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It's Not About Size - It's About Focus!!
November 2005
We often hear that as a solo practitioner you cannot be as “strong” or “successful” as a larger firm. As a lone ranger, you can’t compete at the same level as the “big” guys. From my work with firms both large and small, I am here to say NONSENSE!! I know of solo practitioners out-earning, out-selling, and out-delivering their larger competitors. What do they do to create this success?
Here is the list of the top five things that create the winning combination to out-wit, out-play and out-last their larger competitors.
Focus #1: Create a strategic plan
The greatest single predictor of success, satisfaction and productivity is a vision and a plan. Since the practice is based on YOU. You need to answer: Who am I? What do I want? Who do I best serve? How can I focus my practice?
Focus #2: Clarity over the skills and talents they bring to the client.
Once you create the plan, you need to sell your services to clients. A clear inventory of the skills and talents you bring will assist in finding the clients you desire. Compare a solo practitioner who states, “I am a lawyer who can serve any of your legal needs.” To “I am a lawyer who understands the needs of small business – both from legal issues and from the experience of owning my own business.” Which will serve to draw the business desired?
Focus #3: Focus on a niche based on your passions and interests.
Focusing on a niche creates the greatest clarity about where to market and how to find the clients you desire. Some solo practitioners worry about choosing a niche as it might turn away business. Choosing a niche does not mean turning away other work, it merely assists in finding your audience. For example, I worked with a solo practitioner who after years of having a mediocre practice decided to choose a niche. They chose the construction industry. It was an area they enjoyed, they felt they had contacts in this industry and knew what associations to join to find this clientele. Within a very short amount of time, they doubled their revenue. Some of this increase was due to clients from this niche. Some was due to an increase in awareness of their practice. They could focus their time, efforts and energy in marketing that increased their effectiveness and results.
Focus #4: Knowing when to say yes and when to say no
If you have created a plan and a clear message about whom you are and what you bring, you need to honor what you have declared. Work will come to you – some that is a fit for your plan, some which is not. The clarity of your “client criteria” will create successful outcomes for your clients and enjoyment of the work for you. Resist the temptation to say “yes” to everything even when you need the cash flow. Remaining true to your plan will create more opportunities and clients in the long range.
Focus #5: Execute to create value and partnerships with their clients.
The benefit of being in a solo practice is you can go above and beyond to create value and long term relationships with your clients – without worrying about billable hour goals. The delighted clients you create now will come back to serve you many fold in the future. How do you create value and partnerships? Some suggestions include: provide additional information even when the client engagement has ended; contact the client three months after the completion of the work to assess their satisfaction of your work; recognize significant events in the life of your client (e.g. birthday, business acquisitions, kid’s special events, etc.) Be a “real person” not just a firm.
About the Author
Cheryl Leitschuh, Ed.D., LP specialty is serving Professional Service Firms through coaching, training and consulting. For questions or additional information visit www.career-future.com