- Retain those hard-earned clients by doing something personal. Send a quick note or a birthday card. Not email. Yes I know it sounds radical, actually, write something!
- Get up to speed with video conferencing (Zoom etc). Clients are happy to communicate with you in this way.
Write down your vision and share it!
- Grade your existing clients, 1 being the best. How can you get more of the best type of clients?
- Develop a pipeline of potential clients, qualify and challenge yourself so that it is more than a wish-list.
- Partner with financial companies in your area, if you need an introduction just ask, chances are HDUK has a relationship with someone near to you.
- Review any local online business clubs and perhaps take a trial before joining.
- Look at using the best affordable technology to pick up inbound opportunities.
- Write some interesting blogs that relate to your geography or vertical sector.
- Look for new businesses or people moving into your area, drop them a note saying “Welcome to the area.”
- Look at opportunities to buy out firms that are struggling.
We are going through a seismic shift in the legal sector but the truth is it’s always been disruptive so keep going, keep moving forward. Perseverance is key.
HDUK is the UK’s leading IT solutions partner to the small legal sector.
We have helped hundreds of businesses like yours to scale up, whether working at home or in the office. Speak to one of our friendly cloud IT experts today on how we could transform your business. You can reach us via our online chat on our website, by calling 01883 333155 or by emailing email@example.com.