We are about to enter into a new year, so now is the time to be thinking about what your practice’s goals need to be.
Setting proper goals and objectives for your firm can boost profits and productivity! Setting these can ensure that the bigger picture across the entire firm is always in sight. There are a few categories you should always keep in mind when goal setting:
Financial
Having financial goals in mind is a no-brainer, however feel free to think outside the box and rather than just having the basics such as billing WIP, securing 10 new clients, closing files and higher efficiency as your main objectives and goals, think about small wins too.
Some examples are: how many repeat clients have you had, big or small, or trying to increase your firm by two google rankings in 2023 via ten x 4-5 star Google reviews. Another few we love are: removing the voicemail machine as first contact (new clients want to speak to a person), investing in better technologies and rebuilding our website content.
Despite these being less about the financials, they will still work to support your practice’s bottom line and update your image to the clients.
Educational
CPD is a requirement for all solicitors in Australia to complete. Utilise your CPD points as an opportunity to gain new skills, meet other professionals and also diversify your skill sets within your practice. This doesn’t necessarily have to be just related to law, why not try a social media course, work at your blog/content writing skills or learn how to engage with your local community!
Cultural
Taking your team’s mental health and wellness seriously is another great way to establish a positive culture within your firm. Set some goals around team-building activities, ensure you make time for pulse-checks and don’t be afraid to celebrate small wins or offer praise when something has been done well.
The key to good goal setting for any practice is to ensure all goals are SMART.
S: Specific
M: Measurable
A: Achievable
R: Relevant
T: Timely/Time-bound
Interested in reviewing your current business process and identifying some areas for success in 2023?
Our Practice Advisory Service (PAS) is a complimentary service offered to QLS members working to support you and your practice across key areas of business including:
- accounting and finance
- business planning and management
- human resources and employment
- organisational culture and self-development
- information technology and software.
Our solicitors have years of experience running their own practices and are able to provide guidance, discuss current trends affecting small firms or touch base on pertinent issues that you may be concerned about going into the new year. Submit your EOI today!
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