Operating a small practice is rewarding in so many ways. The freedom to create something and operate it in your own way for instance. However, they certainly have their difficulties like any small business. Whilst working ‘in’ the business, principals of small firms can have limited time and space to work ‘on’ the business. As a result, your firm can be missing out on critical returns from an effectively managed business.
So, I ask you, are you in control of your firm or is it controlling you? And your response may well be: “Well, Ben, I am not sure. How do I know if I am in control or not?
To me, a firm in control has a clear vision with the right people in the right seats. That includes a well (and appropriately) resourced firm, delivering efficient and profitable client work. You are in control when you can access real-time data at your fingertips, not having to be reliant on another staff member to produce reports that can take hours. You are also in control knowing you have your risks mitigated, with controls in place and compliance requirements adequately managed. Being in control is also evident when a firm can forecast, with relative accuracy, their cash flow position in the coming months. Delivering that certainty to you and your fellow partners is a great way to maintain strong engagement.
So again, with all that said, I ask you, ‘Are you in control of your firm or is it controlling you?’
If you think you need to retake the control of your firm and get ‘Lawganised’, contact us and we can chat about your needs.