It’s tempting, especially considering the financial times our nation is experiencing, to buy into the myth that spending as little money as possible is always the best business practice. In reality, though, the best of anything costs more and often turns out to be the best value in the long run. Consider the two areas where it’s common to feel financial pressure in your practice:
These are the two worst areas to look for bargains. Why? Because in these areas especially, “bargains” end up costing us more in the long run. There’s a reason for the bargain, and it’s usually lack of performance and incompetence.
In prioritizing your business spending, you need to make a fundamental decision: do you want A-players on an A-team or not? A-players and A-vendors cost more initially, but they give you competence, performance, and reliability, enabling you to acquire the clients and achieve the growth you want for your firm.
Once you make the decision to have A-players on an A-team, your first step is to determine whether or not you have the financing to build the kind of practice you want. You might have to take a step back, retrench, and staff up with the highest level of staff you can afford; you might also have to make a commitment to not cut corners on marketing and equipment.
Taking these steps, along with making a commitment concerning what percentage of your profit you’re putting into marketing to clients, will enable you to reach the vision you have for an A-level practice.
Sanford M. Fisch
CEO & Co-Founder
American Academy of Estate Attorneys, Inc.
6050 Santo Road, Suite 240
San Diego, CA 92124