I have been extraordinarily busy this week, so this post is a couple of days late. Sorry about that.
Last week, I started talking about a Sole Proprietor Law Practice. There were lots of choices that the Attorney could make in his or her business in the way that the client base built out. So, let's take a look at how that impacts the time management of the Attorney.
Do you want to have a few higher paying clients or lower paying ones (Big Cases versus Small Cases)? How about Repeat Business? I don't want to talk about this for a specific type of law, but you can imagine that kind of decisions in most if not all types of practice. They lead to a simple question: How many clients do you need to make your practice a viable business? How many more do you need to make it the kind of business that you want?
The problem I run into at that point is that nobody wants to look at averages (every client is different). The differences do not really matter to me. What matters is that there is an actual average and that this can be changed by the difference in client base. You can not completely control your client base, but what you can control is how you talk to the world about what you do and why it is good for clients. Different messages resonate with different clients. By choosing who you want as a client and messaging it to the world, you will end up with more of the people that you want choosing your business.
How does this matter in terms of time? Generally, larger clients take a longer time to close but you will need fewer of them. There might be fewer possible clients that have a need for ongoing business but it is easier to retain clients than attract them. So, this is all a trade-off. The one thing you don't want to do is build a business around large clients and attract small ones. Then you will have lots of inefficiencies as you have people seeing if you are the right person and then not buying.
Just a note here for all businesses. This is why Marketing Consultants and Business Coaches ask you to tightly identify who you are targeting. You need to be sure there are enough people in your demographic base (how many clients do you need?). By more tightly messaging and operating your business you attract ideal clients and spending less time with people who are less likely to buy from you. What most people want to do is open up that message widely. What they find is that they attract all kinds of non-buyers and thus spend their time chasing business that is not really there.
That is why knowing how you are going to build your business is so critical. It makes sure that the people that you spend time with at the front end are likely to buy.
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