The COVID-19 pandemic has undeniably changed the legal industry and forced many companies to reevaluate how they do business. In order to serve your clients, increase market share, and maintain relevance, you’ll need to consider actionable steps to pivot your operations. By being proactive, your firm has the opportunity to emerge stronger and better prepared for the post-COVID landscape.
In this article, we’re going to share tips and strategies that will help you develop your own approach to pivoting your business.
1. Shift Your Personal Focus
Before making any sweeping corporate changes, take a moment to consider the type of information that might be influencing your perspective. The truth is, the 24-hour news cycle can paint a particularly bleak picture of the world. Neurologists have shown that our brains simply aren’t equipped to absorb and process the degree of negative information that we encounter throughout our day. In fact, a recent study published in Psychology Today showed that too much negative information leads to greater anxiety, stress, and depression. For the sake of your mental health, try to limit your exposure to these stories. This simple step can help you show up more positively and creatively in your business.
2. Change Your Mindset
Chances are, the coronavirus pandemic has had a destabilizing effect on your life. You may have been forced to reduce your staff, limit operating hours, or you may even have lost clients entirely. These changes can be demoralizing, but in order for a business to be successful, you must be able to find meaning in the work. By changing your perspective, you can achieve the positive mindset necessary to support pivoting your business.
3. Reallocate Your Resources
What are your most valuable business resources? For most legal companies, the answer is time, finances, and talent. Once you’ve identified these resources, make a list of how they are being used. For example, if your cash flow has slowed, consider reaching out to clients with outstanding receivables to negotiate for faster payments, create a payment plan, or extend a courtesy discount if they agree to remit the balance due. The opposite strategy can be useful for your creditors. Many providers are willing to expend payment deferments until the business environment begins to recover.
4. Maintain Accountability
Feeling like your professional lifestyle was upended? While this feeling is understandable, it can be harmful to productivity. Consider establishing an accountability partner who can help you stay on task with your client service offerings, team management, and business development efforts. By scheduling regular check-ins with someone, you can ensure that you’re consistently meeting deadlines and planting the seeds of future business growth.
5. Refresh Your Outreach Strategy
When was the last time you posted to LinkedIn or sent an email newsletter? In the absence of physical networking events, it’s critical to engage in digital outreach. Your approach shouldn’t be limited to a single medium. Embrace phone conversations, email, and social media posts as a tool for client retention! Most importantly, when you do make contact with your clients, be sure to actually listen to their responses. Take this opportunity to be of service to them and make connections on their behalf, if you’re able to do so.
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