Lockdown - Revenue Streams in Level 4 and Beyond

Jenny Assheton-Smith

There is no doubt that things will not be the way they were before lockdown.

They may never return to the way they were, and while that might not be a bad thing for the planet, and for all of us who have realized that professionals can work from home, what does it mean for your clients, and your revenue from them?

If you haven’t already reviewed your firm’s strategy it should definitely be top priority to do so.

Strategy is not a destination

Many firms make the mistake of setting a strategy (whether documented or a plan in your head) and expecting that is how things will play out. While the status quo is not changing rapidly, a strategy only needs a few tactical tweaks now and again. Changing up a few tacks might help now, but you might find that it is time to go back to the drawing board and redefine your firm.

COVID-19 is the big fat wake up call. Much like the financial crisis of 2008 was for conveyancing attorneys, COVID-19 will affect every firm in some way or another.

We’ve put together a structured approach to recalibrating your business strategy so that you can navigate your firm through lockdown and beyond.

What are your Services?

Evaluate your services (practice areas) as to whether they are in demand right now, and if not, when they would be in demand again (only at level 1, or two years after lockdown has been lifted?).

Explore practice areas that are in demand now and consider ways of gearing up your firm's expertise to be able to offer those services, or ways that you can make the low demand services more attractive to increase demand for those services.

Who is your Client/Potential Client?

Who are your clients? Business? Private Individuals? Where do they hang out, what messages do they listen to, what is/will be their income/propensity to spend on fees?

When you understand how to communicate with and where to find your clients, you will find the right platforms to reach them.

Sweat the SWOT!!

Strengths, Weaknesses, Opportunities and Threats can really help you to think hard about your business, and from a cold hard look, innovation can grow.

Strengths and weaknesses are internal – your collective skills, your people’s behaviour and attitude, your cash reserves, your ability to reduce overheads, increase revenue.

Opportunities and threats are external – is there a service that you can commoditize as a result of COVID-19, how will you deal with competitors moving into your clients, can you continue working remotely?

The Plan

From these elements, Services/Product, Client and SWOT, what and where to focus becomes clearer and a plan can be formulated to pivot your firm onto a successful trajectory during and post COVID-19.

Any plan should be supported by good systems and processes.

Talk to us – we’re experts at business systems and processes.